|Bid||72.59 x 800|
|Ask||72.61 x 800|
|Day's Range||71.96 - 72.72|
|52 Week Range||48.62 - 77.00|
|Beta (3Y Monthly)||1.53|
|PE Ratio (TTM)||14.32|
|Earnings Date||Jan 16, 2020 - Jan 20, 2020|
|Forward Dividend & Yield||2.08 (2.86%)|
|1y Target Est||68.55|
The SPDR® Exchange Traded Funds listed in the table below, announced today that each Fund received a payment as an authorized claimant from a class action settlement related to Petroleo Brasileiro S.A.
Zac Barnett and Richard Wheelahan, III By Oliver Estreich How does governance come into play for institutional asset managers. One key area is how leverage is managed, according to Richard Wheelahan, III, and Zac Barnett, the Co-Founders of Fund Finance Partners. Over the past decade Richard has advised fund sponsors and lenders, both as […]
(Bloomberg Opinion) -- Those who bought stocks as they soared to new records last week amid rising optimism for a trade deal are probably suffering buyer’s remorse after President Donald Trump said the U.S. hasn’t agreed to a rollback of tariffs on China. Are those regrets warranted?As the Dow Jones Industrial Average, S&P 500 Index and Nasdaq Composite Index all set new marks last week, there were no shortage of studies released that crunched data going back to the 1920s to prove that purchasing stocks when indexes hit record highs generates better risk-adjusted returns than simple buy-and-hold strategies. As Meb Faber — the chief investment officer at Cambria Investment Management, who conducted one of the studies — pointed out, while buying at the highs isn’t really “a system anyone would want to implement,” the data is “an acknowledgement that all-time highs are nothing to be afraid of.”The thing is, despite the recent surge in markets, it appears that plenty of investors are afraid. Rather than going all-in on stocks for fear of missing out, investors are showing almost unprecedented restraint. Money continues to pour into money-market funds, with assets standing at $3.51 trillion as of last Wednesday, up from $3.05 trillion at the start of the year, according to the Investment Company Institute. At the same time, they have pulled $267 billion from equity funds year to date.Put another way, almost half a trillion dollars have been put into cash even as the MSCI USA Index of equities jumped 23.5% this year through Friday. The last time so much money went into cash was in 2008 as the financial crisis was heating up, and it’s a marked difference from 2013, the last time stocks were having a good as year as this one. Back then, money funds only attracted $28 billion.Money funds aren’t the only sign of significant investor caution. Notably, State Street Global Markets’ monthly index — which is derived from actual trades and covers 15% of the world’s tradeable assets — shows that investors this year have been less confident in the outlook for equities than even during the financial crisis.It’s good to see investors showing so much discipline, especially with valuations on the high side. The S&P 500 is trading at 17 times the following year’s projected earnings. That ratio has been higher only once since the economy began to recover from the financial crisis, and that was during late 2017, just before the S&P 500 took a nasty fall, declining 10% over the course of a few weeks in late January and early February 2018.Perhaps the caution is a sign that investors know a trade detente only brings a new set of issues to the forefront. The first is whether equities can keep rising if an agreement only reinforces the notion that the Federal Reserve is done cutting interest rates and may even start talking about boosting them sooner rather than later. In the absence of earnings growth, a strong case can be made that the only reason stocks have managed to rally is because of the Fed’s dovish pivot earlier this year and three subsequent rate cuts. Based on fed funds futures, traders aren’t convinced the central bank will ease monetary policy further any time in the next two years.The second is whether the economy can pick up enough to allow companies to meet lofty earnings estimates for next year. Although analysts have slashed their fourth-quarter earnings forecasts for members of the S&P 500 to an average decline of 0.3% from an increase of 7% in June, estimates for 2020 have barely budged, remaining stubbornly high at 9.7%.So while history shows there’s no reason to avoid buying stocks at all-time highs, there are always exceptions. This could be one of them.To contact the author of this story: Robert Burgess at email@example.comTo contact the editor responsible for this story: Beth Williams at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Robert Burgess is an editor for Bloomberg Opinion. He is the former global executive editor in charge of financial markets for Bloomberg News. As managing editor, he led the company’s news coverage of credit markets during the global financial crisis.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
We wouldn't blame State Street Corporation (NYSE:STT) shareholders if they were a little worried about the fact that...
State Street Corporation NYSE: STT and FactSet , a global provider of integrated financial information, analytical applications, and industry-leading service, today announced a strategic partnership to distribute the State Street MediaStats Equity Indicators on the Open:FactSet Marketplace.
State Street Corporation today announced cash dividends on each of the below outstanding series of non-cumulative perpetual preferred stock:
State Street Corporation (STT) today announced that it will redeem all of its outstanding shares of non-cumulative perpetual preferred stock Series E (represented by depositary shares, each representing a 1/4000th interest in a share of Series E preferred stock)(the “Redemption”) on December 15, 2019 (the “Redemption Date”), for cash at a redemption price of $100,000 per share (equivalent to $25.00 per depositary share) plus all dividends that have been declared but not paid up to but not including the Redemption Date. The Redemption is in addition to State Street’s original capital plan, submitted as part of the 2019 Comprehensive Capital Analysis and Review (CCAR) cycle and previously announced on June 27, 2019, and has received approval from the Federal Reserve.
State Street Corporation today announced the results of its 2019 mid-cycle stress test, consistent with section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
State Street Corporation (“State Street”) (STT) today announced that, pursuant to the previously announced cash tender offer (the “Tender Offer”) by its principal banking subsidiary, State Street Bank and Trust Company (the “Bank”) for any and all of the outstanding Floating Rate Junior Subordinated Debentures due 2047 listed in the table below (the “2047 Debentures”), which were issued by State Street, approximately $289.8 million in aggregate principal amount of the 2047 Debentures were validly tendered and not validly withdrawn on or prior to 5:00 p.m., New York City time, on November 1, 2019 (the “Early Tender Deadline”). The terms of the Tender Offer are described in the Offer to Purchase, dated October 21, 2019 (the “Offer to Purchase”) and remain unchanged.
Smart beta funds are losing their shine for US investment advisers, with the number of recommendations to clients flatlining over the past three years. Inflows to the sector have tailed off since their peak in 2013.
Charles River Development, a State Street Company, today announced that the Charles River Investment Management Solution was awarded “Best Integrated Front Office Platform” by WatersTechnology Buy-Side Technology Awards 2019.
(Bloomberg Opinion) -- That was quick. It took less than 24 hours for markets to start second-guessing Federal Reserve Chair Jerome Powell, who said on Wednesday that monetary policy is in a “good place” to keep the economy growing moderately. And yet, the S&P 500 Index fell on Thursday, dropping the most in three weeks at one point and indicating doubts among traders that the economy is anywhere but a good place. Sure, the S&P 500 set another new all-time high this week, but broader measures of equities are well below their records. The New York Stock Exchange Composite Index is down 3.68% from its high reached in January 2018, while the Russell 2000 Index is 11.3% below its record set in August 2018. The trigger for the declines Thursday was a Bloomberg News report that Chinese officials are casting doubts about reaching a comprehensive long-term trade deal with the U.S. even as the two sides get close to signing a “phase one” agreement. That shouldn’t be a total surprise, though, as many traders have speculated that the impeachment hearings against President Donald Trump provide China with little incentive to a broad agreement. What was surprising was the MNI Chicago Business Barometer index, which fell to 43.2 for October from September’s 47.1 when it was forecast to rise to 48. That’s a big miss. Then, the weekly Bloomberg Consumer Comfort Index fell the most in eight years, possibly signaling more moderate household spending approaching the holiday-shopping season. If that wasn’t enough, the Federal Reserve Bank of Atlanta’s widely-follow GDPNow index that aims to track the economy in real time fell to a paltry 1.46% rate.It’s hard to criticize Powell. All else being equal, it’s better for business, consumer and investor confidence to have an optimistic central banker than one who is pessimistic. That said, it’s also good to have a central banker who doesn’t seem out of touch with reality. We’ll find out soon enough where Powell stands, with a pair of high-level economic data points scheduled to be released Friday in the form of the monthly jobs report and the Institute for Supply Management’s manufacturing index.HOW LONG OF A PAUSE?The bond market sure isn’t acting like the bar to further rate cuts is very high. After falling 4 basis points on Wednesday, yields on benchmark two-year Treasury notes dropped an additional 7 basis points to 1.53% on Thursday. The probability of another rate reduction happening at the central bank’s next policy meeting in December stands at a not-so-insignificant 30%, which is higher than where it was a month ago, according to data compiled by Bloomberg. Plus, at about 16 basis points, the gap between two- and 10-year yields is lower now than where it was before the Fed started cutting rates at the end of July. If the so-called yield curve really is a reflection of where the economy is headed, then the flattening is a sign that the bond market believes that the Fed’s three rate cuts have done nothing to spark growth. “We do not think the worst of the downside risks for the Fed have passed yet,” said Wells Fargo Securities strategist Erik Nelson.STOCKS HAVE A NEW LEADERThe U.S. economy has been described as the cleanest of the dirty shirts. In other words, while growth has slowed rapidly in the U.S., it’s still a lot better than most anywhere else in the developed world. If the recent performance of the global stock market is any indication, that narrative may be about to change. In late trading Thursday, the MSCI All-Country World Index excluding the U.S. was up 3.35% for the month of October, while the MSCI USA Index was up just 2.06%. It’s the greatest outperformance by the non-U.S. gauge since December. And while the latest monthly sentiment indexes from State Street Global Markets released Wednesday showed investors’ attitudes toward U.S. equities are languishing near all-time lows, those toward European stocks have rebounded and are approaching record highs. In that sense, the global stock market may be signaling that it doesn’t expect U.S. economic growth to get much worse, but rather growth in the rest of the world may have stopped slowing and will catch up with the U.S.RAW MATERIALS ARE HOPPINGCommodities are another market that may be signaling that the outlook for the global economy isn’t all that bad. The Bloomberg Commodity Index posted its first back-to-back monthly increase in September and October since January and February. The gains have been broad-based, with the energy, agriculture and industrial metals sectors all rising for the month. The World Bank isn’t too optimistic the gains will continue. The organization on Tuesday cut its price forecast for commodities, saying slower global growth will sap demand for energy, metals and crops. “Expectations for global growth both for 2019 and 2020 have been revised down substantially, including in emerging market and developing economies,” the World Bank said in the report. To be sure, such organizations don’t have the greatest track records in making forecasts, often reacting to the data instead of anticipating trends the way markets do.SHADOW ECONOMY SHRINKSIt didn’t get much attention, but the International Monetary Fund came out with a blog post this week looking at the “global informal” or “shadow” economy. This is activity that falls outside the regulated economy and tax system, such as street vending or unregistered taxi drivers. The author, IMF senior economist Thomas Alexander, points out that this part of the economy is hard to measure since participants usually operate on a small scale. Nevertheless, Alexander concludes that the informal economy has steadily shrunk as a percentage of gross domestic product in every part of the world since the early 1990s. In the OECD countries, it’s down to about 15% from 20% almost 30 years ago. The glass-half-full take is that this means the global economy is structurally better, given that the informal economy is generally associated with low productivity, poverty, high unemployment and slower growth. The downside is that it provides opportunities to those who might not otherwise find employment. So, fewer opportunities in this part of the economy may make it harder for many to escape poverty.TEA LEAVESThe Labor Department is expected Friday to say the U.S. economy added 85,000 jobs in October, down from 136,000 in September, according to the median estimate of economists surveyed by Bloomberg. The reality, though, is that the actual results have just as much chance as exceeding the median estimate as falling below. The top-ranked interest-rate strategists at BMO Capital Markets pointed out in a research note Thursday that five proxies they use to track the health of the labor market are positive, while five are negative. As they explain, the Fed’s third rate cut since July on Wednesday wasn’t meant “to offset weakness in the labor market but rather to get ahead of any cracks that may appear in coming months. As such, we expect Friday’s payrolls report to confirm that a stable job market continued through October, even if the trade war is beginning to impede hiring across sectors.” But if the labor market continues to slow, it would put pressure on the Fed to cut rates again in December, despite Powell signaling that policy makers are unlikely to do so.DON’T MISS A Bright Spot for the U.S. Economy? This Is It: Robert Burgess Futures Are Pulling Cryptos Out of the Dark: Aaron Brown Powell Will Need a Horror Show to Cut Again: Authers' Newsletter The Federal Reserve Puts Monetary Policy on Pause: Editorial Lagarde’s Task Is to Lead a Cultural Revolution: EditorialTo contact the author of this story: Robert Burgess at email@example.comTo contact the editor responsible for this story: Beth Williams at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Robert Burgess is an editor for Bloomberg Opinion. He is the former global executive editor in charge of financial markets for Bloomberg News. As managing editor, he led the company’s news coverage of credit markets during the global financial crisis.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
The company has cut more than 2,700 positions this year. But it's added hundreds at Charles River Development, the Burlington-based software provider it bought last year for $2.6 billion. Charles River's CEO says what else he's been up to the past year.
As the ETF industry matures and price competition intensifies, fund closures are rising, especially among small players that lack economies of scale.
(Bloomberg Opinion) -- The S&P 500 Index was little changed one day after setting a new record. That makes perfect sense. The market just capped one of its strongest periods of the year, having risen a little more than 5% over the previous three weeks. It’s as good a time as any to reassess the broad landscape. And when they do, traders will find that the primary drivers behind the rally remain firmly in place.To be clear, this has nothing to do with things like irrational exuberance or animal spirits. Rather, the most attractive aspect of the market is the fact that almost nobody believes in it, leaving a lot of cash on the sidelines to come pouring in when the traditional drivers of equities like rising earnings and a stronger economy come back into play. The latest evidence that there is no conviction in the market came in a report by Credit Suisse Group AG’s prime brokerage, which showed that market-neutral quantitative funds had cut their gross stock allocations to the lowest in almost five years. That dovetails with one of the more comprehensive measures of investor sentiment: State Street Global Markets’ monthly index, which is derived from actual trades and covers 15% of the world’s tradeable assets. It shows that investors this year have been less confident in the outlook for equities than even during the financial crisis. And despite this year’s big gains in equities, investors continue to put money into cash. Money-fund assets stood at $3.49 trillion as of last Wednesday, up from $2.88 trillion a year earlier, according to the Investment Company Institute.All this negative sentiment is about the only thing the stock market has going for it at the moment. UBS Group AG equity strategists led by Francois Trahan published a research note titled “If History Were a Perfect Guide … Stocks Would Be in a World of Trouble Here.” In that report, the strategists forecast that the expected rate of 12-month earnings growth will turn negative in coming months, reports Bloomberg News’s Vildana Hajric.A WARNING ON RATE FUTURESWhenever the Federal Reserve concludes a monetary policy meeting and announces its decision, the knee-jerk reaction is to look at the reaction in futures to gain a sense of where the market sees interest rates heading and trading accordingly. Doing so on Wednesday, though, could prove to be a costly mistake. Jim Bianco of Bianco Research pointed out in a note to clients on Tuesday that market-based measures calculating the probability of future Fed actions have become distorted and unusually volatile because of the disruptions in the repo markets. Things are so bad that the Fed has been forced to step in and provide daily liquidity injections. And U.S. Treasury Secretary Steven Mnuchin told Bloomberg News on Tuesday that he is open to loosening financial crisis-era regulations that have stiffened liquidity rules for big banks to relieve possible cash crunches in short-term funding markets. This all impacts the effective federal funds rate, which is heavily influenced by repo rates. Bianco figures that the number of Fed rate cuts implied by the futures markets has vacillated between 4.08 and 0.68 since mid-September. “The consensus forming in the market is the Fed will cut tomorrow and signal they are done,” Bianco wrote in the note. “While this seems a likely scenario, it is worth noting the market’s true odds of further cuts are likely understated due to the liquidity problems in the repo market.”DON’T FORGET ABOUT CANADAThere’s also a central bank meeting in Canada on Wednesday. Unlike the Fed, the Bank of Canada isn’t forecast to ease monetary policy, keeping its benchmark rate at 1.75%. If true, then Canada will be home to the highest policy rate among the world’s major economies, according to Bloomberg News’s Theophilos Argitis. (The Fed’s new rate will probably be in a range of 1.50% to 1.75% if it cuts.) One reason policy makers in Canada are unlikely to reduce rates is because core inflation has been stable near the Bank of Canada’s 2% target for more than a year. This helps account for the strength in Canada’s dollar. The so-called loonie has advanced about 7.50% this year to its strongest since early 2015 against a basket of nine developed-market peers. That gain is the strongest of the group. And traders are confident that it could rise further. The three-month risk reversal rate, which is a barometer of investor positioning and long-term sentiment, is the most bullish for the Canadian dollar against the U.S. dollar since 2009, according to Bloomberg News’ Robert Fullem. Even so, it’s not as if Canada’s economy is going gangbusters. Economists expect growth to slow to 1.5% over the next two years, slightly below potential. The bulls need to aware that the Bank of Canada will provide an update to its outlook on Wednesday, and any downbeat forecasts may hit the loonie especially hard given its recent gains.THE WON IS WINNINGIt was just a few months ago that many pundits were pointing to South Korea as proof the global economy was in serious trouble. The Asian nation is a bellwether for global trade and technology, with its economy heavily dependent on exports from such global giants as Samsung Electronics Co. and Hyundai Motor Co. And back then, exports were dropping fast, helping to push the won to its weakest level since early 2016. Now, though, the won is looking up in what may a sign that the global economy may not be in as bad a shape as thought. South Korea’s currency has appreciated 5.08% since mid-August, making it the best performer after the U.K. pound among 31 of the most widely traded currencies tracked by Bloomberg. But all these good vibes may be premature. The South Korean government is forecast to say Thursday that exports dropped 13.5% in October, the 11th consecutive monthly decline. So why is the won rising? According to Morgan Stanley, it may have more to do with a rapid jump in the nation’s bond yields, which have attracted foreign investment. Yields on the nation’s 10-year notes have jumped about 0.6 percentage point to 1.79%. Yields on government debt globally have only increased about 0.2 percentage point to 0.88% in the same period, according to the Bloomberg Barclays Global Aggregate Treasuries Index. In a world with about $14 trillion of negative yield debt, anything that pays a premium rate is going to attract capital.WINTER IS COMINGThe market for natural gas just strung together its best two-day period since January, soaring as much as 14.8%. That’s good for those who are long natural gas but not so much for those dreading the arrival of cooler weather in the U.S. The reason is because the rally has a lot to do with forecasts for a frigid start to November, according to Bloomberg News’s Kriti Gupta. This weekend in New York, for example, the temperature is forecast to dip below 40 degrees Farenheit (4.44 Celcius). As Gupta points out, the jump in natural gas prices offers some relief to long-suffering bulls. Even with the latest gains, prices are still down more than 20% from a year ago and have been mired below $3 per million British thermal units as record production refills storage caverns ahead of the winter. As such, the bulls may need a long stretch of below-average cold weather to keep gas prices aloft this winter. Stockpiles are above normal heading into the peak heating season, erasing a deficit that had widened to more than 30% below the five-year average earlier this year, according to Gupta. Production from shale basins is near an all-time high, buoyed by output from West Texas’s Permian Basin, where gas is extracted as a byproduct of crude oil.TEA LEAVESBefore the Fed announces its decision on interest rates Wednesday, market participants will get their first look at how the economy performed in the third quarter when the Commerce Department releases its estimate of gross domestic product for the three months ending Sept. 30. This will probably be one of those times when the headline numbers matter less than the report’s details. Most everyone is in agreement that growth slowed markedly last quarter, with the median estimate of economists surveyed by Bloomberg calling for a slowdown to 1.6% on an annualized basis from 2% in the second quarter. But what’s most likely to get the most attention is what the report says about personal consumption, which rose at an outsized 4.6% rate in the second quarter, underscoring the strength of the consumer as manufacturing began to falter. Economists are looking for an increase of 2.6% for the third quarter, which is more in line with the average of 2.4% since the economy emerged from the last recession. Any number that disappoints to the downside is likely to have investors rethinking their renewed appetite for equities are other risky assets.DON’T MISS Fed Wants a Break. Will Bond Traders Allow It?: Brian Chappatta Wealth Tax Would Make the U.S. Economy Less Dynamic: Karl Smith Tech and Manufacturing Look Ready to Trade Places: Conor Sen What the Pound is Saying About Jeremy Corbyn: Marcus Ashworth Italian Debt Risk Is Back With a Vengeance: Ferdinando GiuglianoTo contact the author of this story: Robert Burgess at email@example.comTo contact the editor responsible for this story: Daniel Niemi at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Robert Burgess is an editor for Bloomberg Opinion. He is the former global executive editor in charge of financial markets for Bloomberg News. As managing editor, he led the company’s news coverage of credit markets during the global financial crisis.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
State Street, General Electric and Raytheon are among the local companies with executives speaking at the Future Investment Initiative.
State Street Corporation announced today that its Chief Financial Officer, Eric Aboaf, will participate in the BancAnalyst Association of Boston Conference in Boston on Thursday, November 7, 2019 at 10:40 AM ET.
Fifth Third Bancorp's (FITB) third-quarter 2019 results reflect solid fee income growth, partially offset by higher expenses and provisions.
State Street Corporation (“State Street”) (STT) today announced the commencement of a cash tender offer (the “Tender Offer”) by its principal banking subsidiary, State Street Bank and Trust Company (the “Bank”) for any and all of the outstanding Floating Rate Junior Subordinated Debentures due 2047 listed in the table below (the “2047 Debentures”), which were issued by State Street. The table below summarizes certain information regarding the 2047 Debentures and the Tender Offer, including the Tender Offer Consideration and Early Tender Payment (each as defined below).