|Bid||58.71 x 1100|
|Ask||58.73 x 900|
|Day's Range||57.29 - 59.12|
|52 Week Range||53.53 - 90.20|
|Beta (3Y Monthly)||1.62|
|PE Ratio (TTM)||9.81|
|Earnings Date||Jul 19, 2019|
|Forward Dividend & Yield||1.88 (3.34%)|
|1y Target Est||64.32|
(Bloomberg) -- U.S. stocks pared gains as investors assessed earnings and fresh clues on monetary policy. Treasuries fell and the dollar climbed.Microsoft Corp. hit a record high and cybersecurity company CrowdStrike Holdings Inc. surged on optimistic forecasts. State Street Corp. gained after flagging expense discipline, while American Express Co. dropped as spending on cardholder rewards soared. Boeing Co. climbed after a $4.9 billion charge on the grounding of the 737 Max jets met some expectations.A rollercoaster-ride in markets spurred by comments from Federal Reserve Bank of New York President John Williams on Thursday has revved up the debate about how big the central bank’s rate cut this month may be. After the odds of a half-point move increased, Fed funds show the market leaning back toward a quarter-point reduction. The central bank “must stop with the crazy quantitative tightening,” President Donald Trump said on his Twitter account.“It’s still everything going back to the Fed,” Marvin Loh, global macro strategist at State Street, said in an interview at Bloomberg’s New York headquarters. “It’s hard to see how much further stocks can go until we start to get some real earnings expansion but, for the most part, the fact that they’re beating is a pretty solid metric given all the stuff that companies have had to deal with this year.”Elsewhere, oil snapped four days of losses after the U.S. said it downed an Iranian drone near the Strait of Hormuz, stoking concern crude flows from the Middle East may be disrupted. The Trump administration wants to hear directly from Iranian President Hassan Rouhani or Ayatollah Ali Khamenei, Iran’s supreme leader, about whether the Islamic Republic is interested in negotiations, a U.S. official said.These are the main moves in markets:StocksThe S&P 500 was little changed at 2,995.78 as of 10:53 a.m. New York time.The Stoxx Europe 600 Index fell less than 0.05%.The MSCI Asia Pacific Index surged 1.3%.CurrenciesThe Bloomberg Dollar Spot Index rose 0.3%.The euro dipped 0.5% to $1.1225.The Japanese yen decreased 0.3% to 107.67 per dollar.BondsThe yield on 10-year Treasuries gained three basis points to 2.05%.Germany’s 10-year yield fell one basis point to -0.32%.Britain’s 10-year yield decreased one basis point to 0.75%.CommoditiesThe Bloomberg Commodity Index increased 0.5%.West Texas Intermediate crude increased 0.4% to $55.51 a barrel.Gold rose 0.1% to $1,429.00 an ounce.\--With assistance from Adam Haigh, Laura Curtis, Samuel Potter, Namitha Jagadeesh and Todd White.To contact the reporters on this story: Rita Nazareth in New York at email@example.com;Vildana Hajric in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jeremy Herron at email@example.com, Rita NazarethFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Lower expenses (driven by cost saving efforts) support State Street's (STT) Q2 earnings. However, decline in revenues act as a headwind.
EXPENSE SAVINGS PROGRAM TARGET INCREASED TO $400 MILLION, EXCEEDING INITIAL COST-SAVINGS GOAL FOR 2019; $175 MILLION OF SAVINGS ALREADY REALIZED YEAR-TO-DATE
State Street Corporation today announced a quarterly cash dividend on each of the below outstanding series of non-cumulative perpetual preferred stock:
This week, a group of business and policy leaders decided that single sales factor will be one of the concepts they’ll focus on as they deliberate major changes to Massachusetts corporate taxes.
Low rates, disappointing fee income performance and modest rise in expenses are likely to hamper State Street's (STT) Q2 earnings.
Charles River Development, a State Street Company, today announced the formation of a Client Advisory Board focused on wealth management. Members of the Board will serve to provide expert insight and advice on the development and enhancement of the Charles River Wealth Management Solution.
Surging inflows for the biggest S&P 500 ETFs show persistent bullish sentiment, but a leading strategist gets bearish.
State Street Corp NYSE:STTView full report here! Summary * ETFs holding this stock are seeing positive inflows * Bearish sentiment is low * Economic output for the sector is expanding but at a slower rate Bearish sentimentShort interest | PositiveShort interest is extremely low for STT with fewer than 1% of shares on loan. This could indicate that investors who seek to profit from falling equity prices are not currently targeting STT. Money flowETF/Index ownership | PositiveETF activity is positive. Over the last month, ETFs holding STT are favorable, with net inflows of $6.03 billion. Additionally, the rate of inflows is increasing. Economic sentimentPMI by IHS Markit | NegativeAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Financials sector is rising. The rate of growth is weak relative to the trend shown over the past year, however, and is easing. Credit worthinessCredit default swapCDS data is not available for this security.Please send all inquiries related to the report to firstname.lastname@example.org.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
Why keep research—historically given to clients who paid hefty commissions to trade stocks via the bank—and eliminate the brokerage business that had been a fountain of cash for decades? It is all part of a shift toward greater transparency in European financial markets, and declining costs for brokerage services in the face of technological change and regulatory pressure. The regulations, known as Mifid II—a revamped version of the Markets in Financial Instruments Directive—require fund managers to pay for stock research separately from trading commissions.
State Street (STT) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
State Street Corporation today announced the release of its annual Corporate Responsibility report for 2018, which highlights the company’s commitment to environmental, social and governance principals, responsible investing, diversity and inclusion and corporate citizenship.
Charles River, a State Street Company and provider of the Charles River Investment Management Solution , has been recognized as the “Best Buy-Side Portfolio Management System” at this year’s Waters Rankings awards.
(Bloomberg) -- Treasury two-year yields may slide to 1% by the end of 2020 as the Federal Reserve makes a succession of interest-rate cuts to support growth, Citigroup Inc. says. The dollar is set to slide in that scenario, according to Pacific Investment Management Co.“We’re at a point where we’re weighing whether the Fed will cut for insurance or if they’re entering a period of structural, cyclical downturn in interest rates -- I’m leaning more towards the latter,” said Shyam Devani, senior technical strategist at Citigroup in Singapore. “I wouldn’t be surprised if we see two-year yields dropping to 1% by the end of next year.”Citi is forecasting the Fed will lower its benchmark rate by 25 basis points this month and potentially cut another two times by year-end. “Inflation expectations remain low, we have a global slowdown in growth and commodity prices remain weak,” he said. “The Fed could cut well into next year.” Traders are pricing in close to three quarters of a percentage point of easing by year-end after Chairman Jerome Powell’s dovish testimony to Congress on Wednesday, when he cited slowing global expansion and trade tensions as threats to the U.S. economy. The Treasury two-year yield was one basis point lower on the at 1.82% in New York morning trading after sliding eight basis points on Wednesday.Pimco’s ViewWhether the dollar is poised for a prolonged decline depends on how the central bank positions its July move -- especially if it’s the beginning of a cycle, said Erin Browne, a managing director and portfolio manager at Pimco in Newport Beach, California.“What really matters is, is this an insurance cut or a sustained move lower?” she said in a Bloomberg Television interview on Wednesday. “If it’s a sustained move lower, I think the curve steepens fairly significantly from here and we could start to see the dollar really roll over.”The dollar would be particularly vulnerable against the euro and potentially the yen should the Fed embark on a series of rate cuts, Browne said. The Bloomberg Dollar Spot Index fell 0.3% on Thursday, extending its decline to 1.7% from this year’s high set in May.Powell’s remarks not only failed to push back against the rate cut that’s fully priced in for July, they boosted the rate-cut narrative, Andrew Hollenhorst, chief U.S. economist at Citigroup in New York, wrote in a research note.A 50 basis-point cut in July is a real possibility, though a 25 basis-point move is likely to be the compromise policy outcome, he said.Here’s what other market participants are saying:Dollar Catalyst (BNP Paribas)Powell’s testimony “is a good potential catalyst for a resumption of the USD weakness we saw last month,” analysts including Shahid Ladha saidFlatter Curve (DBS Bank)Treasury yield curve may flatten ahead of Fed’s July meeting as markets are already more than fully priced for an “insurance” rate cut. “I’m biased toward some flattening” in the 2-10 year part of the U.S. yield curve, said Eugene Leow, rates strategist in SingaporeGreenback Winner (State Street)The dollar could climb even after the Fed cuts as investors may start to cover underweight positions. “All the roads point to one result: that the dollar could possibly be the sole winner,” said Bart Wakabayashi, branch manager in TokyoAvoiding Panic (Commerzbank)“A 50bps cut would smack a bit too much of panic,” said Bernd Weidensteiner, economist in Frankfurt. “After the release of a rather strong employment report on Friday, a large step is unlikely”Dollar Gain (RBC Capital Markets)“The dollar would remain as G-10’s highest yielder and that should lend support to dollar in a low vol/carry-obsessed world,” said Daria Parkhomenko, FX strategist in New York(Updates prices, chart.)\--With assistance from Chikafumi Hodo, Masaki Kondo and Katherine Greifeld.To contact the reporters on this story: Ruth Carson in Singapore at email@example.com;Chester Yung in Singapore at firstname.lastname@example.orgTo contact the editors responsible for this story: Tan Hwee Ann at email@example.com, Nicholas ReynoldsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Charles River Development, a State Street Company, today announced that the Charles River Global Client Conference 2019 will be held on Monday, September 23rd through Thursday, September 26th at the Boston Park Plaza Hotel. The conference, which will give clients ideas and insights for new and improved ways to leverage the Charles River Investment Management Solution, will house more than 50+ cross-disciplinary sessions, and offer one-on-one consultation in the demo center and a showcase of technology partners. Lee Ferridge, head of Macro Strategy for the Americas at State Street Global Markets, will provide an update on the global macro-economic environment and its impact on the investing climate.
State Street Corporation (STT) today announced that it has appointed Jörg Ambrosius as head of its UK, Europe, Middle East and Africa (EMEA) business. Ambrosius, an 18-year State Street veteran will report to Francisco Aristeguieta, the newly appointed head of State Street’s international business. Ambrosius will succeed Liz Nolan who was named head of State Street’s Global Delivery team, managing global operations and infrastructure, earlier this year.
State Street Corp. (NYSE: STT), the third-largest U.S. issuer of exchange traded funds, said it has changed names and tickers for six of its ETFs backed by Kensho indexes. The changes went into effect ...
(Bloomberg) -- Friday’s U.S. June jobs report could prove significant for markets as the Federal Reserve gauges whether to cut interest rates for the first time in more than a decade.One quirk of this jobs report: It comes on a summer Friday after the U.S. Independence Day holiday July 4, so market activity could dissipate quickly after the numbers come out if trading desks have less staffing than usual. The median forecast is for a nonfarm payroll (NFP) gain of 160,000 after a soft 75,000 in May. Average hourly earnings are seen rising 0.3% on the month after a 0.2% climb in May.Here’s a roundup of views:Hannah Anderson, global market strategist at JPMorgan Asset Management in Hong KongExpects a gain between 100,000 and 200,000. About 150,000 “doesn’t necessarily spell forthcoming aggressive policy easing.”“If we get an employment report that’s as weak as last month’s, it makes it more likely they’ll cut sooner rather than later.” Second-quarter GDP in late July will likely be more critical for the Fed’s month-end decision than payrolls.Shane Oliver, chief economist at AMP Capital Investors Ltd. in Sydney:“Markets are basically hoping for and largely positioned for a 50 basis point cut in July,” but a payroll gain around consensus means probably just a 25 basis point move. A sub-100,000 reading is needed for confidence in a half-point cut.Gain of 160,000 or more would send bond yields and the dollar up, while both would drop if it’s 100,000 or fewer. Equities could rise unless payrolls are quite weak, such as with a decline.Chris Weston, head of research at Pepperstone Group in Melbourne:“Payrolls could cause a sell-off in bonds, but we’d need to see a huge number and far in excess of the consensus of 160,000.”“This is a world looking to buy any pull-backs in bonds, and funds have been pushed further out the curve in a bid for yield.”Vishnu Varathan, head of economics & strategy at Mizuho Bank Ltd. in Singapore“If numbers fall short of rebounding back to 150,000-180,000,” then markets will be convinced of a July cut, he said.If payrolls are on the stronger side of the 100,000 to 200,000 range, “there could be some flattening of the two-year, 10-year yield curve, led by shorter-end yields edging up, he said.Masanari Takada, cross-asset and quantitative strategist at Nomura Holdings Inc. in Tokyo:“Macro-oriented traders could turn bullish on stocks and thereby draw out even more buying by commodity trading advisors.”“On the other hand, CTAs might start dismantling their long positions if macro traders were to become even more guarded. We still have a bullish view on global stocks in July and think that the former of these two scenarios is the more likely one.”Stephen Innes, a managing partner at Vanguard Markets Pte. in Singapore“Unless it comes in well beyond reach on both the headline and wages, it will not make one iota of difference to the Fed.”“They need to make a credible policy stance around trying to ignite inflation and should go 50 basis points in July.”Binay Chandgothia, portfolio manager at Principal Global Investors in Hong Kong:“If, alongside decent growth in employment, wage growth also recovers, it will help push yields higher. It will be slightly positive for equities as well, though not as much as the impact on bond yields.”“A weak number will keep yields well bid and increase the probability of a 50 basis point rate cut later this month. Equities may correct a little but the prospects of a faster Fed response will prevent a larger draw-down.”“The only debate is whether the Fed can pivot to a 50 basis point rate cut and then stay on the sidelines to see the impact of such a cut for a few months.”Shyam Devani, senior technical strategist at Citigroup Inc. in Singapore“The inverted curve in the U.S. is unavoidable, as it has been for a while now.”“U.S. 30-year yield is below the upper bound of the Fed Funds rate for the first time in more than 11 years. I don’t think this should, or can, be ignored.”“The NFP numbers today will either speed up the path to rate cuts or slow it down, but not derail the journey”Dwyfor Evans, head of Asia-Pacific macro strategy at State Street Global Markets in Hong Kong“New highs in equities coupled with the inversion of the U.S. yield curve speaks of opposing forces in markets that should be ripe for an adjustment.”Dovish global central banks are “also opening up a large opportunity for EM, both in equities and particularly highly-rated sovereign bonds.”(Adds additional comment from State Street Global Markets.)\--With assistance from Joanna Ossinger.To contact the reporter on this story: Gregor Stuart Hunter in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Christopher Anstey at email@example.com, Joanna OssingerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Banks, which have emerged creditably from stress tests, are expected to feel the pinch since lower rates weigh on net interest margins.
(Bloomberg) -- U.S. President Donald Trump’s latest accusation of currency manipulation has foreign-exchange analysts game-planning the administration’s next move.Trump tweeted Wednesday that Europe and China are playing a “big currency manipulation game,” days after he declared a tariff ceasefire with Chinese leader Xi Jinping. For market observers, the president seemed to suggest going beyond mere jawboning. His call to “MATCH, or continue being the dummies who sit back and politely watch as other countries continue to play their games” has strategists considering the possibility that the U.S. Treasury could intervene to weaken the dollar.The U.S. hasn’t intervened in FX markets since 2011, when it stepped in to strengthen the dollar as part of an international effort after the yen soared in the wake of that year’s devastating earthquake in Japan. But with Trump’s repeated complaints about dollar strength -- even after the U.S. refrained from formally labeling China a currency manipulator at the end of May -- anything is on the table, according to Canadian Imperial Bank of Commerce.Presidential ‘Obsession’“The obsession with currency manipulation -- a month after the last Treasury report had different conclusions -- means we should be prepared for anything,” said Bipan Rai, CIBC’s North American head of foreign-exchange strategy. “The Treasury hasn’t intervened to weaken the dollar for decades, but we wouldn’t be surprised if that changes potentially under Trump.”The euro touched the day’s high on Trump’s tweet Wednesday before retreating. The latest missive did little to rattle the offshore yuan. The Bloomberg Dollar Spot Index is down about 0.5% this year, after a 3.2% gain in 2018. But using a Federal Reserve trade-weighted measure, the dollar is not far below the strongest since 2002, which threatens to make U.S. exports less competitive abroad.The risk of intervention increases should the Fed decide not to ease policy at its meeting this month, Rai said. Trump has staged a campaign against Fed Chairman Jerome Powell in recent months, comparing the central bank to a “stubborn child” last month for not cutting rates.Only GameTrump may ramp up his jawboning efforts as other major central banks start to ease, said Anthony Doyle, global cross-asset investment specialist at Fidelity International.“I wouldn’t be surprised if jawboning was to increase in coming months,” Doyle said in an interview with Bloomberg Television. “Generating inflationary pressures, generating competitiveness through a lower currency is one tool that central banks can use to support their economies and it’s the only game in town at the moment.”How Currency Wars are Like Real Wars — for Wealth: QuickTakeEuropean Central Bank policy makers aren’t yet ready to rush into additional monetary stimulus at the July 25 meeting, according to euro-area central-bank officials familiar with the matter. Still, the Governing Council members may tweak its policy language this month to signal more stimulus is imminent, they said earlier this week.Ng Kheng Siang, Asia Pacific head of fixed income at State Street Global Advisors, said Trump’s jawboning efforts could continue if the ECB eases and the euro weakens. “Clearly if he feels that the U.S. interest is not served, in his eyes, he’ll start to poke and even blast at anyone,” Ng said.Even if the Fed does lower rates in a few weeks -- a move that bond traders overwhelmingly expect -- that might not be enough for the president, according to Bank of America Corp.“The president is likely to get his way at least for the time being,” foreign-exchange strategist Ben Randol said via email.“However, the problem arises if U.S. economic outperformance continues and the dollar proves accordingly resilient,” he said. “In that case, the temptation to intervene in FX markets will increase if Fed cuts don’t do the trick.”(Adds State Street comments in 10th paragraph.)\--With assistance from Ruth Carson.To contact the reporter on this story: Katherine Greifeld in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Benjamin Purvis at email@example.com, Mark Tannenbaum, Jenny ParisFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Dividend paying stocks like State Street Corporation (NYSE:STT) tend to be popular with investors, and for good reason...
State Street Global Advisors, the asset management business of State Street Corporation , announced recent changes to the names and ticker symbols of six SPDR ETFs designed to provide investors with exposure to companies whose innovative products and services are fueling the new economy.