Travelers profit misses as higher claims weigh on underwriting gain

(Reuters) – Insurer Travelers Cos Inc (TRV.N) missed Wall Street estimates for second-quarter profit on Tuesday, as weather-related losses led to an 18% drop in underwriting gain. Strong wind and hailstorms during the quarter tore apart homeowners’ roofs, pummeled cars and wreaked havoc, triggering a spate of claims that proved to be challenging for U.S. insurers including Travelers. Claims rose […]

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Strong Asian demand buoys sales at Birkin bag maker Hermes

PARIS (Reuters) – Surging demand in Asia and especially mainland China helped Birkin handbag maker Hermes (HRMS.PA) post better-than-expected sales growth for the second quarter, in an encouraging signal for some of its major luxury goods rivals. The industry has so far largely shrugged off any fallout from a Beijing-Washington trade war that could potentially hit consumer sentiment in its […]

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BlackRock profit misses estimates, hit by lower fees for lending stocks

NEW YORK (Reuters) – BlackRock Inc (BLK.N), the world’s largest asset manager, took in less cash last quarter as investors moved into lower-cost bond funds, and it made less money lending out stocks. The company, manager of $6.8 trillion in assets, missed analysts’ estimates for quarterly sales and profits on Friday, despite attracting $151 billion in new money, as much […]

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Morgan Stanley profit beats on wealth management gains, lower expenses

(Reuters) – Morgan Stanley (MS.N) reported a drop in quarterly profit but beat analysts’ expectations on gains in its wealth-management business and lower expenses. The results capped earnings for big U.S. banks and underscored weakness in Wall Street-focused businesses in a quarter marked by lower market activity due to trade tensions and rising bets of a cut in interest rate. […]

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Blackstone reports almost flat second-quarter distributable earnings

(Reuters) – Blackstone Group Inc (BX.N), the world’s the largest manager of alternative assets such as private equity and real estate, said on Thursday its distributable earnings in the second quarter rose just 1% year-on-year, missing most analysts’ expectations. The New York-based firm reported net income per share on a diluted basis of 45 cents, compared to analysts’ expectations on […]

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PNC Financial beats profit estimates on rise in interest income, loans

(Reuters) – PNC Financial Services Group Inc (PNC.N) on Wednesday posted a better-than-expected second quarter profit, helped by a rise in interest income and loans. PNC, one of the largest regional U.S. lenders by assets, said its loan portfolio grew 6.4% to $237.2 billion, with commercial lending accounting for nearly 70% of total loans. However, provision for loan losses more […]

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UPDATE 1-Goldman Sachs profit beats expectations on equity trading, lending

(Adds details on trading, lending) July 16 (Reuters) – Goldman Sachs Group Inc reported a better-than-expected quarterly profit on Tuesday as the Wall Street investment bank benefited from higher equity trading and an increase in lending to its wealthy clients and companies. The bank, like its rivals, is facing several challenges in growing its revenue in the face of rising […]

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Citigroup 2Q results top expectations on consumer lending boost

Federal Reserve passes 17 of nation’s largest banks on stress test FBN’s Jennifer Schonberger on the Federal Reserve issuing part two of its stress test for the nation’s biggest banks. Citigroup kicked off earnings season for the big banks with results that blew away expectations. Continue Reading Below Citigroup reported 2Q profit of $1.95 per share.  On an adjusted basis, EPS […]

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Cargill adjusted profit slides 41% on trade tensions, U.S. floods

(Reuters) – Commodities trader Cargill Inc [CARG.UL] reported a 41% slump in adjusted quarterly profit on Thursday, as the U.S.-China trade war led to supply disruptions and flooding in the central United States hit marketing and transportation of grains. The privately held company’s adjusted operating profit fell to $476 million in the fourth quarter ended May 31 compared with $809 […]

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Singapore wealth fund GIC warns of low returns amid trade war

SINGAPORE (Reuters) – Singapore sovereign wealth fund GIC Pte Ltd said it is now more cautious about the investing environment than it was last year and is bracing for low returns due to high valuations and slowing economic growth. But while GIC, among the world’s biggest investors, is worried about heightened political and policy uncertainty, including the Sino-U.S. trade war, […]

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