NEW YORK — The wait for an expected deal between Greece and its creditors rattled financial markets around the world Monday. Yields for ultra-safe U.S. government debt hit their lowest this year, the euro dropped against the dollar, and European stocks took a fall.
But U.S. stocks dropped only slightly. The Dow Jones industrial average fell 6.74 points to close at 12,653.72, a drop of 0.1 percent. The Dow lost as much as 131 points in morning trading, then slowly recovered in the afternoon.
Borrowing costs for European countries with the heaviest debt burdens shot higher. The two-year interest rate for Portugal’s government debt jumped to 21 percent after trading around 14 percent last week.
Greece and the investors who bought its government bonds were said to be close to an agreement over the weekend. A tentative deal would replace bonds held by investment funds and banks with new ones at half the face value.
The plan is aimed at cutting Greece’s debt by roughly $132 billion. Greece needs it to secure a crucial installment of bailout loans and make an upcoming bond payment. But a deal has been in the works for weeks and could still fall apart.
The focus on Greece has shifted attention away from what’s going well in the U.S., said Jack Ablin, chief investment officer at Harris Private Bank. Companies have reported stronger quarterly earnings, and hiring has picked up.
“Our collective breath has been held for so many months,” he said.
At this point, a good or even a bad resolution of Greece’s debt crisis could lead to a stronger U.S. stock market, Ablin said. “If it finally happens and the world doesn’t fall apart, maybe we’ll have a reason to take risk again,” he said. “Once you pull off the Band-Aid, it feels better.”
U.S. Treasury yields sank to their lowest level this year.
In other trading, the Standard & Poor’s 500 index fell 3.32 points, or 0.3 percent, to 1,313.01. The Nasdaq composite lost 4.6 points, or 0.2 percent, to 2,811.94.
The euro dropped 0.5 percent against the dollar to $1.3124 in late trading Monday from $1.3208 late Friday. It was worth almost $1.50 in May.
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2012年1月31日星期二
2012年1月19日星期四
PNC Financial income tumbles on higher costs
PITTSBURGH (AP) — PNC Financial Services Group Inc. said Wednesday that its fourth-quarter net income dropped 43 percent on higher expenses and a comparison to a year-ago stock sale gain, while revenue fell.
Shares dropped $2.52, or 4.1 percent, in morning trading to $58.72.
The regional bank‘s net income attributable to common shareholders was $451 million, or 85 cents per share, for the October-December quarter, compared with $798 million, or $1.50 per share, in the same three months the year before.
Revenue fell 9 percent to $3.55 billion.
Analysts polled by FactSet were expecting a profit of $1.37 per share on revenue of $3.52 billion.
The largest part of the bank’s revenue, net interest income, or money earned from loans and deposits, was essentially flat with the fourth-quarter of 2010 at $2.2 billion. Lending grew $4.5 billion, or 3 percent, during the quarter.
Noninterest income, or income from fees and charges, fell 21 percent from a year earlier because the fourth quarter of 2010 included a $160 million gain on the sale of stock. New government regulations on debit card fees also reduced revenue.
The company, echoing many other banks, said that the credit quality of its loans was improving. PNC put less aside less than half what it did a year earlier for credit losses — $190 million in the fourth quarter compared with $442 million at the end of 2010.
Noninterest expenses, which included $156 million in after-tax expenses related to residential mortgage foreclosures, rose 16 percent. Noninterest expenses can include everything from salaries to loan loss provisions.
For all of 2011, the company’s net income attributable to common shareholders was almost unchanged at $3 billion, or $5.64 per share, compared with $3.01 billion, or $5.74 per share, in 2010. Revenue fell 5.5 percent to $14.33 billion from $15.18 billion.
PNC is based in Pittsburgh.
http://tourism9.com/ http://vkins.com/
Shares dropped $2.52, or 4.1 percent, in morning trading to $58.72.
The regional bank‘s net income attributable to common shareholders was $451 million, or 85 cents per share, for the October-December quarter, compared with $798 million, or $1.50 per share, in the same three months the year before.
Revenue fell 9 percent to $3.55 billion.
Analysts polled by FactSet were expecting a profit of $1.37 per share on revenue of $3.52 billion.
The largest part of the bank’s revenue, net interest income, or money earned from loans and deposits, was essentially flat with the fourth-quarter of 2010 at $2.2 billion. Lending grew $4.5 billion, or 3 percent, during the quarter.
Noninterest income, or income from fees and charges, fell 21 percent from a year earlier because the fourth quarter of 2010 included a $160 million gain on the sale of stock. New government regulations on debit card fees also reduced revenue.
The company, echoing many other banks, said that the credit quality of its loans was improving. PNC put less aside less than half what it did a year earlier for credit losses — $190 million in the fourth quarter compared with $442 million at the end of 2010.
Noninterest expenses, which included $156 million in after-tax expenses related to residential mortgage foreclosures, rose 16 percent. Noninterest expenses can include everything from salaries to loan loss provisions.
For all of 2011, the company’s net income attributable to common shareholders was almost unchanged at $3 billion, or $5.64 per share, compared with $3.01 billion, or $5.74 per share, in 2010. Revenue fell 5.5 percent to $14.33 billion from $15.18 billion.
PNC is based in Pittsburgh.
http://tourism9.com/ http://vkins.com/
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