BUZZ-US big banks rise as markets rebound on hopes for trade negotiations

Reuters
04-08
BUZZ-US big banks rise as markets rebound on hopes for trade negotiations

** Shares of big U.S. banks rise premarket, signaling a rebound, as investors keenly await any sign of the U.S. opening up for negotiations over some of the aggressive tariffs

** Wells Fargo <WFC.N> rises 3.3%, Morgan Stanley <MS.N> up 2.8%, Citigroup <C.N> and Goldman Sachs <GS.N> up 2.7% each

** Bank of America <BAC.N> up 2.5% and JPMorgan Chase <JPM.N> up 2.3%

** China said on Tuesday it will never accept the "blackmail nature" of the U.S. to Trump's threat to ratchet up tariffs on imports from China to more than 100%

** This was in response to China's decision to match 'reciprocal' duties he initially unveiled last week

** Investment banks are expected to take a hit as tariff-driven uncertainty hampers dealmaking and capital markets activity, while lower consumer confidence could curb spending and loan demand

** The KBW Bank Index <.BKX> has fallen 15% since Trump's tariff announcement last week

** Big banks begin reporting quarterly results this week

(Reporting by Ateev Bhandari in Bengaluru)

((ateev.bhandari@thomsonreuters.com))

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