Updates
** Shares of big U.S. banks rise, reversing course after President Donald Trump said on Wednesday he authorized a 90-day pause, effective immediately, as part of his tariff plan
** Morgan Stanley MS.N up 8.4%, Goldman Sachs GS.N up 8.1%, and JPMorgan Chase JPM.N up 6%
** Citigroup C.N up 5.6%, Wells Fargo WFC.N up 5%, and Bank of America BAC.N up 4.1%
** Trump also raised the tariff rate for China to 125%, after China said it would impose 84% tariffs on U.S. goods from Thursday, up from the 34% previously announced
** Trump's "reciprocal" tariffs on dozens of countries had taken effect on Wednesday, including massive 104% duties on Chinese goods
** 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
** Including session moves, the KBW Bank Index .BKX is now down 11% 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))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.