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Market Update

Six Banks Settle U.S. and Europe Currency Probe with $4.25 B

Author: Nichole Harper
Last Update: 12:39 PM ET November 12 2014

12:40 PM New York U.S. market indexes traded higher and extended gains in the year as commodities continued to slide. U.S., UK and Swiss regulators together fined $4.25 billion to six banks and settled charges related to currency market rigging practice.

U.S. market indexes traded near all-time highs and looked at Europe for more announcements from the central bank to stimulate the economy.

Energy utility companies were in focus after China and the U.S. struck a deal to cut carbon emissions.

Banks on Wall Street traded lower after regulators in the U.S. and Europe fined six banks with a total of $4.25 billion to settle a probe into the foreign exchange benchmarks rigging.

The Financial Conduct Authority in the U.K. fined five banks a total of $1.7 billion.

UBS, Royal Bank of Scotland, JPMorgan Chase, Citigroup and the HSBC agreed to the settlement but Barclays remained under investigation and the bank is not part of the settlement.

Separately, the Commodity Futures Trading Commission in the U.S. fined $1.4 billion in penalties against HSBC, RBS, UBS and JPMorgan.

A separate U.S. regulator, the Office of the Comptroller of the Currency fined Bank of America, JPMorgan and Citigroup additional $950 million.

The Swiss regulator imposed a fine of $138 million on UBS.

In stock market trading, Tollbooth Index slid 0.06% or 5.64 to 9,806.54.

S&P 500 index slid 2.21 or 0.1% to 2,037.51 and the Nasdaq Composite Index edged up 1.62 or 0.03% to 4,662.22.

For the year, S&P 500 index has advanced 10% and the Tollbooth Index has gained 9%.

U.S. Movers

Fossil Group Inc (FOSL) surged 7.9% or $8.23 to $111.98 after the consumer fashion accessory designer net sales in the third-quarter ending on October 4 soared 10.4% to $894.5 million from a year ago period.

Net income in the quarter declined 15.6% to $103.7 million or $1.96 a diluted share compared to $89.7 million or $1.58 from a same quarter last year.

Macy's, Inc (M) climbed 3.3% or $1.93 to $60.53 after the department stores operator reported total sales in the third-quarter ending on November 1 fell 1.3% to $6.20 billion from a year ago period. Comparable store sales in the quarter decreased 1.4%.

Net income in the quarter soared 22.6% to $217 million or 61 cents a diluted share compared to $177 million or 47 cents from a same quarter last year.

European Markets

In London trading, FTSE 100 index slipped 0.4% or 24.06 to 6,603.34 and in Frankfurt the DAX index declined 1.6% or 149.34 to 9,219.69.

In Paris, CAC 40 index dropped 1.3% or 56.56 to 4,187.54.

In the European corporate news, Burberry profit dropped 7% to 108.4 million while revenues soared 14%. Enel net plunged 58% to 272 million on 3% decrease in revenue.

Sainsbury net swung to a loss of 344 million on flat revenues. Playtech raised 297 million through a bond offering. SSE profit tumbled 32% to 251 million.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc