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INX:C, Jul 17, 07:18 UTC

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Citigroup C- 2019 Top Picks' Mid-Year Update

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Jason Clark, contributing editor to The Prudent Speculator, chose Citigroup (C) as his favorite investment idea for 2019. Here's the latest update from the value investing expert. While in the first half of 2019 shares of Citigroup enjoyed a total return of more than 36%, we be­lieve there is still more near- and long-term upside available to investors as the stock has been held back by excessive concerns around declining interest rates and global trade tensions and their potential impact on the company’s globally diversi­fied business model. Citigroup also derives a meaningful part of its top- and bottom-line from Mexico, so the recent avoidance of a dust up between the U.S. and Mexico, plus the potential for the United States-Mexico-Canada trade agreement to be approved in the somewhat near-term are both positives. Despite near-term revenue headwinds, we think the bank is on its way to achieving its low 50s efficiency-ratio target by 2020. And, following the Dodd-Frank Act Stress Test 2019 results, C just announced a planned 13% increase in its quarterly dividend from $0.45 to $0.51 and the repurchase of up to $17.1 billion of its stock over the next year.

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Yesterday


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Citi ramps up ASEAN banking team with 30 hires over past year

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Citi ramps up ASEAN banking team with 30 hires over past year. SINGAPORE, July 16 (Reuters) - Citigroup Inc said it has hired about 30 bankers over the past year across its banking, capital markets and advisory teams in the 10-member Association of Southeast Asian Nations (ASEAN), spurred by robust growth in its ASEAN banking business. Countries in the bloc such as Vietnam and Thailand are benefiting from the ongoing Sino-U.S. trade war as companies start to shift supply chains to Southeast Asia to escape tit-for-tat tariffs that the world's two biggest economies are imposing on each other's goods and services. "We are seeing growth across local ASEAN companies increasingly going global," David Biller, head of Citigroup's ASEAN banking, capital markets and advisory team, said in a statement on Tuesday.

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Monday, July 15


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US Stock Market Overview – Stocks Hit Record, Citigroup Beats

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Financial shares finished the session in the red despite a beat in financial results from banking giant Citigroup. The solid results were bolstered by a jump in fixed income trading, cost-cutting and a one-time gain on Tradeweb’s public offering. On an unadjusted basis, the bank earned $1.83 per adjusted share, on $18.8 billion in revenue, compared to the comparable year ago’s results of $1.63 per share on $18.5 billion. Additionally, the bank saw higher revenue from fixed income trading and consumer banking, which helped counterbalance an expected drop in investment banking and equity trading activities.

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Dow, Nasdaq end at records as Citigroup results mark start of earnings season

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U.S. stocks ended slightly higher on Monday as investors saw results from Citigroup kicking off the unofficial start of earnings season for the second-quarter. The S&P 500 was up by less than 0.1% to 3,014, based on preliminary figures, which would mark a fresh record close. Shares of Citigroup Inc. were lower by 0.1% even after it reported second-quarter profits rose 4.8%, beating analysts' expectations. Investors also monitored a weak gross domestic product reading in China, with growth falling to its slowest pace since 1992. But investors pointed out the solid industrial production and retail sales numbers helped offset the bearish GDP data.

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US STOCKS-S&P ends near flat as Citigroup results sink banks; Nasdaq hits new high

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US STOCKS-S&P ends near flat as Citigroup results sink banks; Nasdaq hits new high. NEW YORK, July 15 (Reuters) - The benchmark S&P 500 index ended little changed on Monday after oscillating between positive and negative territory throughout the session after Citigroup Inc kicked off the earnings season with a mixed quarterly report. Shares of JPMorgan Chase & Co, Goldman Sachs Group Inc and Wells Fargo & Co - all set to report results on Tuesday - declined more than 1%. As a result, financial shares fell 0.5% to weigh most heavily on the S&P 500 among its 11 major sectors. The Dow Jones Industrial Average rose 27.13 points, or 0.1%, to 27,359.16, the S&P 500 gained 0.53 point, or 0.02%, to 3,014.3 and the Nasdaq Composite added 14.04 points, or 0.17%, to 8,258.19.

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Citigroup reports Q2 earnings boosted by fixed income, cost-cutting

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Citigroup reports Q2 earnings boosted by fixed income, cost-cutting. Citigroup reported earnings that beat Wall Street’s expectations, with second-quarter net income climbing 7% from a year ago. Ken Leon, Global Director of Industry at CFRA, joins Seana Smith on 'The Ticker' to discuss. What to read next.

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US STOCKS-S&P trades near flat as Citigroup results weigh on bank stocks

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US STOCKS-S&P trades near flat as Citigroup results weigh on bank stocks. NEW YORK, July 15 (Reuters) - The benchmark S&P 500 index struggled for direction in choppy trade on Monday as earnings season began in earnest with a mixed quarterly report from Citigroup Inc. Shares of S&P 500 banks - including JPMorgan Chase & Co, Goldman Sachs Group Inc and Wells Fargo & Co, set to report results on Tuesday - fell 1.0% in the wake of Citigroup's results. Second-quarter earnings start in earnest this week and analysts expect S&P 500 companies to report a 0.3% fall in profit, which would be the first quarterly drop in three years, according to Refinitiv IBES data.

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US STOCKS-Wall Street slightly lower as Citi results weigh on bank stocks

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July 15 (Reuters) - Wall Street's three main indexes edged lower in choppy trade on Monday, easing from record highs, as declines in Boeing and bank stocks after Citigroup's quarterly report were tempered by a rise in healthcare shares. The compression in Citi's net interest margins will have investors keeping a close eye on the metric for the other big banks reporting this week, especially with a possible interest rate cut on the horizon, Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York said. Second-quarter earnings start in earnest this week and analysts expect S&P 500 companies to report a 0.3% fall in profit, the first quarterly drop in three years, according to Refinitiv IBES data. ET the Dow Jones Industrial Average was down 32.75 points, or 0.12%, at 27,299.28, the S&P 500 was down 4.58 points, or 0.15%, at 3,009.19 and the Nasdaq Composite was down 5.97 points, or 0.07%, at 8,238.17.

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Citi beats Q2 earnings, revenue expectations

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Citi beats Q2 earnings, revenue expectations. Citigroup beat earnings expectations in the second quarter, bolstered by a jump in fixed income trading and cost-cutting. Yahoo Finance's Brian Cheung breaks down some of the highlights of the earnings report for Julie Hyman, Adam Shapiro, Andy Serwer and Brian Sozzi. What to read next.

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