Latest news with #CitizensPrivateWealth
CNA
17-07-2025
- Business
- CNA
Equities and dollar rise with encouragement from economic data and earnings
NEW YORK/LONDON :MSCI's global equity index advanced on Thursday while the dollar rose as investors were encouraged by the latest crop of economic data and earnings reports while oil futures rose on supply concerns amid Middle East attacks. Data on jobless claims showed that the number of Americans filing new applications for unemployment benefits fell last week, pointing to steady job growth so far in July, though some laid off workers are experiencing long spells of unemployment because of a moderation in hiring. U.S. retail sales rebounded more than expected in June, but some of the increase likely reflected higher prices for some goods exposed to tariffs. "In economic data two key releases came out today: retail sales and jobless claims. Both were better than anticipated," said Mike Cornacchioli, investment strategy director and senior vice president at Citizens Private Wealth. "Those two illustrate the strength of the consumer and the labor market. So, a lot of the fears that were placed on the state of the U.S. economy are overblown and have failed to come to fruition at this point in time. Maybe they will some time down the line, but this data and the data that's come in lately has just reinforced the strength of the US economy." Cornacchioli also pointed to strong earnings reports as a boost for equities on Thursday. Taiwan Semiconductor Manufacturing, the world's main maker of advanced AI chips, posted record profits ahead of expectations. It warned that future income might be hit by U.S. tariffs, though perhaps not until the fourth quarter. Also, GE Aerospace lifted its profit outlook with jet engine deliveries rising as efforts to fix supply constraints showed results. After four straight days of losses, Europe's STOXX 600 index ended up 0.96 per cent, with a boost from strong earnings reports including record orders at Swiss engineering firm ABB. MSCI's gauge of stocks across the globe rose 5.29 points, or 0.57 per cent, to 926.40, putting it closer to its recent record levels. And Wall Street followed Europe higher but at a more modest pace with boosts including PepsiCo PEP.O which rallied more than 7 per cent after reporting better-than-expected quarterly results on steady demand in the U.S. and major markets, including Europe. In another positive sign for the consumer, United Airlines UAL.O shares rose after executives said the company has seen strong bookings in the past three weeks. At 02:34 p.m., the Dow Jones Industrial Average was up 265.33 points, or 0.60 per cent, at 44,520.11, the S&P 500 rose 35.40 points, or 0.57 per cent, to 6,299.10, which would be a record closing high, and the Nasdaq Composite climbed 163.94 points, or 0.79 per cent, to 20,893.99, hitting fresh record highs. Thursday's market gains follow a dramatic wobble during the prior session when Trump said he was highly unlikely to fire Federal Reserve chair Jerome Powell. However, he left the door open to the possibility of ousting him and renewed his criticism of the central bank chief for not cutting U.S. interest rates. In currencies, the dollar rose on Thursday after the economic data. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.39 per cent to 98.73. The euro was down 0.42 per cent at $1.1585. Against the Japanese yen, the dollar strengthened 0.58 per cent to 148.72 as polls showed Prime Minister Shigeru Ishiba's coalition was in danger of losing its majority in the upper house in upcoming elections. U.S. Treasury yields were higher in a relatively choppy session. Yields had briefly spiked higher and then fallen following the sales and jobless claims data, which showed the world's largest economy on a stable footing and supported the Fed's patient stance on monetary easing. "Consumers did not react to the tariff announcements or the resultant decline in financial markets or the weakness in business and consumer sentiment with defensive recoil. Instead, they went out and bought big ticket items with an opportunistic view," wrote Tom Simons, chief U.S. economist, at Jefferies in an email after the retail sales data. The yield on benchmark U.S. 10-year notes rose 0.4 basis points to 4.459 per cent, from 4.455 per cent late on Wednesday while the 30-year bond yield fell 0.4 basis points to 5.0114 per cent from 5.015 per cent. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 3 basis points to 3.915 per cent, from 3.885 per cent late on Wednesday. Oil prices settled higher after drones struck Iraqi Kurdistan oil fields for a fourth day, pointing to continued risk in the volatile region. U.S. crude settled up 1.75 per cent, or $1.16 at $67.54 per barrel and Brent settled at $69.52 a barrel, up 1.46 per cent, or $1.00 at $67.54. "Some of the gains are reaction to drone attacks in Iraq," said Andrew Lipow, president of Lipow Oil Associates. "It shows how vulnerable oil supplies are to attacks using low technology." Gold prices were lower after the upbeat U.S. economic data aided the Fed's cautious stance on rate cuts.
CNA
17-07-2025
- Business
- CNA
Equities and dollar rise with encouragement from economic data and earnings reports
NEW YORK/LONDON :MSCI's global equity index was advancing on Thursday while the dollar rose as investors were encouraged by the latest crop of economic data and earnings reports. Data on jobless claims showed that the number of Americans filing new applications for unemployment benefits fell last week, pointing to steady job growth so far in July, though some laid off workers are experiencing long spells of unemployment because of a moderation in hiring. U.S. retail sales rebounded more than expected in June, but some of the increase likely reflected higher prices for some goods exposed to tariffs. "In economic data two key releases came out today: retail sales and jobless claims. Both were better than anticipated," said Mike Cornacchioli, investment strategy director and senior vice president at Citizens Private Wealth. "Those two illustrate the strength of the consumer and the labor market. So, a lot of the fears that were placed on the state of the U.S. economy are overblown and have failed to come to fruition at this point in time. Maybe they will some time down the line, but this data and the data that's come in lately has just reinforced the strength of the US economy." Cornacchioli also pointed to strong earnings reports as a boost for equities on Thursday. Taiwan Semiconductor Manufacturing, the world's main maker of advanced AI chips, posted record profits ahead of expectations. It warned that future income might be hit by U.S. tariffs, though perhaps not until the fourth quarter. Also, GE Aerospace lifted its profit outlook with jet engine deliveries rising as efforts to fix supply constraints showed results. MSCI's gauge of stocks across the globe rose 3.86 points, or 0.42 per cent, to 924.97. Europe's STOXX 600 index rose 0.92 per cent, boosted by strong earnings after record orders at Swiss engineering firm ABB and record $13.5 billion profits. And Wall Street followed Europe higher but at a more modest pace. At 11:17 a.m. the Dow Jones Industrial Average rose 72.83 points, or 0.16 per cent, to 44,327.61, the S&P 500 rose 20.73 points, or 0.33 per cent, to 6,284.32 and the Nasdaq Composite rose 142.41 points, or 0.69 per cent, to 20,872.92. Thursday's gains follow a dramatic wobble during the prior session when Trump said he was highly unlikely to fire Federal Reserve chair Jerome Powell. However he left the door open to the possibility of ousting him and renewed his criticism of the central bank chief for not cutting U.S. interest rates. In currencies, the dollar rose on Thursday after the economic data. Against the Japanese yen, the dollar strengthened 0.47 per cent to 148.56 as polls showed Prime Minister Shigeru Ishiba's coalition was in danger of losing its majority in the upper house in upcoming elections. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.37 per cent to 98.71. The euro was down 0.4 per cent at $1.1587. U.S. Treasury yields edged lower after briefly spiking following the economic data which showed the world's largest economy on a stable footing and supported the Fed's patient stance on monetary easing. The yield on benchmark U.S. 10-year notes fell 1.2 basis points to 4.443 per cent, from 4.455 per cent late on Wednesday while the 30-year bond yield fell 2.4 basis points to 4.9905 per cent from 5.015 per cent. However, the 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 2.4 basis points to 3.909 per cent, from 3.885 per cent late on Wednesday. In commodity markets, oil prices rose even as global trade tensions appeared to cool, with analysts pointing to low inventories and renewed Middle East risks as factors supporting the market. U.S. crude rose 1.18 per cent to $67.16 a barrel and Brent rose to $68.99 per barrel, up 0.69 per cent on the day. Gold prices were lower after the upbeat U.S. economic data aided the Fed's cautious stance on rate cuts.
Reuters
17-07-2025
- Business
- Reuters
Equities and dollar rise with encouragement from economic data and earnings reports
NEW YORK/LONDON, July 17 (Reuters) - MSCI's global equity index was advancing on Thursday while the dollar rose as investors were encouraged by the latest crop of economic data and earnings reports. Data on jobless claims showed that the number of Americans filing new applications for unemployment benefits fell last week, pointing to steady job growth so far in July, though some laid off workers are experiencing long spells of unemployment because of a moderation in hiring. U.S. retail sales rebounded more than expected in June, but some of the increase likely reflected higher prices for some goods exposed to tariffs. "In economic data two key releases came out today: retail sales and jobless claims. Both were better than anticipated," said Mike Cornacchioli, investment strategy director and senior vice president at Citizens Private Wealth. "Those two illustrate the strength of the consumer and the labor market. So, a lot of the fears that were placed on the state of the U.S. economy are overblown and have failed to come to fruition at this point in time. Maybe they will some time down the line, but this data and the data that's come in lately has just reinforced the strength of the US economy." Cornacchioli also pointed to strong earnings reports as a boost for equities on Thursday. Taiwan Semiconductor Manufacturing , the world's main maker of advanced AI chips, posted record profits ahead of expectations. It warned that future income might be hit by U.S. tariffs, though perhaps not until the fourth quarter. Also, GE Aerospace lifted its profit outlook with jet engine deliveries rising as efforts to fix supply constraints showed results. MSCI's gauge of stocks across the globe (.MIWD00000PUS), opens new tab rose 3.86 points, or 0.42%, to 924.97. Europe's STOXX 600 (.STOXX), opens new tab index rose 0.92%, boosted by strong earnings after record orders at Swiss engineering firm ABB and record $13.5 billion profits. And Wall Street followed Europe higher but at a more modest pace. At 11:17 a.m. the Dow Jones Industrial Average (.DJI), opens new tab rose 72.83 points, or 0.16%, to 44,327.61, the S&P 500 (.SPX), opens new tab rose 20.73 points, or 0.33%, to 6,284.32 and the Nasdaq Composite (.IXIC), opens new tab rose 142.41 points, or 0.69%, to 20,872.92. Thursday's gains follow a dramatic wobble during the prior session when Trump said he was highly unlikely to fire Federal Reserve chair Jerome Powell. However he left the door open to the possibility of ousting him and renewed his criticism of the central bank chief for not cutting U.S. interest rates. In currencies, the dollar rose on Thursday after the economic data. Against the Japanese yen , the dollar strengthened 0.47% to 148.56 as polls showed Prime Minister Shigeru Ishiba's coalition was in danger of losing its majority in the upper house in upcoming elections. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, rose 0.37% to 98.71. The euro was down 0.4% at $1.1587. U.S. Treasury yields edged lower after briefly spiking following the economic data which showed the world's largest economy on a stable footing and supported the Fed's patient stance on monetary easing. The yield on benchmark U.S. 10-year notes fell 1.2 basis points to 4.443%, from 4.455% late on Wednesday while the 30-year bond yield fell 2.4 basis points to 4.9905% from 5.015%. However, the 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 2.4 basis points to 3.909%, from 3.885% late on Wednesday. In commodity markets, oil prices rose even as global trade tensions appeared to cool, with analysts pointing to low inventories and renewed Middle East risks as factors supporting the market. U.S. crude rose 1.18% to $67.16 a barrel and Brent rose to $68.99 per barrel, up 0.69% on the day. Gold prices were lower after the upbeat U.S. economic data aided the Fed's cautious stance on rate cuts. Spot gold fell 0.42% to $3,332.19 an ounce. U.S. gold futures fell 0.63% to $3,331.40 an ounce.
Business Wire
21-05-2025
- Business
- Business Wire
Eastern Bank Welcomes David Ciolfi To Cambridge Trust Private Banking, A Division Of Eastern Bank, As Senior Vice President, Team Lead For Business Development
BOSTON--(BUSINESS WIRE)-- Eastern Bank is pleased to welcome David Ciolfi as a Senior Vice President, Team Lead for Business Development with Cambridge Trust Private Banking, a Division of Eastern Bank. Mr. Ciolfi has over two decades of experience in financial and investment advisory services across private banking and wealth offerings. 'David Ciolfi brings an entrepreneurial mindset and deep understanding of the private banking and wealth management needs in the Northeast region, and we are thrilled to welcome him to the team,' said Kerri Mooney, Executive Vice President of Private Banking for Eastern Bank. Mr. Ciolfi most recently served as Senior Advisor at Citizens Private Wealth where he led private wealth efforts across Greater Boston, Connecticut, New York and Rhode Island, consistently bringing a client-centric and innovative approach. He spearheaded the growth of Citizens Private Wealth in Connecticut and New York, successfully grew the Private Wealth division in Providence, and led a market launch in the boroughs of New York and Long Island. His understanding of value-add solutions for clients led to new ways to deliver what clients seek, including specialist teams of investment managers, wealth strategists, and trust, estate and tax planning experts to deliver comprehensive, client-focused financial planning, thought leadership and community engagements. He previously served as Senior Vice President, Wealth Advisor at Wells Fargo Private Bank. Earlier in his career, he held senior roles at Citizens Private Wealth, including Senior Vice President of Consumer Bank Strategy, and spearheaded Private Wealth's business development efforts in the Northeast. Mr. Ciolfi earned a Bachelor of Arts degree from the College of the Holy Cross and a Master of Business Administration degree from Babson College. He is a Certified Wealth Strategist (CWS®), and holds FINRA Series 7 and 66 licenses. 'Cambridge Trust Private Banking understands the importance of delivering exceptional client service and personalized, comprehensive solutions to help individuals throughout their financial journeys, and I am excited to come on board and help with the offering,' said David Ciolfi, Senior Vice President, Team Lead for Business Development of Cambridge Trust Private Banking, a Division of Eastern Bank. Cambridge Trust Private Banking, a Division of Eastern Bank, offers more than just financial services—it provides a personalized banking experience that understands an individual's unique needs, priorities and values. Whether in the early stage of a career, the mainstream of building wealth, or the preparation of transferring wealth, private bankers help individuals reach their goals. Recognizing personal and professional financial needs are often interconnected, the team also works with a range of companies and organizations, including multi-generational businesses, to address their private banking goals. About Eastern Bank Founded in 1818, Eastern Bank is Greater Boston's leading local bank with approximately 110 branch locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, Rhode Island and Connecticut. As of March 31, 2025, Eastern had approximately $25.0 billion in assets. Eastern provides a full range of banking and wealth management solutions for consumers and businesses of all sizes including through its Cambridge Trust Wealth Management division, the largest bank-owned independent investment advisor in Massachusetts with approximately $8.4 billion in assets under management, and takes pride in its outspoken advocacy and community support that includes more than $240 million in charitable giving since 1994. An inclusive company, Eastern is comprised of deeply committed professionals who value relationships with their customers, colleagues and communities. Join us for good at and follow Eastern on Facebook, LinkedIn, and Instagram. Eastern Bankshares, Inc. (Nasdaq: EBC) is the holding company for Eastern Bank. For investor information, visit
