Financial Services Roundup: Market Talk

The latest Market Talks covering Financial Services. Exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

1634 GMT - Ethereum is off 1.3% to $1,861, after climbing to around $1,950 earlier this week. Much like bitcoin, ethereum has seen a return of capital coming from ETFs. "After a prolonged period of net outflows, these funds are now heading toward a third consecutive week of positive net inflows," says Linh Tran of XS.com in a note. Ethereum ETFs have posted five straight days of net inflows, according to data from CoinGlass --but the macroeconomic environment continues to pressure riskier assets. "In this environment, capital tends to favor cash, the U.S. dollar, and defensive assets rather than expanding aggressively into the cryptocurrency market," says Tran. (kirk.maltais@wsj.com)

1513 GMT - American Express's planned reinvestment into its business could be roughly $1.5 billion, Truist analysts say. The card company beat profit expectations in the first half of the year, and wants to use that excess money to invest in marketing and technology, it said. The Truist analysts expect Amex will make a second reinvestment before the year is up, which will total $1.5 billion with the first one of extra investment. The analysts think the investments will go toward acquiring more customers, updating technology and integrating TheFork, a restaurant booking platform Amex plans to acquire. (katherine.hamilton@wsj.com)

1403 GMT - Bitcoin is down 1.1%, but at around $64,000 it remains elevated versus the multi-year lows it had found last month. Supporting this is the slow return of demand from ETFs after a steady streak of capital outflows. Prior to yesterday, bitcoin ETFs posted seven consecutive days of net inflows, giving prices a boost to nearly $67,000. While these are good signs for bitcoin investors, the token's fundamentals are fragile, says analysts with Coinbase Research in a note. "At next week's FOMC meeting, the Fed's guidance and rate decision will be crucial," says Coinbase. "If the Fed holds and long-term yields remain stable, we think bitcoin can remain resilient." Other major cryptocurrencies are lower, with ethereum down 1.1% to $1,864. (kirk.maltais@wsj.com)

1345 GMT - American Express is seeing progress in its efforts to attract young people to its credit cards. Millennial and Gen Z customers were the fastest growing cohort in the U.S. during the second quarter, making up 65% of new consumer accounts, executives tell analysts. Young consumers made up the biggest share of U.S. consumer spending for Amex. Outside the U.S., millennials and Gen Z accounted for 70% of new Platinum card accounts, which is one Amex's more expensive cards. (katherine.hamilton@wsj.com)

1332 GMT - American Express's wealthy card members are spending more, executives tell analysts. The card company has invested in adding more premium perks to its credit cards, especially its Platinum card, which is now its fastest-growing product in the U.S. Spending on restaurants, Amex's biggest category, rose 10% in the second quarter, while travel bookings jumped 22%. U.S. consumer spending overall increased at the highest rate since the start of 2018, excluding periods impacted by Covid-19, executives say. (katherine.hamilton@wsj.com)

1247 GMT - Munich Re could raise 2026 guidance at its third-quarter results if large losses remain benign through the hurricane season, RBC Capital Markets' Ben Cohen and Sarah Chong say in a research note. In an unscheduled update, the German reinsurer said net profit for the second quarter would beat consensus estimates by 23%, driven by low large losses in property-and-casualty reinsurance and a strong investment result. This means Munich Re made 3.9 billion euros in first-half net profit and is tracking ahead of its target of 6.3 billion euros for the full year, RBC says. Shares trade 0.3% lower. (adria.calatayud@wsj.com)

1125 GMT - American Express card members are using their cards more and putting more on their balances, the company says. Amex says card member spending increased by 9%, the highest rate in three years. Card balances also rose, driving up net interest income during the quarter. One of Amex's most expensive cards, the Platinum, is the company's fastest growing card in the U.S. The high spending among Amex's customers, who are generally wealthier, contrasts with lower-income cohorts, who Albertsons said earlier this week are feeling pressured and limiting spending on groceries. (katherine.hamilton@wsj.com)

0913 GMT - Allianz's deal to buy HSBC Holdings' Singapore insurance unit isn't likely to alter the city-state's competitive insurance landscape in the near term, says Moody's Ratings' Frank Yuen in a note. This is despite the German insurer strengthening its position in the market, with the acquisition of HSBC Life Singapore and the associated long-term bancassurance partnership. Singapore's life-insurance market remains dominated by leading insurers, which gain from well-established distribution networks from financial advisers and bancassurance channels. The deal also emphasizes global insurers' continued focus on capturing Asia's long-term growth in wealth, retirement and protection products, Yuen adds. (amanda.lee@wsj.com)

0913 GMT - Maybank is expected to maintain a payout ratio of above 70%, with Citi expecting flat earnings and dividends in 2026. Net interest margins are likely to remain under pressure from higher funding costs despite a stable policy rate, although management is exploring alternative funding sources to support profitability, Citi analyst Yong Hong Tan says in a note. Loan growth is still guided at 4%-5%, while provisions are expected to remain manageable, supported by 2.4 billion ringgit in pre-emptive provisions. He doesn't expect a special dividend this year, with excess capital likely to be returned gradually over Maybank's five-year strategy. Citi maintains a neutral rating on Maybank, keeps target price at 11.00 ringgit. Shares were last at 10.78 ringgit. (yingxian.wong@wsj.com)

0833 GMT - The cost of default protection for European financial credit remains fairly high as geopolitical concerns and AI jitters weigh on market sentiment. Investors are concerned about the continuing Middle East conflict as well as huge spending plans by AI companies. The iTraxx Europe Senior Financials index of senior financial credit trades steady at 58 basis points, a 2-month high, after rising to that level on Thursday, SP Global Market Intelligence data show. (miriam.mukuru@wsj.com)

(END) Dow Jones Newswires

July 25, 2026 04:20 ET (08:20 GMT)