Wells Fargo (WFC Aa2/A+/AA-) - Q4 Results
{WFC US Equity}
Decent quarter for Wells Fargo, managing to increase both NII and commissions and fees
Valuation: WFC trades maybe 5bps back from where you would expect given the rating and the low risk nature of the core business.
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Congressional leaders are expected to release the final text of a Continuing Resolution to extend appropriations into mid-March, today. House Majority Leader Steve Scalise (R-LA) told Punchbowl News a short time ago that “hopefully” the text will be ready today, with House Speaker Mike Johnson (R-LA) saying it's: “Moving along, almost there.”
A muted couple of hours for UK & European paper, as the bid in Tsys and the weakness in European equities helps keep the space underpinned.