Stocks retreat from records; banks, media shares weak

Citi delivered earnings per share for the three months ended September 30 of US$1.42 - US$0.10 higher than analysts polled by Thomson Reuters had expected.

Citi's global consumer banking business had a mixed quarter as growth in Asia and Latin America was overshadowed by a drop in the United States.

Adding to increasing concerns that more consumers may be getting stretched on credit card bills, Citigroup said its company wide net credit losses were up 17 percent from a year earlier and that it had added $194 million to its loan loss reserves. The bank had to set aside more money to cover bad loans like in the bank's credit card division.

US banks have spent hundreds of millions of dollars attracting consumers to their credit cards with offers of cash-back on spending, plane tickets and free borrowing on balances transferred from other cards.

Historically, this earnings season has been the best one for investors.

JPMorgan Chase reported third-quarter earnings and revenue that beat analyst expectations.

In the latest USA economic data, a Labour Department report showed its producer price index for final demand climbed 0.4 percent in September, following a 0.2 percent increase in August.

Royal Mail wins legal injunction to block strike
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Pakistan in line to become Ireland's first ever Test opponents in 2018
It has been believed that Ireland's inaugural Test match will take place in Dublin against Pakistan next year. Spokesperson for Cricket Ireland declined to confirm whether the Test has been locked in.

FEMA, first responders can't be in Puerto Rico 'forever'
Three weeks since Maria made landfall, much of Puerto Rico, an island of 3.4 million people, remains without power. In fact, FEMA has already spent $2 million in Puerto Rico relief this year - connected to Hurricane Irene in 2011.

Citigroup's investment bank was the driver of the bank's profit growth in the quarter, despite a notable drop in bond trading revenue.

Versus the same period of 2016, fixed income Markets revenues declined 16%, with Citi laying the blame at the feet of low levels of volatility, which led to lower revenues from G-10 rates and currencies.

But hopes President Donald Trump would stimulate trading activity and greater economic demand through tax reforms and a loosening in financial regulations have failed to materialize.

And the trend bodes poorly for Goldman Sachs Group Inc, which has recently struggled more in that area than other Wall Street banks.

Executives maintained earlier guidance for full-year net interest income, expenses, charge-offs and loan growth, indicating that they expect JPMorgan's other businesses to continue to offset capital markets pain.

Citi's shares were down 2 percent in late morning trade, the worst performer among the major USA banks.

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