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NEW YORK, Nov. 11, 2026 /CNW/ -- Fly On Wall Street News Commentary - The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent on a seasonally adjusted basis in October after rising 0.6 percent in September, the U.S. Bureau of Labor Statistics reported on Tuesday, and the index for all items less food and energy rose 0.3 percent in October, as it did in September and August. In a speech in London the same day, Federal Reserve Governor Christopher J. Waller said that even if the monthly rate of inflation improves in October, he is "leaning toward supporting an increase in our policy rate of 25 basis points" at the December meeting of the Federal Open Market Committee (FOMC), while Goldman Sachs Asset Management said in its November Market Pulse that it expects the FOMC to raise rates in December. Meanwhile, lenders outside the United States have been reporting third-quarter results. Active Companies from around the markets with current developments this week include: HSBC Holdings plc (NYSE: HSBC), Banco Santander, S.A. (NYSE: SAN), ING Groep N.V. (NYSE: ING), Credicorp Ltd. (NYSE: BAP), and Itaú Unibanco Holding S.A. (NYSE: ITUB).
The Goldman Sachs Asset Management note, dated Nov. 5 and written by Candice Tse, Global Head of Strategic Advisory Solutions, with John Tousley and Jennifer Guenther, said: "The FOMC has telegraphed a pace for potential rate hikes of every other meeting. We expect them to raise rates in December, but the move in March will be highly dependent on the data." The authors added, "We expect the ECB to deliver one more hike in December to a peak policy rate of 2.75%."
The note also looked abroad: "We believe Europe's strength reflects the lack of concentration in tech and the broader beneficiaries of higher rates, infrastructure spend, and energy prices, plus higher dividend yields that may help smooth volatility."
Governor Waller, speaking at the Bank of England Watchers Conference, said "inflation is too high, well above the FOMC's 2 percent goal." He said that if the October CPI data, released later that day, were similar to the past two monthly readings, with core CPI inflation "around 0.3 percent or even higher," then "a stronger policy move may be needed," and in that case he believes "a 50 basis point hike in the policy rate should be considered at the December meeting."
Recent bank news pairs a rate outlook with a run of quarterly reports. Readers who want to follow both kinds of news can pick up Knowledge is Power, a free 27-page, 10-chapter guide from our sister site Stock Preachers that covers reading the news and reading the chart in plain English, along with The Roadmap every Monday, Wednesday and Friday, at flyonwallstreet.com/sp.
HSBC Holdings plc (NYSE: HSBC)
HSBC reported third-quarter results on Oct. 27. Profit before tax increased by $2.3 billion, or 32%, to $9.6 billion compared with the third quarter of 2025, primarily due to a net favourable impact from notable items of $1.4 billion, which reflected the non-recurrence of legal provisions a year earlier. The annualised return on average tangible equity was 17.7%, compared with 12.3% in the third quarter of 2025.
HSBC said it intends to initiate a share buy-back of up to $1 billion, which it expects to complete by its 2026 full-year results announcement. On Nov. 9, HSBC announced a briefing that day on its UK business for investors and analysts, hosted by David Lindberg, CEO of HSBC UK Bank plc.
Georges Elhedery, Group CEO, said: "Our performance shows that in a more complex world, clients continue to turn to us to navigate uncertainty and seize new opportunities. It also reflects consistent execution of our strategic priorities with pace, precision and discipline."
Banco Santander, S.A. (NYSE: SAN)
Banco Santander reported on Oct. 28 that underlying profit increased 16% to €11.2 billion in the first nine months of 2026, and underlying profit in the third quarter reached €3.8 billion, up 19%. Loans and customer funds both increased 16% in constant euros, driven by higher customer activity and the incorporation of TSB and Webster; excluding these acquisitions, loans increased by 6% and customer funds by 8%.
Santander completed the acquisition of Webster on Aug. 20, expanding its customer base by 4.2 million customers, and the bank's 2026 interim cash dividend of 12.70 euro cents per share was set to be paid on Nov. 2.
Ana Botín, Banco Santander executive chair, said: "At a time of heightened volatility, our combination of at-scale global businesses and diversification across Europe and the Americas is a distinctive source of strength."
ING reported on Oct. 29 a third-quarter net result of €1,850 million, up 3.5% year-on-year, with a return on tangible equity of 16.3%. Fee income was €1,273 million, up 9.3% year-on-year, with net core lending growth of €11.0 billion and net core deposit growth of €12.1 billion.
ING also announced a shareholder distribution of up to €1.9 billion, consisting of a share buyback programme for a maximum total amount of €1.65 billion and a cash payment of €0.25 billion, and said its CET1 ratio was 13.3% at the end of the third quarter of 2026. In an update filed with the SEC on Nov. 10, ING said the total number of shares repurchased under the programme to date was 3,805,000.
"ING has had a strong third quarter of 2026 as we continue to execute on our strategy and deliver solid commercial and financial performance," said Steven van Rijswijk, CEO of ING.
Credicorp, a financial services holding company in Peru, reported third-quarter results on Nov. 9. Net income attributable to Credicorp reached S/1,929.4 million, up 11.0% year over year and down 2.6% quarter over quarter, resulting in a return on equity of 19.9%. Loans were up 14.8% year over year, and the NPL ratio improved by 91 basis points to 3.9%.
The company reaffirmed its 2026 ROE guidance of about 19.5% and its medium-term expectation of about 22%, and said its cost of risk of 2.0% included additional El Niño provisions reflecting its updated quarter-end El Niño assessment. A Strategic Update is scheduled for Nov. 17.
Gianfranco Ferrari, CEO, said: "Credicorp delivered another strong quarter, reflecting solid performance across our businesses and a broader earnings base. Our innovation portfolio contributed 10.7% of risk-adjusted revenues, already exceeding our year-end target."
Itaú Unibanco Holding S.A. (NYSE: ITUB)
Itaú Unibanco reported on Nov. 3 a recurring managerial result of BRL 12.6 billion for the third quarter, with a recurring ROE of 23.6%. The total loan portfolio reached BRL 1.5 trillion, and the bank said the increase in the loan portfolio in the quarter was mainly driven by growth in mortgage (+4.4%), payroll loans (+3.5%) and the SMEs portfolio (+4.2%).
The consolidated NPL ratio for loans overdue by more than 90 days ended the quarter at 2.0%. Itaú revised its 2026 guidance for the effective income and social contribution tax rate to between 28.0% and 29.0%, and said guidance for all other lines remained unchanged.
Milton Maluhy Filho, CEO of Itaú Unibanco, said: "The consistency of our results reflects a long-term strategy underpinned by disciplined management, responsible credit origination and the quality of our portfolio."
Five lenders across Europe and South America have now reported third-quarter results, with the FOMC's December meeting still ahead. To learn how to read both the news and the chart, get the free Knowledge is Power guide from Stock Preachers at flyonwallstreet.com/sp.
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This article is independent news commentary. Fly On Wall Street is wholly owned and operated by Market Equities Limited ("MEL"), a company incorporated under the laws of Ireland. MEL has not been paid by any company mentioned in this article. MEL and its owners, operators, directors, and affiliates do not currently own any shares of the companies mentioned in this article, but reserve the right to, and will, buy and sell shares of those companies at any time without further notice. U.S. consumer price figures are from the U.S. Bureau of Labor Statistics' Nov. 10, 2026 release; Governor Waller's remarks are from his Nov. 10, 2026 speech as posted by the Federal Reserve Board; Goldman Sachs Asset Management views are from its Market Pulse dated Nov. 5, 2026; company figures are as reported in each company's releases, in the currencies stated, and this article uses no live market quotes. Information is drawn from company news releases and filings, government and industry data, published reporting and third-party data believed to be reliable, but its accuracy is not guaranteed. Investing in securities carries risk, including the loss of some or all of your investment. This document is governed by the laws of Ireland.
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