Core Viewpoint - Small-cap U.S. stocks are showing signs of a potential comeback after a prolonged period of underperformance, with recent data indicating positive trends for investors in this segment [1] Group 1: Market Performance - The iShares Russell 2000 ETF (IWM) has gained approximately 28% over the past six months, outperforming the SPDR S&P 500 ETF Trust (SPY), which saw a 23% increase [1] - The Russell 2000 index surpassed the 2,500 mark for the first time, indicating a significant milestone for small-cap stocks [1] Group 2: Economic Factors - Early-year weakness in small-cap stocks was largely attributed to President Trump's announcement of higher tariffs, which adversely affected smaller companies [2] - The annual inflation rate in the U.S. rose to 3% in September 2025, up from 2.9% in August, which may influence the Federal Reserve's monetary policy [3] - The Federal Reserve has already implemented its first rate cut of 2025 and is expected to consider additional cuts, which could benefit small-cap stocks [4][5] Group 3: Trade Relations - Recent easing of trade tensions, including potential trade deals with China and India, may provide a favorable environment for small-cap stocks [6] Group 4: Valuation Metrics - The Russell 2000 is currently trading at a P/E ratio of 34.32, an increase from 29.87 a year ago, indicating that small-cap stocks are not necessarily undervalued [7] - In comparison, the Nasdaq 100 Index has a P/E ratio of 33.25, while the S&P 500 Index stands at 25.58, suggesting that small caps are relatively more expensive [8] Group 5: Top Performing Small-Cap ETFs - Fidelity Enhanced Small Cap ETF (FESM) has shown a six-month performance increase of 31.49% with an AUM of $2.85 billion [10] - Vanguard Russell 2000 ETF (VTWO) has increased by 29.4% over six months, with an AUM of $13.3 billion [10] - Other notable ETFs include Federated Hermes MDT Small Cap Core ETF (FSCC) with a 31.7% increase and Global X Russell 2000 ETF (RSSL) with a 29.2% increase [11]

Market Overview - The S&P BSE Sensex increased over 700 points to an intraday high of 84,932.08, while the NSE Nifty 50 rose over 200 points to a day's high of 26,005.95, with the Nifty index just 1% away from its all-time high of 26,277.35 and the Sensex sitting 1.2% below its record peak of 85,978.25 [1][17] Factors Driving the Rally - Softer-than-expected U.S. inflation data has reinforced expectations for additional Federal Reserve rate cuts in 2025, with hopes for rate reductions at upcoming policy meetings in November and December [2][17] - Progress in U.S.-China trade negotiations has improved market sentiment, with reports indicating a finalized framework for a potential trade agreement to be reviewed by leaders [6][17] - The Indian rupee has gained nearly 1% in October, supported by the Reserve Bank of India's interventions, stabilizing the currency and allowing it to outperform regional peers [3][8][9] - Strong foreign portfolio inflows have bolstered the rupee, with overseas investors purchasing approximately $2.7 billion worth of Indian equities and bonds this month [10][17] - Domestic fundamentals in India are showing renewed strength, driven by festival season demand and a recovery in private sector capital expenditure, which is expected to positively impact growth and the stock market [11][17] Banking Sector Performance - Banking stocks have extended gains due to solid quarterly earnings, with the Nifty Bank and Nifty PSU indices rising up to 1%, driven by strong performances from major banks like HDFC Bank, ICICI Bank, and State Bank of India [13][17] - HDFC Bank reported an 11% year-on-year profit increase, supported by higher net interest income, while smaller lenders also posted robust results, enhancing investor sentiment [14][17] Technical Analysis - Market indicators suggest potential for further gains in the near term, with a morning star pattern indicating an early return to the upside, targeting 26,186 [16][18] - If the initial upswing fails to surpass the 25,940–26,000 barrier, downside moves may resume, with targets near 25,590–25,400 [18]

Market Overview - Benchmark indices Sensex and Nifty rebounded in early trade on October 27, 2025, reflecting a sharp rally in global markets due to a softer-than-expected U.S. inflation report, which has reignited hopes of Fed rate cuts [1] - The 30-share BSE Sensex climbed 272.7 points to 84,484.58, while the 50-share NSE Nifty increased by 88.55 points to 25,883.70 [1] Sector Performance - Major gainers from the Sensex firms included Tata Steel, Bharti Airtel, Reliance Industries, State Bank of India, HDFC Bank, and NTPC [2] - Conversely, Infosys, Bharat Electronics, Kotak Mahindra Bank, and Bajaj Finance were among the laggards [2] Global Market Sentiment - The global market construct is bullish, with indices like Dow Jones, Nikkei, and Kospi reaching record highs, indicating positive sentiment and declining trade tensions [3] - Foreign Institutional Investors (FIIs) purchased equities worth ₹621.51 crore on October 24, 2025 [3] Economic Indicators - A softer-than-expected U.S. inflation report has increased optimism for Fed rate cuts, alongside prospects of a U.S.–China trade deal and potential U.S. tariff cuts on Indian imports to 15–16% [4] - Global oil benchmark Brent crude rose by 0.23% to $66.09 a barrel [4] - On October 24, 2025, the Sensex fell by 344.52 points or 0.41% to settle at 84,211.88, while the Nifty declined by 96.25 points or 0.37% to 25,795.15 [4]

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Financial Data and Key Metrics Changes - West Bancorporation Inc. reported a 16% earnings increase over the prior quarter and a 55% increase compared to the third quarter of the previous year [4] - Net income for the third quarter was $9.3 million, up from $8 million in the second quarter and $6 million in the same quarter last year [12] - The net interest margin improved by nine basis points compared to the previous quarter [12] - Loan yield increased to 5.66% from 5.59% in the second quarter and 5.52% in the first quarter of the year [12] Business Line Data and Key Metrics Changes - Loan outstandings were slightly up at just over $3 billion, with a few larger payoffs from asset sales and refinance activity [8] - Core deposit balances decreased by approximately $82 million in the third quarter, primarily due to normal cash flow fluctuations in core public fund deposits [12] Market Data and Key Metrics Changes - The Minnesota banking segment is experiencing a slowdown among manufacturing clients due to economic uncertainty, but there are new business opportunities arising from M&A activity in the market [9][10] - The company is focusing on deposit-rich business banking opportunities and has successfully attracted new deposits from high-earning individuals [10] Company Strategy and Development Direction - The company is committed to maintaining strong credit quality and has a disciplined approach to loan opportunities, focusing on quality over quantity [6][8] - West Bancorporation aims to leverage its facilities for client engagement and relationship building, which is a key part of its growth strategy [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining a strong credit quality and expects the margin to benefit from future Fed rate cuts and loan renewal repricing [4][6] - The company anticipates continued loan yield improvement due to fixed-rate assets repricing into higher yields [12] Other Important Information - A quarterly dividend of $0.25 per share was declared, payable on November 19, 2025 [5] Q&A Session Summary Question: Update on loan growth pipeline and market share in Minnesota - The pipeline is good but not as robust as in the past due to a more selective approach to credit [18][19] Question: Can mid-single digit growth be funded through deposit gathering? - The objective is to manage cash flows from the investment portfolio and deposit gathering, with some potential need for short-term wholesale funding [22] Question: Update on margin tailwinds and deposit beta assumptions - There are still repricing opportunities in the loan portfolio, but deposit betas may not be as aggressive as in the past due to competitive pressures [23][25] Question: Thoughts on future tax rate - The forward tax rate is expected to be similar to the first half of the year, with the third quarter being an anomaly [27] Question: Capital management and deployment priorities - There are no specific plans, but the focus is on good loan opportunities and organic growth [29] Question: Impact of agricultural distress on the company - The company is somewhat insulated from direct agricultural impacts, as most customers are not specific ag manufacturers [33] Question: Assessment of Minnesota growth venture - The Minnesota growth venture has exceeded expectations and contributes significantly to the company's bottom line [35]

Inflation has been creeping higher from a postpandemic low of 2.3% earlier this year due in part to the highest U.S. tariffs in decades. ...

Bitcoin’s (BTC) short-term momentum took another hit on Wednesday after it reversed all of Monday’s pump, dropping from a high of $114,000 back to the $107,000–$108,000 support zone. The 3.5% pullback has left traders uneasy, with many watching the upcoming U.S. Consumer Price Index (CPI) data for cues on market direction. The CPI report, originally delayed by the U.S. government shutdown, is now scheduled for October 24. Consensus expectations sit at 3.1%, but after six consecutive months of rising inf ...

Christopher Waller of all people came out recently and he said he's not sure they're going to cut two more times this year although the next one seems pretty assured. Do you think the market has gotten too complacent pricing in two more cuts. >> I do.When I saw that quote it was music to my ears because that's kind of been our view for a while and I think talking about Waller is really important because he's been one of the more doubbish committee members out there and he said beyond October it's a really u ...

Group 1: Japanese Economic Data - Japanese exports increased by 4.2% year-on-year in September, rebounding from a 0.1% decline in August, while imports rose by 3.3% [1] - The rebound in demand is attributed to the US-Japan trade deal, where the US reduced tariffs on Japanese goods to 15% [1] Group 2: US-China Trade Relations - A 155% tariff on Chinese shipments raises concerns about a potential trade war, which could impact the global economy and risk sentiment [2] - US tariff threats are expected to continue influencing market risk appetite [6] Group 3: US Stock Market Sentiment - US stock futures experienced modest declines, with the Dow Jones E-mini falling 16 points and the Nasdaq 100 E-mini dropping 41 points [3] - The market remains focused on the potential for multiple Federal Reserve rate cuts, with probabilities for 25-basis point cuts in October and December at 98.9% and 98.7%, respectively [4] Group 4: Economic Impact of Government Shutdown - The ongoing US government shutdown could lead to more aggressive Fed rate cuts, as the previous shutdown in 2018-2019 reduced GDP by approximately 0.4% [5] - A Senate impasse may delay key economic data reports, which could support expectations for multiple Fed rate cuts [7] Group 5: Technical Analysis of US Indices - Despite morning losses, US stock futures remain above the 50-day and 200-day Exponential Moving Averages, indicating bullish momentum [8] - Key resistance and support levels for the Dow Jones include a record high of 47,334 and support levels at 47,000, 46,750, and 46,500 [8]

Market Overview - Major indices are experiencing upward movement, with the Dow up approximately 300 points, S&P 500 and NASDAQ both up about 0.6% [1][2][3] - Over the past week, all major indices have risen about 12%, indicating a recovery from previous volatility [3] - The VIX index, a measure of market volatility, has decreased from around 28-29 to 22, suggesting reduced market anxiety [5][6] US-China Trade Relations - President Trump has expressed optimism regarding US-China trade talks, stating that threatened tariffs are "not sustainable" [9][10] - Upcoming meetings between US Treasury Secretary and Chinese officials are expected to solidify discussions for a broader trade deal [12][14] - Despite Trump's previous threats of a 100% tariff on China, he has not completely ruled it out, indicating ongoing tensions [13][14] Regional Banks and Credit Quality - Regional banks are showing signs of recovery, with Huntington Bank reporting a 12% year-over-year revenue growth and nearly 20% increase in earnings [109][110] - Credit quality remains stable, with charge-offs reported at 22 basis points, consistent with previous quarters [112] - Concerns about systemic issues in the banking sector are viewed as idiosyncratic, with the overall banking sector remaining strong since the financial crisis [115] Earnings Season Insights - American Express reported better-than-expected earnings, driven by a successful refresh of its platinum card, which saw initial demand exceed expectations [45][46] - CSX railroad company exceeded revenue estimates for Q3, with analysts optimistic about the new CEO's strategic direction [50][52] - The focus on profit margins in Q3 and Q4 is critical, as companies may face challenges in passing tariff costs to consumers [29][30] Cryptocurrency Market Impact - The cryptocurrency market has seen a significant decline, with Bitcoin dropping approximately 12% over the past 10 days, attributed to increased trade tensions and market volatility [103][104][107] - The overall crypto market has shrunk by $600 billion since last Friday, indicating a broader sell-off in risk-on assets [103][104]