U.S. Bancorp Q1 Results Top Estimates

U.S. Bancorp (USB) reported Wednesday that net income attributable to U.S. Bancorp for the second quarter declined to $1.36 billion or $0.84 per share from $1.53 billion or $0.99 per share in the prior-year quarter.

U.S. Bancorp (USB) and Mitsubishi UFJ Financial Group or MUFG (MTU) on Friday have mutually agreed to exercise their right under the purchase agreement for U.S. Bank's acquisition of MUFG Union Bank's core regional banking franchise to extend the outside termination date to December 31, 2022 from September 30, 2022.

The Taiwan stock market ticked higher again on Monday, one session after ending the five-day winning streak in which it had surged more than 750 points or 3.8 percent. The Taiwan Stock Exchange now sits just above the 21,270-point plateau although it's likely to bounce higher again on Tuesday. The global forecast for the Asian markets is cautiously optimistic, with strength likely from the technology shares. The European markets were up and the U.S. bourses were mixed and the Asian markets are tipped to open to the upside. The TSE finished slightly higher on Monday following mixed performances from the financial shares, technology stocks and plastics and cement companies. For the day, the index perked 13.16 points or 0.06 percent to finish at 21,271.63 after trading between 21,102.18 and 21,338.35. Among the actives, Cathay Financial sank 0.71 percent, while Mega Financial dipped 0.12 percent, CTBC Financial collected 1.18 percent, First Financial surged 3.03 percent, Fubon Financial skidded 1.07 percent, E Sun Financial improved 1.38 percent, United Microelectronics Corporation added 0.57 percent, Hon Hai Precision retreated 1.47 percent, Largan Precision shed 0.43 percent, Catcher Technology shed 0.68 percent, MediaTek rallied 2.15 percent, Delta Electronics declined 1.40 percent, Novatek Microelectronics strengthened 1.49 percent, Formosa Plastics fell 0.29 percent, Nan Ya Plastics gained 1.24 percent, Asia Cement jumped 1.91 percent, Taiwan Cement slid 0.15 percent, China Steel advanced 0.80 percent and Taiwan Semiconductor Manufacturing Company was unchanged.

The Singapore stock market has moved higher in three straight sessions, gathering almost 25 points or 0.6 percent along the way. The Straits Times Index now rests just beneath the 3,315-point plateau and it's expected to extend its gains again on Tuesday. The global forecast for the Asian markets is cautiously optimistic, with strength likely from the technology shares. The European markets were up and the U.S. bourses were mixed and the Asian markets are tipped to open to the upside.

The Malaysia stock market has moved higher in three straight sessions, adding almost 25 points or 1.7 percent in that span. The Kuala Lumpur Composite Index now sits just above the 1,625-point plateau and it may add to its winnings again on Tuesday. The global forecast for the Asian markets is cautiously optimistic, with strength likely from the technology shares. The European markets were up and the U.S. bourses were mixed and the Asian markets are tipped to open to the upside. The KLCI finished modestly higher on Monday following gains from the financial shares, plantation stocks and telecoms. For the day, the index gained 10.88 points or 0.67 percent to finish at 1,627.50 after trading between 1,618.28 and 1,629.81. Among the actives, Axiata spiked 2.11 percent, while Celcomdigi soared 2.46 percent, CIMB Group gained 0.44 percent, Genting climbed 1.27 percent, Genting Malaysia improved 0.73 percent, IHH Healthcare increased 0.64 percent, Kuala Lumpur Kepong gathered 0.18 percent, Maxis accelerated 1.88 percent, Maybank collected 0.71 percent, MISC perked 0.12 percent, MRDIY tumbled 1.61 percent, Petronas Chemicals strengthened 1.29 percent, PPB Group rallied 1.32 percent, Press Metal surged 3.65 percent, QL Resources sank 0.30 percent, RHB Capital and Petronas Gas both added 0.55 percent, Sime Darby slumped 1.05 percent, Sime Darby Plantations rose 0.22 percent, Telekom Malaysia advanced 1.13 percent, Tenaga Nasional jumped 1.43 percent, YTL Corporation lost 0.26 percent and YTL Power, Public Bank, IOI Corporation and Hong Leong Bank were unchanged.

The South Korea stock market bounced higher again on Monday, one session after ending the two-day winning streak in which it had advanced more than 25 points or 1 percent. The KOSPI now sits just above the 2,740-point plateau and it may tick higher again on Tuesday. The global forecast for the Asian markets is cautiously optimistic, with strength likely from the technology shares. The European markets were up and the U.S. bourses were mixed and the Asian markets are tipped to open to the upside. The KOSPI finished modestly higher on Monday following gains from the financial shares and industrials, while the technology stocks were mixed. For the day, the index added 17.52 points or 0.64 percent to finish at 2,742.14 after trading between 2,734.64 and 2,756.41. Volume was 572.2 million shares worth 12.1 trillion won. There were 474 decliners and 402 gainers. Among the actives, Shinhan Financial soared 2.73 percent, while KB Financial collected 1.87 percent, Hana Financial rallied 1.90 percent, Samsung Electronics jumped 1.94 percent, Samsung SDI retreated 1.62 percent, LG Electronics sank 0.41 percent, SK Hynix perked 0.11 percent, Naver slumped 1.76 percent, LG Chem tumbled 1.63 percent, Lotte Chemical strengthened 2.10 percent, S-Oil surged 2.91 percent, SK Innovation added 0.37 percent, POSCO improved 0.75 percent, SK Telecom rose 0.39 percent, KEPCO climbed 1.01 percent, Hyundai Mobis was up 0.22 percent, Hyundai Motor accelerated 2.66 percent and Kia Motors spiked 1.95 percent.

The Reserve Bank of Australia will on Tuesday release the minutes from its May 7 monetary policy meeting, highlighting a light day for Asia-Pacific economic activity.

The U.S. dollar stayed largely positive on Monday with traders assessing the likely moves of the Federal Reserve with regard to interest rates.