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By Nandita Bose WASHINGTON (Reuters) -U.S. support for Argentina hinges on the ruling party of President Javier Milei succeeding in this month's midterm legislative elections, President Donald Trump said on Tuesday, saying "we're not going to waste our time" if Milei's party doesn't win. Trump's remarks came as he and Milei met at the White House just days after the U.S. agreed to provide a major financial lifeline to the South American nation. "I'm with this man because his philosophy is correct, and he may win it," Trump said ahead of a White House lunch with Milei and members of Trump's cabinet. "He may not win, but I think he's going to win. And if he wins, we're staying with him. And if he doesn't win, we're gone." Trump's remark rattled Argentine markets that had been buoyed by the support package recently announced by U.S. Treasury Secretary Scott Bessent, the centerpiece of which is a $20 billion currency swap with Argentina's central bank, exchanging stable U.S. dollars for volatile pesos. Argentina's main stock market reversed earlier gains and was down about 2% following Trump's comments. Bessent, at Tuesday's meeting, said the package – full details of which have not been announced – is predicated on the continuance of economic policies favored by the Trump administration. "Going back to Peronist policies would cause a rethink," Bessent said. Bessent said, however, that the aid package was not dependent on Argentina ending a separate swap line arrangement with China. "American assistance to Argentina is not predicated on ending the swap with China," Bessent said. The economic lifeline for Argentina marks an unusual move for the U.S., particularly under an administration that has largely eschewed major foreign interventions.  The White House has framed the deal as a strategic effort to stabilize a key regional ally. But it has drawn criticism at home. Many Democratic lawmakers have accused Trump of prioritizing foreign bailouts and investor protections while the U.S. government remains shut down. American farmers have also voiced frustration, noting that China has shifted soybean purchases from U.S. producers to Argentine growers this year. While details of the agreement remain unclear, the bailout could offer Milei a much-needed political boost as he works to stave off a deepening economic crisis and shore up his party's support. He suffered a major setback last month when his party lost a key provincial election and now faces a critical midterm vote later this month. The assistance also underscores the extent to which the Trump administration is willing to support a political ally who has cultivated strong ties with the president and American conservatives in recent years.  Trump has described Milei as his "favorite president," and the Argentine president was one of two world leaders onstage during Trump's inauguration. (Reporting by Nandita Bose in Washington; Additional reporting by Andrea Shalal and Leila Miller; Editing by Ross Colvin and Alistair Bell)

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By Sukriti Gupta and Noel Randewich (Reuters) -Wall Street indexes were mixed on Tuesday as investors digested mostly positive quarterly results from big U.S. banks, comments from Federal Reserve Chair Jerome Powell and an ongoing U.S.-China trade war. A slew of major lenders reported solid results on strong performance in the investment banking segment, helping the S&P 500 banking index rally 2%. Wells Fargo surged 8.4% and was on track for its best day in six months and Citigroup jumped 4.6% after both lenders beat estimates for third-quarter profit. JPMorgan Chase raised its full-year forecast for net interest income and Goldman Sachs beat Wall Street expectations for quarterly profit. However, shares of both JPMorgan and Goldman Sachs, which have outperformed most rivals this year, fell 1.3% and 0.6%, respectively.  BlackRock's assets under management hit a record $13.46 trillion, lifting its shares 3.7%. U.S. President Donald Trump's trade war with China remained in focus for investors as the two countries began charging additional port fees on ocean shipping firms that move everything from holiday toys to crude oil. Global equities were shaken on Friday after Trump threatened 100% tariffs on Chinese goods after Beijing imposed controls on the export of rare earth minerals, although he softened his tone over the weekend. "The market is really struggling with where this shakes out," said Ross Mayfield, an investment strategist at Baird Private Wealth Management. "If the (Trump) administration feels like ramping up these tensions again, the market looks pretty expensive right now for that sort of fight, especially if 100% tariffs and other measures are back on the board." The U.S. labor market remained mired in its low-hiring, low-firing doldrums through September, though the economy overall "may be on a somewhat firmer trajectory than expected," Powell said in remarks prepared for delivery at a National Association for Business Economics conference. The S&P 500 was up 0.29% at 6,674.27 points. The Nasdaq declined 0.21% to 22,646.84 points, while the Dow Jones Industrial Average was up 0.91% at 46,488.75 points. Ten of the 11 S&P 500 sector indexes rose, led by financials, up 1.7%, followed by a 1.53% gain in industrials. Gains in industrial stocks supported the Dow. Caterpillar  jumped almost 5% after J.P. Morgan raised its price target on the stock. The International Monetary Fund marginally lifted its 2025 global growth forecast, as tariff shocks and financial conditions have proven more benign than expected, while warning that a renewed U.S.-China trade war could slow output significantly. Advancing issues outnumbered falling ones within the S&P 500 by a 5.4-to-one ratio. The S&P 500 posted 22 new highs and 10 new lows; the Nasdaq recorded 100 new highs and 91 new lows. (Reporting by Sukriti Gupta and Twesha Dikshit in Bengaluru, and by Noel Randewich in San Francisco; Additional reporting by Sinead Carew; Editing by Maju Samuel and Matthew Lewis)

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By Tatiana Bautzer, Nupur Anand and Manya Saini NEW YORK (Reuters) -Top U.S. bankers predicted business would continue to boom as equity markets surged over the last quarter and the economy and consumer spending held up despite sweeping tariffs, but some warned asset prices may be unsustainably high.  Goldman Sachs', investment banking revenue jumped 42% in the third quarter, while rival JPMorgan Chase's investment banking fees climbed 16%, the banks reported on Tuesday. Wells Fargo and Citigroup also put in solid IB performances.  Consumer finances remain healthy, with JPMorgan noting consumer delinquencies were trending below expectations, although executives said they were monitoring for any deterioration as labor market data weaken. "The macro environment reflects the global economy that's proved more resilient than many anticipated. The U.S. continues to be a pacesetter, driven by consistent consumer spending, as well as tech investments," Citigroup CEO Jane Fraser said during a conference call. "That said, there are pockets of valuation frothiness in the market." RECORD-HIGH MARKETS STIMULATE DEALS Wells Fargo Chief Financial Officer Mike Santomassimo told journalists the deals pipeline looked good. His counterpart at JPMorgan, Jeremy Barnum, said the bank enjoyed its busiest summer in M&A for a long time and that equity capital markets and initial public offering conditions were also strong heading into the fourth quarter.  Deals have been buoyed by higher asset prices, with U.S. equity markets repeatedly hitting records this year, driven by excitement over U.S. Federal Reserve interest rate cuts. However, that exuberance is causing concern that a major asset price correction is on the horizon. The International Monetary Fund on Tuesday also warned that markets were too complacent about trade and geopolitical risks. "A lot of assets (are) looking like they are entering bubble territory. But those prices fuel IB, equities, asset management," said JPMorgan JPM.N CEO Jamie Dimon. He said in credit markets, there were "early signs of some excess."  Wells Fargo surged 8% in afternoon trading, while Citigroup climbed 5%. Goldman Sachs and JPMorgan fell slightly. "Momentum continues across the majority of business lines with Wall Street remaining strong and the demand for consumer loans is very resilient," said Mac Sykes, a portfolio manager at Gabelli Funds. HIGHER INVESTMENT BANKING FEES Global investment banking fees reached a four-year high in the first nine months of the year, underpinning earnings.    “The thing about choppy waters is that they create opportunities, and the market volatility experienced over the past few months has created the perfect environment for U.S. investment banks to thrive,” said Danni Hewson, head of financial analysis at investment platform AJ Bell. Worldwide investment banking fees rose 9% to $99.4 billion so far this year, the highest since records were set in 2021, according to LSEG data.  M&A dealmakers were standout performers in the third quarter, particularly in technology and financial M&A, where fees increased 55% and 34%, respectively, the data showed.   In addition to buoyant equity markets and interest cuts, dealmaking has been spurred by lighter regulations under U.S. President Donald Trump, which offset the uncertainty from trade tensions that stalled activity earlier this year.  Executives said they expected more regulatory wins, as Trump's bank regulators overhaul capital rules. Global mergers and acquisitions surged 40% in the third quarter versus the previous year, according to Dealogic data. Megadeals also resumed, hitting a stunning $1.26 trillion.  The $55 billion acquisition last month of video game developer Electronic Arts by buyout group Silver Lake, Saudi Arabia's Public Investment Fund and Affinity Partners was the largest leveraged buyout in history.  The rebound in activity also led to a flurry of job-hopping by senior executives.  Even the U.S. government is contributing to the boom, with the Trump administration pursuing deals across up to 30 industries, involving dozens of companies deemed critical to national or economic security, Reuters reported this month.  "There is no question that there's a fair amount of investor exuberance," Goldman Sachs CEO David Solomon told analysts. "While I feel good about the forward outlook on balance, the market operates in cycles. Disciplined risk management is imperative." Global investment banking fees: Bank 2025 YTD 2024 YTD 2024 Wallet Rank share (%) JPMorgan 7.7 1 7.8 Goldman Sachs 6.3 2 6.1 Morgan Stanley 5.2 4 4.8 BofA 5 3 5.5 Citi 4.2 5 3.9 Barclays 2.7 6 2.9 Wells Fargo 2.5 7 2.3 Source: LSEG ​ (Reporting by Tatiana Bautzer, Nupur Anand, Manya Saini, Tatiana Bautzer, additional reporting by Pritam Biswas, Saeed Azhar, Arasu Kannagi Basil, Laura Matthews; Editing by Lananh Nguyen, Megan Davies, Michelle Price, Nick Zieminski, Rod Nickel)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)