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Sector Update: Financial
By: MT Newswires
Financial shares are higher in today's pre-market session after markets suffered four consecutive days of declines. Investors are anxious to learn about whether the Fed will begin tapering in September or later, so they are scouring economic reports for signs of macroeconomic health, resulting in a volatile market.
In financial stocks news, W&G Investments is bidding up to $2.35 billion to acquire 316 RBS ( RBS ) branches, which the bank is selling as part of the conditions of its bailout in 2008. RBS is flat at $10.53 pre-market.
And Blackstone ( BX ) said late yesterday that it will sell its 50% stake in Broadgate for about $2.66 million. BX is up 1% at $21.68 in pre-market.