Financial Sector Update for 09/07/2018: MMI, LAND, MGU, RILY

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Top Financial Shares:

JPM: +0.6%

BAC: +0.5%

WFC: flat

C: +0.5%

USB: +0.2%

Financial shares were mostly higher in pre-market trading on Friday. On the economic calendar, August nonfarm payrolls increased by 201,000 versus forecasts for an increase of 187,000. Nonfarm private payrolls rose by 204,000 versus expectations for a rise of 175,000. Average hourly earnings increased 0.4% and 2.9% year over year. The unemployment rate remained at 3.9%.

Meanwhile, European stocks were broadly lower as investors digested a slew of regional data. Eurozone GDP grew 0.4% sequentially as initially estimated in the second quarter, Eurostat figures showed. On an annual basis, GDP growth eased to 2.1% from 2.4% in the preceding period. German industrial production fell 1.1% month-on-month in July, in contrast to a 0.2% rise economists had forecast. French industrial output grew 0.7% month-on-month in July, the same pace of expansion as seen in June. And, UK house prices rose at their fastest annual rate since November 2017.

Expected movers:

- Marcus & Millichap ( MMI ) acquired Montreal-based regional commercial real estate investment sales firm McGill Commercial

- Gladstone Land ( LAND ) acquired a 574-acre farm in northern Florida for $2.6 million

- B. Riley Financial ( RILY ) priced its underwritten registered public offering of $87.0 million aggregate principal amount of 6.875% senior notes due 2023

Other news:

- Macquarie Global Infrastructure Total Return Fund ( MGU ) boosted its regular distribution by 13.5% to $0.42 per share

News from overseas :

- Ashmore Group PLC (ASHM.LN) reported a drop in annual profit despite record net inflows and an increase in assets under management

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Banking and loans
Referenced Symbols: MMI , LAND , RILY , MGU

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