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SUI

Financial Sector Update for 09/05/2018: BRO, BX, RLJ, SUI

Top Financial Shares:

JPM: -0.3%

BAC: -0.3%

WFC: -0.2%

C: -0.3%

USB: flat

Financial shares were in negative territory in pre-market trading on Wednesday, amid the lingering trade friction between the US and its major trading partners.

On the economic calendar, the July trade balance report showed a deficit of $50.1 billion, versus forecasts for a deficit of $50.6 billion. The previous month's deficit was revised to $45.7 billion from $46.3 billion.

Meanwhile, equities remained under pressure in Europe, with the Italian MIB once again the notable exception and up 1.04%, as easing budget concerns see investors piling back into Italian assets - at least for now. Elsewhere, though, trade concerns and contagion fears from the emerging markets crisis, which seems to be moving from currencies to stocks, saw widespread declines in stocks.

Expected movers:

- Brown & Brown's ( BRO ) subsidiary, Brown & Brown of Kentucky, Inc., acquired substantially all of the assets of F&I Resources

- Blackstone ( BX ) said in a sternly worded letter that a competing bid for Australian office real estate investor Investa Office Fund was not superior and that it reserves the right to cancel its bid

- RLJ Lodging Trust ( RLJ ) sold the 362-room Vinoy Renaissance St. Petersburg Resort & Golf Club, in Florida, for $188.5 million

Other news:

- Sun Communities ( SUI ) commenced a public offering of 4 million common shares

News from overseas

- esure Group PLC (ESUR.LN) agreed to the terms of a recommended cash offer by Blue BC Bidco Ltd, a subsidiary of funds advised by Bain Capital Private Equity LP

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

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

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