Banking

Financial Sector Update for 08/24/2020: QFIN, BLK, APO, XLF, FAS, FAZ

Financial firms were advancing premarket Monday as the Select Financial Sector SPDR (XLF) was gaining 0.78% in value. The Direxion Daily Financial Bull 3X shares (FAS) were more than 2% higher and its bearish counterpart Direxion Daily Financial Bear 3X shares (FAZ) were recently down more than 2%.

360 Finance (QFIN) was up nearly 1% after it reported Q2 non-GAAP earnings of RMB6.19 ($0.88) per American depositary share, compared with RMB4.56 in the same period last year.

China's Banking and Insurance Regulatory Commission has approved a wealth management joint venture between private equity firm BlackRock (BLK), Singaporean investment company Temasek, and China Construction Bank Corp., Reuters reported. BlackRock was marginally advancing recently.

Apollo Global Management LLC (APO) co-founder and Chief Executive Leon Black could be served with subpoenas from US Virgin Islands officials seeking information on his alleged business ties to convicted sex offender Jeffrey Epstein, The New York Times reported. Apollo was unchanged in recent trading.

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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