Top Financial Stocks:
Top financial stocks were falling in midday trading, including a more than 0.8% drop for the NYSE Financial Index while shares of financial companies in the S&P 500 were also about 1.2% down. The Philadelphia Housing Index was edging 0.2% lower today.
In economic news:
Latest data showed that US manufacturing sector contracted for the first time since 2016 in August, with the ISM manufacturing PMI declining to 49.1% in August. Separately, the US began imposing 15% tariffs on Chinese goods, while China starting to apply new duties on US crude oil.
Among financial stocks moving on news:
(+) Gladstone Land (LAND) was over 1% higher after acquiring 413 gross acres of farmland in the Oxnard Plain in California for an undisclosed sum.
In other sector news:
(-) Lloyds Banking Group (LYG) was down 1.7% after saying Halifax, a division of its subsidiary Bank of Scotland, has agreed to acquire Tesco Bank's UK residential mortgage portfolio for about GBP3.8 billion ($4.6 billion) at a low single-digit premium.
(+) Deutsche Bank (DB) was a touch higher after various media reported that CEO Christian Sewing will invest 15% of his monthly net salary in the bank's shares.
(+) S&P Global (SPGI) edged fractionally up after Platts division acquired the UK-based Live Rice Index, a provider of information and benchmark price assessments for the rice industry.
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