Financial Sector Update for 12/05/2023: CFG, MKTX, BAM, BCS

Financial stocks fell in late Tuesday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each shedding 0.4%.

The Philadelphia Housing Index slid 0.3% and the Real Estate Select Sector SPDR Fund (XLRE) declined 0.4%.

Bitcoin (BTC-USD) gained 4% to $43,680, and the yield for 10-year US Treasuries sank 12 basis points to 4.17%.

In economic news, job openings in the US fell to 8.73 million in October, according to the Bureau of Labor Statistics, below the 9.3 million forecast in a survey compiled by Bloomberg and 9.35 million reported in September.

The Institute for Supply Management's US services index rose to 52.7 in November from 51.8 in October, compared with expectations for 52.3 in a survey compiled by Bloomberg.

In corporate news, Citizens Financial Group (CFG) is looking at expanding its private credit business through a partnership and has held talks with potential partners, Bloomberg reported Tuesday. Citizens shares gained 1.5%.

MarketAxess (MKTX) reported a record total credit trading volume of $303.3 billion and record eurobond trading volume of $43.7 billion. Its shares jumped 5.2%.

Brookfield Asset Management (BAM) will collaborate with a major securities firm in Japan in 2024 to offer investment funds focused on wealthy individuals, Nikkei Asia reported Tuesday. Brookfield shares fell 0.6%.

Qatar's sovereign wealth fund slashed almost half of its stake in Barclays (BCS) as it offloads its crisis-era investment in the UK bank, several media reports said. Barclays shares were down 0.4%.

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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