Financial stocks climb as investors digest Fed signals

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Shares of banks and lenders continued to climb as investors remained bullish on the possibility of containing the problems with real estate giant China Evergrande and while digesting the Federal Reserve’s decision to roll back its stimulus measures.

Chinese officials are asking local governments to prepare for the potential downfall of China Evergrande, the Wall Street Journal reported, citing officials familiar with the talks, signaling reluctance to bail out the indebted real estate developer while preparing for any economic fallout. and social of the difficulties of the company.

“There is some confidence that the government stands ready to ensure this does not become widespread,” said Stephanie Lang, chief investment officer at Homrich Berg. “There is no clear indication that they are going to support Evergrande, but they will make sure this does not spread more widely.”

Meanwhile, a former quantitative analyst for a global asset manager has been charged with securities and wire fraud for allegedly using non-public information to commit insider trading that earned him over 8.5 millions of dollars in profits, according to an unsealed lawsuit in federal court. Broker Sergei Polevikov, who worked at OppenheimerFunds, is accused of implementing a prominent program in which he would use his wife’s personal brokerage account to buy or sell stocks before large buy orders or pending sale from his employer on behalf of his clients.

TPG is promoting a group of longtime partners to leadership positions as the private equity firm prepares to launch an initial public offering of its shares. TPG is appointing Todd Sisitsky, a seasoned healthcare investor who has been a managing partner of its flagship strategy since 2015, to the new role of chairman, according to company officials.

 Write to Amy Pessetto at amy.pessetto@dowjones.com 

(END) Dow Jones Newswires

09/23/21 1720ET


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