Financial stocks fall amid statements from Fed officials – Financial report


Shares of banks and other financial institutions fell as investors continued to weigh statements from Fed officials.

Federal Reserve Bank of Kansas City President Esther George said she supports a rapid central bank move toward a neutral framework for monetary policy and added that once that point is reached, officials can do the point on the distance to be covered. moment of great uncertainty.

Global concerns also weighed in, with European countries considering further steps to increase pressure on the Russian economy, including targeting more banks and other members of the Oligarch family, the Wall Street Journal reported, citing diplomats. and officials familiar with the discussions.

Meanwhile, the U.S. Securities and Exchange Commission has proposed a rule that would impose a slew of new disclosure requirements on special purpose acquisition companies, or SPACs, amid widespread concerns that vehicles are circumventing important investor protections.

William Ackman said he was saying goodbye to the activist short-selling game. Ackman, founder and chief executive of Pershing Square Capital Management, which previously engaged in a years-long battle with Herbalife Nutrition, said his fund would be less vocal about its positions and more cordial with the companies it invests in.

Citigroup is selling its Indian retail banking business to Axis Bank for $1.6 billion as part of CEO Jane Fraser’s latest move to streamline the lender’s operations. This is the bank’s eighth business exit in the Asia-Pacific region.

Country Garden Holdings, China’s largest developer by contract sales, said its net profit for 2021 fell 23% to the equivalent of $4.2 billion, during what it has described as a year of turbulence and upheaval for China’s property development industry.

 Write to Amy Pessetto at 

(END) Dow Jones Newswire

March 30, 2022 5:34 p.m. ET (21:34 GMT)

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