Financial stocks slide at start of Fed meeting – Financial summary

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Shares of banks and lenders fell as Federal Reserve officials began a two-day monetary policy meeting that will be reviewed by investors to gain insight into the central bank’s plans for its bond purchases and its interest rates.

Yields on long-term Treasuries rose, a day after U.S. government debt saw its biggest rise in weeks, amid concerns over the possible collapse of Chinese real estate development firm Evergrande and the potential for global financial contagion.

The beleaguered China Evergrande boss said he expects the developer to come out of what he called his “darkest moment” soon and has pledged to deliver the homes he has. promised to buyers and other stakeholders. In a note to employees on Tuesday, which is the Mid-Autumn Festival and a public holiday in mainland China, Evergrande Chairman Hui Ka Yan said the company was facing unprecedented hardship and that its employees faced serious challenges.

In news of the deal, US Bancorp has agreed to buy the main retail banking operations of MUFG Union Bank in an $ 8 billion cash and stock deal intended to bolster the bank’s presence. based in Minneapolis on the West Coast. The deal, if done, would give US Bank around $ 664 billion in assets and solidify its status as the nation’s fifth-largest retail bank.

Real estate developer Hines Interests and a South Korean pension fund are planning a more than $ 2.5 billion office and apartment project in San Francisco, a vote of confidence in one of the markets most disrupted by the pandemic.

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

(END) Dow Jones Newswires

September 21, 2021 at 5:24 p.m. ET (9:24 p.m. GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.


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