Financial stocks surge higher as Fed remains front and center – Financials Roundup

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Shares of banks and lenders rose against a backdrop of transition to economically sensitive companies.

Federal Reserve Bank of Minneapolis Chairman Neel Kashkari, who has been one of the central bank’s biggest supporters of providing stimulus to help the economy weather the coronavirus pandemic, said he now believed that more aggressive monetary policy measures would be needed to deal with high inflation.

In an essay posted on the bank’s website, Kashkari also said he supported the Fed’s decision last month to speed up the withdrawal of its stimulus efforts for asset buying.

Private equity firm TPG has launched its traveling brief to investors, seeking a valuation of up to $ 9.5 billion in its initial public offering, entering the home stretch of a process that has taken months.

The crisis that engulfed China Evergrande Group worsened, as the ailing real estate developer said he was ordered to demolish dozens of buildings on an extravagant man-made island in southern China. At the same time, Evergrande released data showing that its high-profile financial stress had largely disrupted new home sales, depriving it of a significant source of cash.

Property owner CBRE Investment Management said it has agreed to buy a global portfolio of logistics properties worth $ 4.9 billion, one of the largest IP sales ever.

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

(END) Dow Jones Newswires

01-04-22 1720ET


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