Sector Update: Financial Stocks Rise Late Afternoon

MT Newswires Live
07-26

Financial stocks were advancing late Friday afternoon, with the NYSE Financial Index up 0.4% and the Financial Select Sector SPDR Fund (XLF) rising 0.7%.

The Philadelphia Housing Index was adding 0.5%, while the Real Estate Select Sector SPDR Fund (XLRE) was easing 0.1%.

Bitcoin (BTC-USD) was declining 1.4% to $116,706, and the yield for 10-year US Treasuries fell 2 basis points to 4.39%.

In economic news, new orders for US durable goods fell by 9.3% in June following a gain of almost 17% in the previous month, compared with expectations for a 10.7% decrease in a survey compiled by Bloomberg.

In corporate news, Morgan Stanley (MS) has entered China's panda bond market with an offering of 2 billion yuan ($279 million), Bloomberg reported. Its shares added 0.3%.

Genworth Financial (GNW) shares rose more than 8% after it said Friday that a UK court ruling may allow it to recover about $750 million from Santander (SAN) for the mis-selling of payment protection insurance policies. Santander was up 0.6%.

Aon (AON) shares added nearly 5% after the company reported Q2 adjusted earnings and revenue that rose year-over-year.

HSBC (HSBC) is planning to downsize its equities team at the Dusseldorf office in Germany as part of Chief Executive Georges Elhedery's strategy to overhaul the investment banking division, Bloomberg reported. HSBC shares were down 0.2%.

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