Shares of banks and other lenders and money managers rallied as the appetite for risk in global markets grew in the wake of a surge in Chinese stock markets.
The Shanghai Composite index rose almost 6% after a bullish commentary in a front-page editorial of a state-owned newspaper.
Still, concerns about Covid-19 cases in the U.S. were reflected by an elevated CBOE volatility index, or VIX, level and strategist commentary.
The acceleration of "work-from-home" arrangements due to Covid-19 could lead to "structurally higher vacancy," in the commercial real-estate business, according to one brokerage.
The outlook for the business depends on "1) post-covid, how many employees would prefer work-from-home more frequently and 2) will employees that are willing to work from home, also be willing to share desks/work in a more agile environment," said strategists at brokerage Morgan Stanley, in a note to clients.
Investment firm Apollo Global Management is launching a big new credit operation as the buyout giant pushes further into what's known as "direct lending."
Shares of financial-technology concern Square, which is led by Twitter Chief Executive Jack Dorsey, continued a recent surge as the company's Cash app continues to rise in popularity, emerging as a threat to mainstream banks as a recipient of users' direct deposits.
Oliver Bellenhaus, a senior Dubai-based Wirecard executive was arrested and questioned as part of an international investigation into alleged fraud at the financial-technology company, The Wall Street Journal reported.
Write to Rob Curran at rob.curran@dowjones.com
