Financials Up After ECB Increases Bond Buying -- Financials Roundup

Shares of banks and other financial institutions rose after the European Central Bank expanded its bond-buying program.

The euro rose 0.8% to $1.1323 after the ECB said it would increase the size of its Pandemic Emergency Purchase Program by about $673 billion to buy as much as EUR1.35 trillion of eurozone government and corporate debt through June 2021.

Depressed interest rates could generate increased profits for commercial property investors, according to one money manager. "We continue to believe that multifamily and industrial have solid demand fundamentals, particularly in growing parts of the U.S. including the Southeast, Southwest and Mountain states," said Jon Woloshin, head of U.S. real estate at UBS Global Wealth Management's Chief Investment Office, in a note to clients.

Simon Property Group, the country's largest mall owner, filed a lawsuit against Gap over unpaid rents and other charges it says amount to $66 million. In the filing, Simon Property said the retailer has withheld rents for April, May and June.

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