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Financials Down As Global Stock Rally Fades -- Financials Roundup

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12/02/2019 | 05:10pm EST

Shares of banks and other financial institutions fell as the November rally in global stock markets paused in the first trading session of December.

Major indexes hit record highs in the U.S. and all over the world last month amid hopes that a trade deal would be enough to fend off a global economic slowdown. Data Monday cast doubt on that assumption, however.

One strategist said it's unlikely the stock market will see a December slide for the second straight year.

"Santa didn't come to town last year, but it is important to note that December usually is a pretty bullish month," said Ryan Detrick, senior investment strategist at brokerage LPL Financial.

"With various global markets at or near new highs, we do have a much healthier backdrop than this time last year."

The debate over whether the bull market and economic recovery can survive continues.

"A record-long calendar expansion and bull market, high financial market valuations, a sub-4% unemployment rate, an inverted yield curve, a peaking in the U.S. leading economic indicator and a global industrial contraction," said Jim Paulsen, chief investment strategist at money manager the Leuthold Group, in a note to clients.

Still, Mr. Paulsen said, there's plenty of fuel for more potential gains, including robust household formation and the chances of a settlement in the trade war.

A federal jury in Brooklyn found a Lebanese shipbuilding executive not guilty of fraud and money-laundering charges related to $2 billion of debt deals in Mozambique, a spokesman for the U.S. Attorney's Office said.

Jean Boustani, a salesman for shipbuilder Privinvest Group, was indicted alongside Credit Suisse bankers and another Privinvest employee.

Write to Rob Curran at rob.curran@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG -0.88% 12.91 Delayed Quote.20.28%
HUDSON'S BAY COMPANY -2.88% 8.78 Delayed Quote.25.24%
LPL FINANCIAL HOLDINGS INC. 0.27% 91.96 Delayed Quote.50.56%
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