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Financials Down With Treasury Yields -- Financials Roundup

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11/20/2019 | 05:05pm EST

Shares of banks and other financial institutions fell alongside Treasury yields after the Federal Reserve's minutes from the central bank's last meeting indicated concern about the trade war.

The Fed noted that there were signs of progress on trade issues, but the latest signals from U.S.-Chinese negotiations suggest that progress may not be secure. The two sides remain far apart on key issues, including tariff rollbacks and the level of agricultural purchases, The Wall Street Journal reported. The central bank also noted concerns about the level of business investment, a sentiment echoed by Citigroup's chief executive.

Consumers globally and in the U.S. have shown "continued strength and resiliency," said Citigroup CEO Michael Corbat said at an industry conference in New York, as reported earlier. "That same confidence or conviction is not there in the C-suite in our companies," Mr. Corbat said, as reported earlier.

Shares of German payment technology company Wirecard fell Wednesday after it emerged that an auditor hadn't fully signed off on its Singapore arm's most recent accounts.

Swedish lender Swedbank may have violated U.S. sanctions against Russia by facilitating the transfer of about 10 million Swedish kronor ($1 million) from gun maker Kalashnikov to a U.S. unit in Florida, according to a report by state broadcaster SVT.

Insurance brokerage Aon agreed to acquire startup CoverWallet, as insurers are competing to figure out how to sell insurance to small businesses online.

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

Stocks mentioned in the article
ChangeLast1st jan.
AON PLC -4.62% 212.22 Delayed Quote.1.89%
CITIGROUP INC. -5.47% 64.45 Delayed Quote.-14.66%
SWEDBANK -3.13% 148.75 Delayed Quote.9.93%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.47% 66.9173 Delayed Quote.5.44%
WIRECARD AG -4.22% 119.15 Delayed Quote.10.84%
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