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Financials Up as Growth Fears Abate -- Financials Roundup

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08/13/2019 | 04:58pm EDT

Shares of banks and other financial institutions rose as fears of a global economic slowdown moderated in light of a reprieve from the U.S. on tariffs.

The U.S. Trade Representative's office said threatened increases on tariffs for Chinese electronic goods such as laptops and smartphones and other items, including toys, would be delayed until the holiday-shopping season is effectively over.

The yield on the 10-year Treasury note rose sharply. 30-year Treasury bond yields remain close to all-time lows, however, suggesting that the move did not wipe away recession fears completely. "The U.S. economic data isn't great, but a strong employment picture, moderate wage growth, and a healthy consumer aren't the hallmarks of a recession," said Ryan Detrick, senior investment strategist at brokerage LPL Financial, in an e-mail. "Nonetheless, the bond market is acting like a recession could be lurking around the corner."

MarketAxess Holdings, the dominant online corporate bond-trading marketplace, is expanding into the $16 trillion market for U.S. government bonds with the acquisition of Treasurys trading platform LiquidityEdge, for about $150 million in cash and stock.

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

Stocks mentioned in the article
ChangeLast1st jan.
LPL FINANCIAL HOLDINGS INC 1.69% 75.04 Delayed Quote.20.81%
MARKETAXESS HOLDINGS INC. 0.85% 392.54 Delayed Quote.84.20%
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