Shares of banks and lenders continued to climb as investors remained upbeat that trouble with property giant China Evergrande could be contained, and while digesting the Federal Reserve's decision to tee up a reversal of its stimulus measures.
Chinese authorities are asking local governments to prepare for the potential downfall of China Evergrande, The Wall Street Journal reported, citing officials familiar with the discussions, signaling a reluctance to bail out the debt-saddled property developer while bracing for any economic and social fallout from the company's travails.
"There is some confidence that the government is standing by to make sure that this doesn't become more widespread," said Stephanie Lang, chief investment officer at Homrich Berg. "There is no clear indication that they are going to prop up Evergrande, but they will make sure that this won't spillover more broadly."
Meanwhile, a former quantitative analyst for a global asset manager was charged with securities and wire fraud for allegedly using nonpublic information to commit insider trading that netted him more than $8.5 million in profit, according to a complaint unsealed in federal court. The broker, Sergei Polevikov, who worked at OppenheimerFunds, is accused of operating a front-running scheme in which he would use his wife's personal brokerage account to buy or sell stock in advance of large pending purchase or sale orders by his employer on behalf of its clients.
TPG is promoting a group of longtime partners to leadership roles as the private-equity firm prepares to launch an initial public offering of its shares. TPG is naming Todd Sisitsky, a veteran healthcare investor who has been a managing partner of its flagship strategy since 2015, to the new role of president, according to company officials.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
09-23-21 1720ET
