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Financials Down Amid Recession Fears -- Financials Roundup

07/05/2022 | 05:08pm EDT

Shares of banks and other financial institutions fell as markets priced in a global recession.

Many of the financial signals for an oncoming recession were flashing Tuesday.

The U.S. yield curve briefly inverted, with the yield on the two-year Treasury topping that on the 10-year, one of the most reliable market indicators of a recession.

The dollar tested a 20-year high against a basket of major currencies, another sign that global economic activity was expected to slow.

Nexo, one of the larger crypto-lending platforms, agreed in principle to acquire Singapore-based crypto services firm Vauld, the latest of a spate of deals in the distressed "decentralized finance" niche.

Lenders such as Vauld and Celsius saw clients unable to repay debts when cryptocurrency prices crashed.


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

(END) Dow Jones Newswires

07-05-22 1707ET

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