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Financials Down On Rate Prospects -- Financials Roundup

12/01/2022 | 05:24pm EST

Shares of banks and other financial institutions fell the implications of a more measured pace of interest-rate increases for lending profits.

Shares of investment firm Blackstone tumbled after it warned clients it was limiting withdrawals from its huge retail real estate investment trust after redemption requests from investors exceeded monthly and quarterly limits.

Toronto-Dominion Bank posted an increase in fiscal fourth quarter profit, boosted by higher interest earnings and a strong U.S. dollar.

Around $1 billion, or 8%, of Credit Suisse stock and depositary receipts are out on loan to short-sellers who are betting they can repurchase shares of the troubled Swiss bank at a discount, according to data provider S3 Partners.

Some analysts said the rebound in U.S. stocks is gaining steam, citing key technical levels on the S&P 500.

"The fact we are back above the 200-day is a sign it's more than a bear market rally," said analysts at London research firm Redburn, in a note to clients.


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


Corrections & Amplifications

This item was corrected at 5:29 p.m. ET to clarify that shares of banks and other financial institutions fell on the implications of a more measured pace of interest-rate increases for lending profits. An earlier version incorrectly said shares rose amid hopes of a more measured pace of interest-rate increases in the headline and first paragraph.

(END) Dow Jones Newswires

12-01-22 1724ET

Stocks mentioned in the article
ChangeLast1st jan.
BLACKSTONE INC. 2.19% 95.86 Delayed Quote.19.77%
THE TORONTO-DOMINION BANK 0.72% 91.42 Delayed Quote.3.54%
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