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Financials Fall With Treasury Yields -- Financials Roundup

07/30/2021 | 04:57pm EDT

Shares of banks and other financial institutions dropped alongside Treasury yields.

European financial institutions were mixed, despite generally stronger earnings.

Shares of Banco dei Pascha di Siena, the world's oldest continuously operating lender, rose after reports that larger Italian rival UniCredit was negotiating a possible buyout of the bank.

UniCredit shares rose after it posted profit and revenue well ahead of analyst targets, with loan-loss provisions far down from their pandemic peaks.

French bank BNP Paribas said second-quarter net profit and revenue rose as it booked lower provisions and its domestic markets division rebounded, while it will distribute another dividend.

Insurance firm Swiss Re posted first-half earnings, but warned that civil unrest in South Africa and flooding in Germany would generate significant losses.

Federal Reserve Bank of St. Louis President James Bullard said that unexpectedly robust levels of inflation mean the central bank needs to pull back on its bond buying soon to make sure it has space to quash rising price pressures if needed.

An innovative auction system sowed some confusion among investors in Robinhood Markets' initial-public offering, leading to a stumble on its stock-market debut.

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

(END) Dow Jones Newswires

07-30-21 1656ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.48% 34584.88 Delayed Quote.13.54%
DOW JONES AFRICA TITANS 50 INDEX -0.30% 508.42 Delayed Quote.-3.36%
S&P AFRICA 40 INDEX -0.05% 165.07 Delayed Quote.-3.00%
SWISS RE LTD -1.75% 79.42 Delayed Quote.-3.26%
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