Shares of banks and other financial institutions fell, but not by as much as the broad market, as Treasury yields rose in the wake of inflation data.
Consumer prices rose a "blistering" 0.6% in October from a month earlier, and now the question is "will the Fed start to sweat," said economists at brokerage Bank of America Securities, in a note to clients.
Concerns grew that the property-finance crisis in China is not yet under control. Fantasia Holdings Group, the property developer whose surprise bond default last month helped heighten market concerns about Chinese real estate, said some lenders were asking for loans to be repaid early, a disclosure that caused its shares to plummet.
Chinese regulators, wary of financial risks spreading as a result of their crackdown on property lending, are considering easing the rules to let struggling developers sell off assets to avoid defaults and hits to the broader economy, The Wall Street Journal reported.
Federal prosecutors in New York charged a former McKinsey partner with securities fraud for allegedly trading insider information related to Goldman Sachs Group's acquisition of specialty lender GreenSky.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
11-10-21 1703ET
