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Financials Up After UBS Earnings, EU Stimulus Plan - Financials Roundup

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07/21/2020 | 06:28pm EDT

Shares of banks and other lenders and money managers rose as a relatively strong earnings season continued and the European Union unveiled a long-awaited stimulus plan.

Shares of Swiss bank UBS rose after gains on its trading desks and fees from its wealthy clients cushioned the effect of credit losses in the second quarter.

Robinhood Markets canceled its U.K. launch plans after glitches in its U.S. Web site, a fresh setback for the online brokerage that has driven an industry-wide shift to commission-free trading in recent years.

One money manager said the U.S. housing market is "defying gravity," given broad strength in home prices despite the effects of the pandemic. "Logic would dictate that a skyrocketing unemployment rate would lead to a significant decline in homes sales and prices," said strategists at UBS Global Wealth Management. The strategists noted that record low interest rates and other stimulus efforts have contributed to this resilience.

Carlyle Group said its co-chief executive, Glenn Youngkin, will step down, leaving Kewsong Lee in sole charge of one of the world's largest private-equity investment firms.

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


Stocks mentioned in the article
ChangeLast1st jan.
THE CARLYLE GROUP INC. -0.72% 27.46 Delayed Quote.-14.40%
UBS GROUP AG 0.13% 11.26 Delayed Quote.-7.89%
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