Shares of banks and other financial institutions ticked up amid concerns that another leg in the global bear market in stocks was on the way.
Hopes for a "pivot" in Federal Reserve policy were further diminished by officials' commentary last week suggesting a 75 basis point rate increase could still happen in December.
"A Fed unwilling to pivot away from its core hawkish message, we think, will continue to cap gains in risky assets," said strategists at brokerage BNP Paribas, in a note to clients.
Conditions in the stock market are not yet consistent with the end of a bear market in global equities, said analysts at brokerage Goldman Sachs Group.
China's securities regulator has given Canadian firm Manulife Investment Management approval to take full ownership of its local fund-management arm, a first in a country that has been protective of its vast mutual fund industry.
GloriFi, the Texas startup that sought to build a conservative banking alternative is shutting down.
Cryptocurrency exchange FTX owes its 50 largest creditors about $3.1 billion, according to a bankruptcy filing.
Publicly traded crypto concerns such as Coinbase Global and Robinhood Markets continued their recent retreat.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
11-21-22 1658ET
