Financials Gain Ahead of Inflation Data — Financials Roundup

Shares of banks and other financial institutions rose as global markets tested all-time highs.

The SPDR Select Sector Financial exchange-traded fund, which tracks the financial industry group of the broad S&P 500, rose by almost 1% and is now up by 10% for the year to date, within 0.5% of all-time highs.

Swiss bank UBS Group and investment firm Apollo Global Management agreed to take the final step in the carveout of Credit Suisse's former securitized products business, as the banking giant presses ahead on the integration of its once rival.

The FTSE 100 Index in the United Kingdom was also trading near all-time highs, triggering commentary from the Bank of England warning about investor complacency.

"Number one I think what's happening in Europe or in the U.K. is very different than what's happening in the U.S.," said Oliver Pursche, senior vice president at financial advisory Wealthspire.

"Some of the...concerns that they have over there don't apply. I don't think investors are complacent...I don't think there's a blind appetite for risk," said Pursche.

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

(END) Dow Jones Newswires

March 27, 2024 17:37 ET (21:37 GMT)

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