Financial Shares Underperform Ahead of Earnings — Financials Roundup
The Financial Select Sector SPDR Fund fell 0.6%, among the weakest of the sectors, as Treasury yields declined following two days of gains while investors anticipate Friday's earnings from the big banks.
Global banking giant HSBC agreed to sell its Argentina business and forecast a $1 billion hit to first-quarter pretax profit.
AIG fell 3%, the largest drop since May 2023. Reinsurers have been dramatically shifting the pricing and terms of coverage. Many primary insurers are paying more, and for coverage that only kicks in at very high losses. That has boosted reinsurers' profitability and share prices. At their underlying profitability last year, reinsurers could absorb almost twice the level of catastrophe losses and still generate returns in line with their cost of capital, Gallagher Re estimated in a report this week.
Write to Patrick Sullivan at patrick.sullivan@wsj.com
(END) Dow Jones Newswires
April 09, 2024 17:11 ET (21:11 GMT)
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