Financials Up As Fed Seen Backstopping Markets Amid Mixed Data -- Financials Roundup

05/03/2021 | 02:44pm
Jack Ma

Shares of banks and other financial institutions rose amid bets that the Federal Reserve would continue to act as a backstop for global markets.

A slip in manufacturers' impression of factory activity weighed on Treasury yields, and boosted hopes that the Fed would maintain its loose monetary policy for the foreseeable future. Federal Reserve Bank of New York President John Williams said that while the U.S. economy is likely to have a very strong year ahead, this welcome turn of events doesn't suggest the central bank faces any imminent need to pull back on its aggressive levels of monetary policy support.

Warren Buffett said Greg Abel will succeed him as insurance-and-investment firm Berkshire Hathaway's chief executive should he leave the role in the short term.

U.S. mutual-fund giant Fidelity Investments drastically changed its view of what Jack Ma's Ant Group is worth after China's regulatory crackdown on the financial-technology giant severely dented its growth prospects, slashing the value of its Ant investment in half.

Norway's largest lender DNB confirmed that the Scandinavian nation's financial supervisory authority, Finanstilsynet, will impose a fine of about $48.1 million for inadequate compliance with anti-money-laundering rules and legislation.

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

(END) Dow Jones Newswires

05-03-21 1644ET

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