Financials Up, Buoyed by Tax-Cut Proposal, Deals -- Financials Roundup
Shares of banks and other financial institutions rose as a tax-cut proposal resurfaced and deal activity picked up.
Hong Kong Exchanges and Clearing on Wednesday offered to buy the London Stock Exchange Group for 29.6 billion pounds sterling, or $36.6 billion in cash and stock, a deal that would unite two of the world's largest trading venues. Shares of LSE Group rallied.
U.K. lender HSBC Holdings is preparing to put its 300-branch French retail bank on the sales block in one of its first strategic actions under new interim Chief Executive Noel Quinn, The Wall Street Journal reported. Shares of HSBC rose modestly.
President Donald Trump is planning to meet with his economic advisers to discuss whether his administration should lower capital-gains taxes by indexing gains to inflation, The Wall Street Journal reported. Such a move could boost activity in stock-investment accounts.
In another positive development for banks, Treasury yields rose in the wake of surprisingly stronger producer-price inflation. Charles Schwab is cutting about 600 jobs as it deals with the impact of lower interest rates.
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