Financials Up on Trade-Talks, Brexit Hopes -- Financials Roundup
Shares of banks and other financial institutions rose amid renewed optimism that long-running geopolitical risks were subsiding.
President Donald Trump said he would meet with the head of the Chinese trade delegation, Vice Premier Liu He, at the conclusion of talks Friday.
The parliamentary leaders of Britain and the Republic of Ireland concluded a meeting by saying both saw room for a Brexit agreement, an indication that the thorny issue of the Northern Irish border may yet be overcome by the Oct. 31 deadline.
For the U.S. market, the Chinese trade talks loom much larger than the Brexit issue, according to one strategist. "You might see some movement because of Brexit, but I don't think it's the thing that drives us significantly higher or significantly lower," said Joe Kinahan, chief market strategist at TD Ameritrade.
The Federal Reserve is advancing some of the most significant rollbacks of bank rules since President Trump took office, seeking to ease liquidity and capital rules for large banks. One measure the Fed is due to vote on Thursday could lower regulatory costs for regional U.S. lenders with less than $700 billion in assets.
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