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Financials down as volatility prevails in global markets – Financials round-up

Shares of banks and other financial institutions fell sharply as hopes that financial markets would take hold were dashed.

Government bond yields have given back some of their recent gains as safe-haven demand is driving government bond prices higher and hurting the outlook for credit spreads.

The broad S&P 500 slipped 4% to the brink of a bear market. “Concerns about inflation and a hawkish Fed are nothing new, but when you add worries about profit margins and the impact of inflation on consumers, you have the recipe for a big down day,” said Ryan Detrick, chief market strategist at Brokerage LPL Financial, in email comment.

Write to Rob Curran at [email protected]

(ENDS) Dow Jones Newswires

May 18, 2022 5:30 PM ET (21:30 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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