Financials Higher as 'Frexit' Risks Recede -- Financials Roundup

Features Dow Jones Newswires

Banks, lenders and other financial companies rose sharply as fears of a financial crisis related to "Frexit" receded. While one of the candidates who advanced, Marine Le Pen, is anti-euro, her more popular rival Emannuel Macron is a staunch supporter of the single currency.

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Strategists said markets will now turn their attention to the outlook for tax overhaul and interest rates in the U.S. President Donald Trump has already targeted a corporate tax rate of 15%, The Wall Street Journal reported.

One brokerage said it was unlikely economic data would be strong enough by June to push the Federal Reserve into raising rates at the central bank's meeting that month. The likelihood is that the central bank raises rates twice during the balance of the year and unwinds some of its balance sheet for what would be a de facto third tightening, said analysts at brokerage Bank of America Merrill Lynch Global Research, in a note to clients.

Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

April 24, 2017 18:20 ET (22:20 GMT)