Financials Fall as Harvey Losses Mount -- Financials Roundup

Features Dow Jones Newswires

Banks, lenders and other financial companies ticked down as fears about the effects of the catastrophic storm in Houston offset positive housing data.

Continue Reading Below

Analysts at brokerage JPMorgan estimated Harvey could cost the insurance industry $10 billion to $20 billion.

Markets world-wide initially tumbled in the wake of North Korea's firing of a missile over Japan. But the U.S. stock market rebounded, and indexes hovered around record highs later in the session.

Toronto-based Scotiabank, one of Canada's largest banks, said Tuesday it earned 2.1 billion Canadian dollars ($1.69 billion) in the quarter ended July 31, up from C$1.96 billion a year earlier.

Another large Canadian lender, Bank of Montreal also saw higher quarterly earnings.

Rob Curran, rob.curran2dowjones.com

Continue Reading Below

(END) Dow Jones Newswires

August 29, 2017 16:26 ET (20:26 GMT)