Financials Higher on Rate Bets -- Financials Roundup

Features Dow Jones Newswires

Banks, lenders and other financial companies rose amid hopes that interest rates would rise in the wake of the Federal Reserve meeting.

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Shares of Progressive Corp. rose, even as the property-and-casualty insurer warned that it lost money in August after Hurricane Harvey more than tripled its catastrophe losses.

The majority of an estimated $42.5 billion to $65 billion in property losses from Hurricane Irma is residential damage, according to data provider CoreLogic.

Brevan Howard Asset Management, one of the world's biggest hedge-fund firms, plans to inject $300 million to $400 million into a new fund run by Alfredo Saitta, one of its star traders, The Wall Street Journal reported.

Investment bank Jefferies Group posted an increase in quarterly profit and revenue, echoing other major Wall Street banks whose deal-making businesses are making up for mixed performance on trading desks.

Rob Curran, rob.curran@dowjones.com

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(END) Dow Jones Newswires

September 19, 2017 17:41 ET (21:41 GMT)