Financials Down as Traders Hedge Ahead of Jobs -- Financials Roundup

Features Dow Jones Newswires

Banks, lenders and other financial companies fell as traders hedged their bets ahead of a key jobs report. The Labor Department report is the last major piece of data for the central bank to review before the Federal Reserve's decision on interest rates that concludes Dec. 13.

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Goldman Sachs Group and Barclays have each agreed to lend CVS Health $20 billion to finance its deal to purchase Aetna.

Citigroup hired a new head of investment banking for Saudi Arabia as the U.S. bank prepares to launch operations in the kingdom next year.

The property-and-casualty insurance industry may soon see an improvement in fortunes, according to one brokerage. "After record catastrophe losses in 2017 and roughly 50% cumulative rate reduction in last 5 years, property cat reinsurers will see the first pricing increases in years," said analysts at brokerage Morgan Stanley, in a research note. "Early renewals point to roughly 10% rate increases in U.S. property cat reinsurance. Primary insurance is also witnessing higher pricing."

-Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

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December 06, 2017 16:53 ET (21:53 GMT)