Financials Up On Tax Cut Outlook -- Financials Roundup

Banks, lenders and other financial companies rose sharply on the likelihood of tax cuts becoming law.

Before Monday's rally, the share prices of financials reflected almost zero "policy premium," according to one brokerage. "We expect financials will outperform given attractive relative valuation, rising interest rates, increased capital returns, and potential deregulation," said analysts at brokerage Goldman Sachs, in a research note.

German lender HSH Nordbank, which almost failed due to its exposure to non-performing shipping loans, expects to be sold for around EUR200 million after receiving bids from U.S and U.K. private equity funds, The Wall Street Journal reported.

The first U.S. bitcoin futures will start trading next week, as dueling Chicago futures exchanges seek to cash in on surging investor interest in the digital currency, which traded above $11,000 Monday.

The Hartford Financial Services Group said it will sell an annuities operation that it has been winding down since 2012 to a group of investors, shedding one of the units that entangled the insurer in the financial crisis.

--Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

December 04, 2017 16:47 ET (21:47 GMT)