Sector Update: Financial Stocks Decline Premarket Thursday

MT Newswires Live10-10

Financial stocks were declining premarket Thursday, with The Financial Select Sector SPDR Fund (XLF) down 0.2%.

The Direxion Daily Financial Bull 3X Shares (FAS) was 0.5% lower and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.8% higher.

Franklin Resources (BEN) shares were down more than 1% after the company reported lower month-over-month preliminary month-end assets under management of $1.679 trillion as of Sept. 30.

HSBC Holdings (HSBC) Chief Executive Georges Elhedery plans to lay off senior bankers to reduce as much as $300 million, Financial Times reported, citing unnamed people familiar with the matter. HSBC Holdings shares were 0.3% higher premarket.

UBS (UBS) Chief Operations and Technology Officer Mike Dargan is confident that the integration of Credit Suisse is "bang on target" after a successful test migration of hundreds of Credit Suisse clients from Hong Kong and Singapore to the UBS platform, Reuters reported. UBS shares were down 0.1% pre-bell.

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