Shares of banks and other financial institutions fell sharply as hopes that central banks were nearing the end of their rate-hiking cycles faded.
On Wednesday, the Federal Reserve stepped down the size of its interest rate hike from previous meetings, but warned the end of the cycle was not yet in sight.
The European Central Bank, the Swiss National Bank and the Bank of England, all followed suit by slowing the pace of their interest-rate increases but also saw more work to be done in the inflation fight.
Two of the U.S.'s biggest asset management companies, BlackRock and State Street Global Investors, appeared in Texas to defend their ESG investing and actions on climate change, in particular as it relates to the oil and gas industry.
The U.S. government sanctioned Russian lender Rosbank and expanded sanctions against VTB, in the latest attempt to limit the Russian government's ability to finance the war in Ukraine.
Global bank Citigroup is discontinuing consumer-banking operations in China, the latest step in its retreat from the business in Asia.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
12-15-22 1711ET
