Shares of banks and other financial institutions fell as traders braced for more fallout from commercial-property issues worldwide.
Chinese property developer Country Garden made payments on two onshore bonds within a grace period, avoiding default but likely only staving off further distress with a government rescue still a possibility.
Investment firms such as Blackstone and KKR, known primarily for their private-equity or leveraged-buyout businesses, have significantly increased private credit as a percentage of their assets under management within the past year, The Wall Street Journal reported.
The trial of Archegos Capital Management founder Bill Hwang began with prosecutors telling a federal jury that the former fund manager manipulated markets and defrauded banks in the lead-up to the meltdown of his firm.
Royal Bank of Canada shook up the leadership structure of its U.S. and global investment banking units in a bid to boost growth.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-13-24 1707ET
