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Sector Update: Financial Stocks Advance Monday Afternoon

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Financial stocks were advancing in Monday afternoon trading, with the NYSE Financial Index rising 0.2% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 0.4%.

The Philadelphia Housing Index was falling 1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.3%.

Bitcoin (BTC-USD) was declining 3% to $62,136, and the yield for 10-year US Treasuries was rising 4.5 basis points to 4.614%.

In corporate news, First Hawaiian (FHB) agreed to buy TriCo Bancshares (TCBK) in an all-stock deal to create one of the largest banks headquartered in the western US, with combined assets of about $34 billion. First Hawaiian shares were down 3.7%, and TriCo jumped past 11%.

Brookfield (BN) is in advanced talks to acquire a stake in Hudson Square Properties in a deal that would value the office portfolio at $3.5 billion, The Wall Street Journal reported. Brookfield shares were down 1%.

Deutsche Bank (DB) has hired four private bankers from Standard Chartered, including Managing Director Eleftherios Sachanidis, as the German lender builds out its wealth management operations in Dubai, Bloomberg reported. Deutsche shares were shedding 1.5%.

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