Bank Stock Roundup: Ambiguity Over Trade War Remains, SunTrust & Citi In Focus
Zacks Investment Research | Nov 14, 2019 10:16PM ET
Performance of major bank stocks suggests a bleak picture over the last five trading sessions. Continued ambiguity over trade conflict and several other geopolitical matters weighed on investor sentiment. Moreover, slowdown in business investment has negatively impacted banking activities.
Mortgage rates increased last week, hitting 3.75%, on decline in recession fears. Despite this, investors are apprehensive about parking funds in the housing market, thanks to the volatility in the financial world.
Notably, mortgage applications increased 9.6% last week, per the latest data from the Mortgage Bankers Association. In addition, the refinance share of mortgage activity came in at 61.9% of all applications.
Talking about company-specific headlines, banks continued with restructuring and streamlining initiatives. These efforts are anticipated to attract more business and support revenue growth. Further, with technology advancement, increase in digital offerings by major banks was at the peak.
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