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Financials Retreat Amid Concerns About Credit Markets -- Financials Roundup

Dow Jones Newswires

Banks, lenders and other financial companies retreated amid some concerns over the outlook for credit markets.

Mortgage lender Home Capital Group agreed to sell as much as 1.5 billion Canadian dollars ($1.1 billion) of mortgages to an unidentified buyer as it seeks to shore up capital in the wake of a run on deposits.

Shares of AmTrust Financial Services fell to their lowest level in more than four years, after the provider of workers' compensation insurance posted earnings short of Wall Street estimates.

A federal appeals court vacated a lower court's ruling that the 2008 federal bailout of American International Group was unlawful, taking a moral victory away from former Chief Executive Maurice R. "Hank" Greenberg, who is seeking to discredit the government's intervention.

-By Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

May 09, 2017 17:29 ET (21:29 GMT)