The Basel Committee on banking supervision watered down bank liquidity rules and as a result European banks rallied on the news. Banks like DB and Credit Agricole rallied 3% across the pond overnight. This action many bring some tailwinds to Chicago and New York as we open today, financials will naturally be on many watch lists considering the former.
BlackRock Inc. is a leading independent investment management firm. BLK provides clients with a variety of investment and risk management services, similar to GS, MS, and CS. BLK generates revenues from client business. Clients range from pension funds to non-for-profits. These services include investing in equities, fixed income, and other assets. Products that retail traders may be familiar with are managed by BLK too. iShares exchange-traded funds (ETFs) and other exchange-traded products ( ETPs) are popular among trading community.
BLK is one of the best performing financial stocks. BLK is only down a mere 12% from its all time high (ATH). Stocks like GS and WFC are still down 46% and 21% respectively from their ATH. BLK, according to the chart below, may have broken out.
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