As 2015 draws to a close next week, the fortunes of the last few trading days of the year may be dictated by the direction of the financial sector.
The financials have risen more than 6 percent this quarter, with investors expecting the sector to be one of the main beneficiaries of the first interest rate hike by the U.S. Federal Reserve in nearly a decade last week.
However, the potential exposure of banks to the energy-dominated U.S. high-yield corporate bond markets has unnerved investors, and caused financial and energy shares to stall during the two trading sessions that followed the hike. Stocks in both those sectors have been closely correlated in recent weeks.
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The financials have risen more than 6 percent this quarter, with investors expecting the sector to be one of the main beneficiaries of the first interest rate hike by the U.S. Federal Reserve in nearly a decade last week.
However, the potential exposure of banks to the energy-dominated U.S. high-yield corporate bond markets has unnerved investors, and caused financial and energy shares to stall during the two trading sessions that followed the hike. Stocks in both those sectors have been closely correlated in recent weeks.
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