German Bank (NYSE: DB) -16.1% stocks fell the most among financials over the course of the ended on April 29 in a broader profit-driven risk aversion environment. German lenders first quarter results disappointed investors.
Along with the corporate earnings season weighing on sentiment, equity market volatility is accelerating as investors anticipate upcoming Fed rate hikes on the back of recession risks and geopolitical tensions. Financials (XLF) fell -9.5% over the past month against the stock market (SP500) -8.8%. And with consumer price inflation remaining consistently high, GDP contracted unexpectedly in the first quarter.
The rest of the five biggest financial losers (market cap of $2 billion and above) are:
Financial Virtu (VIRT) -15.6% fell despite better than expected first quarter earnings;
Spanish lender Banco Santander (SAN) -14.5% collapsed after its first-quarter earnings reflected cost increases due to inflationary pressures;
Regional Bank Intercorp Financial Services (IFS) -13.7% fell and;
Partner Craftsmen (APAM) -12.7% fell after its first-quarter earnings missed Wall Street expectations.
As for the top five financial winners:
FirstCash pawnbroker (NASDAQ: FCFS) +10.7% gained after stronger than expected first quarter results;
Hen’s Head Insurance (GSHD) +7.1% increased following positive results in the first quarter;
First BanCorp (FBP) +3.5% rose after first-quarter earnings beat average analyst estimates, on top of a new $350 million share buyback program;
Mastercard network card (NYSE: MA) +3.5% climbed after strong first-quarter results. Still, the company and its rival Visa (NYSE:V) was demoted at Piper Sandler due to fears of a European recession, and;
Visa (V) +2.4% increased following strong second quarter results, reflecting consumers’ desire to spend and travel more.
Previously (April 29) consumer sentiment slipped in April.