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U.S. Financials Fall On Spain Fears, Joining European Stocks

By Erik Holm and Mia Lamar Led by Citigroup Inc.'s (C) 2.2% drop, the major U.S. banks joined their European counterparts in trading down Monday on new fears about a potential bailout for Spain. Fears about Spain's fate heightened as yields on Spanish government bonds hit their highest since the inception of the euro. If Spain is shut out of financial markets, it could require yet more help from its euro-zone peers just a month after seeking help for its banking sector. Meanwhile, several Spanish regions said they will ask the central government for help and the Bank of Spain said the country's economy contracted in the second quarter. The news sent markets down sharply across all of Europe, with the Euro Stoxx 50 index dropping 2.3%. Investors sought shelter in assets that appeared safe; U.S. financial stocks weren't among them. Citigroup declined 2.2% to $25.31, Morgan Stanley fell 1.6% to $12.59, and Goldman Sachs Group Inc. (GS) dropped 1.5% to $92.72. Bank of America Corp. (BAC) dropped 1.3% to $6.98 while Wells Fargo & Co. fell 0.4% to $33.66. U.S. insurers also tumbled: American International Group Inc. (AIG) declined 3.2% to $30.03 and MetLife Inc. (MET) was off 2.5% to $28.79. "I think some people wanted to forget about what's going on in Europe but now the negative headlines are rearing their head again," said Jonathan Corpina, senior managing partner at NYSE-floor broker Meridian Equity Partners. "When you have headlines that talk about global economic debt loads, everything goes in the same pot together--whether its financials, currencies, commodities." The yield on the 10-year U.S. Treasury note fell to a record low of 1.406%. In a German debt sale, the country was paid by investors looking to park their funds. German bunds and U.K. gilts also rallied as investors sought safety. Write to Erik Holm at erik.holm@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Metlife (MET)
DateTimeHeadline
09/01/201500:05:00MetLife Announces Chief Distribution Officer, Asia
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08/17/201516:21:52Current Report Filing (8-k)
08/17/201516:05:00MetLife Declares Third Quarter 2015 Preferred Stock Dividend
08/13/201516:07:35Current Report Filing (8-k)
08/06/201516:24:57Amended Statement of Beneficial Ownership (sc 13d/a)
08/04/201521:00:00MetLife Appoints Cindy Tang as Vice President and Head of Communications...
08/04/201516:17:09Statement of Changes in Beneficial Ownership (4)
08/04/201505:59:42With Copper Boom Slowing, Real Estate Firms Get Creative in Chile
08/03/201522:00:00MetLife Hong Kong Launches New Brand Campaign to Light up Hong...
08/03/201516:50:10AIG Raises Dividend as Operating Profit Rises
08/03/201508:00:00MetLife Premier Client Group of Wisconsin and the Upper Peninsula...
07/29/201517:30:02Current Report Filing (8-k)
07/29/201516:51:31MetLife's Operating Profit Rises 11%
07/29/201516:40:10MetLife's Operating Profit Rises 11%
07/29/201516:05:00MetLife Announces Second Quarter 2015 Results
07/28/201509:40:00Life Insurance Stocks Highlight -- Genworth Financial, MetLife...
07/23/201509:00:00MetLife Provides $505 Million Loan to Facilitate Refinancing...
07/20/201508:00:00MetLife Introduces QLAC for Qualified Individual Retirement Accounts

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