Financial Stocks Hanging On To Narrow Gains

Financial stocks were edging higher during Tuesday trade, with the NYSE Financial Sector Index climbing about 0.1% while financial companies in the S&P 500 Index were adding about 0.1% in value.

In company news, Deutsche Bank (DB) shares fell Tuesday after European regulators told the financial services company it can reduce its cash reserves needed to protect against an economic downturn.

The European Central Bank will require Deutsche Bank to maintain a common equity tier 1 ratio of at least 9.51% starting next month, down from the bank’s current requirement of 10.76%. The ECB also designated the company as a global systemically important bank.

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