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Financial stocks declined after stronger economic data raised the prospect of another Federal Reserve rate hike. The sector’s losses came as Brookfield Asset Management reported substantial fundraising and two European investors reached a tentative settlement with KPMG over Silicon Valley Bank audit work.
Brookfield Asset Management raised $25 billion in capital during the third quarter, with strong investor demand for its infrastructure funds leading the fundraising.
Norway’s sovereign wealth fund and Sweden’s Sjunde AP-fonden reached a tentative $224.5 million settlement with KPMG over audit work related to Silicon Valley Bank.
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