Chinese fintechs top financial gainers for the week, US lending fintechs slide (NASDAQ: FUTU)

Among the biggest gainers in financial stocks this week, three are China-based fintech companies that have been supported by a preliminary agreement that gives US authorities access to inspect the financial stocks. that company. Of the five biggest losers in financial stocks this week, three are technology-based mortgage or loan companies, which can lose money when interest rates rise.

Futu Holdings (NASDAQ:FUTU), 21% increase for the week, topping the list of financial stocks with market capitalization over $2 billion that rose the most, followed by peer-to-peer Chinese fintech 360 DigiTech (NASDAQ:QFIN), saw a 14% increase. Both are as beneficial as the threat of US delisting their US depository shares has withdrawn.

Bank of Argentina Grupo Financiero Galicia (NASDAQ:GGAL) 12% increase during the week, while Banco Macro (NYSE:BMA), also based in Argentina, saw its ADR climb 12%.

Rounding out the five biggest climbers with the largest financial resources is Lufax (NYSE:LU), a fintech based on Shanhai 10% increase.

In contrast, the biggest losers in financial stocks of the week were based in the US Rocket Companies (NYSE:RKT), parent company of Rocket Mortgage, 13% off in this week.

In Week, Mortgage rates rise to 5.55%, according to Freddie Mac. And there is little chance that interest rates will fall when Federal Reserve Chairman Jerome Powell swear to keep increasing the rate and keep them in restricted territory until the central bank believes inflation will fall to its 2% target level.

Also sliding is Upstart Holdings (NASDAQ:UPDATE), AI-based lending platform used by banks and financial institutions, down 11%;

Goose head insurance (NASDAQ:GSHD), a personal line insurance agency, sale 10%;

UWM Holdings (NYSE:UWMC), also known as United Wholesale Mortgages, slip 8.9%; and

Risk data firm Dun & Bradstreet (NYSE:DNB) down 8.5% in Week.

One of the biggest financial losers in Friday trading was Affirm Holdings (AFRM), which 21% off after issuing disappointing guidance even after it Q4 financial earnings beat consensus.