Euro / US-DollarShort
LIVE MARKETS Further downside pressure for European banks
FURTHER DOWNSIDE PRESSURE FOR EUROPEAN BANKS? (1040 GMT)
European banks have had a torrid time this year and things aren't getting any better this week as Western allies hit Russia with tough financial sanctions, prompting markets to scale back bets of ECB rate hikes.
The STOXX Europe 600 Banks Index (.SX7P) has fallen more than 6% so far this week following cumulative losses of around 10% in the prior two weeks. And Citi analysts say there could be more downside to come given market positioning.
EuroSTOXX 50 (.STOXX50E) investors have been net short for several weeks and all remaining offsetting long positions are currently in a loss, Citi says, with an identical situation arising for European banks but with even greater losses.
Source : reuters.com/markets/stocks/live-markets-further-downside-pressure-european-banks-2022-03-01/
European banks have had a torrid time this year and things aren't getting any better this week as Western allies hit Russia with tough financial sanctions, prompting markets to scale back bets of ECB rate hikes.
The STOXX Europe 600 Banks Index (.SX7P) has fallen more than 6% so far this week following cumulative losses of around 10% in the prior two weeks. And Citi analysts say there could be more downside to come given market positioning.
EuroSTOXX 50 (.STOXX50E) investors have been net short for several weeks and all remaining offsetting long positions are currently in a loss, Citi says, with an identical situation arising for European banks but with even greater losses.
Source : reuters.com/markets/stocks/live-markets-further-downside-pressure-european-banks-2022-03-01/
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