US Stock Market Move | European banking stocks broadly rose in pre-market trading, with Deutsche Bank Aktiengesellschaft (DB.US) up nearly 7%.
On Wednesday, European banking stocks broadly rose in pre-market trading, with Deutsche Bank Aktiengesellschaft (DB.US) and Banco Santander (SAN.US) up nearly 7%.
On Wednesday, European banking stocks broadly rose in pre-market trading. Deutsche Bank Aktiengesellschaft (DB.US) and Banco Santander S.A. Sponsored ADR (SAN.US) gained nearly 7%, while Banco Bilbao Vizcaya Argentaria (BBVA.US), Barclays PLC Sponsored ADR (BCS.US), and HSBC HOLDINGS (HSBC.US) rose more than 5%. Analysts believe that the core drivers of the strong rebound in European banking stocks were the clarity of election results, the release of prior deleveraging pressure, and the decline in bond yields, which together drove a contraction in the risk discount on bank stocks. The Democratic sweep of the U.S. Congress weakened market bets on further expansion of U.S. military spending, but boosted optimistic sentiment among European banking stocks regarding an improved financing environment and credit outlook.
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