Although making modest gains following their respective results, a fundamental rerating of the European banking sector by the market has yet to take hold, with sentiment dampened once again by a resurgence of coronavirus cases across the continent.index is down more than 45% since the start of the year.
"So it feels to me like when we are looking at Q3 numbers today, they already feel like they are a long way back in the past, and that really now the key factors driving markets are going to be progress in controlling this new wave of the pandemic, and the potential news on vaccine trial results that could be expected at any point really over the next couple of weeks," he said.
Although there is optimism in the banking sector's numbers, Gimber said the three factors underlying European banks' recent share price woes have been low interest rates putting pressure on profit margins, investor concerns over large loan loss provisions and the struggle to return capital to shareholders.
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Fonte: CNBC - 🏆 12. / 72 Leggi di più »