Är det bara jag som tycker att den här typen av jag-ger-upp-och-köper-kommentarer är negativa?
The detail in the banks sector is now irrelevent. The animal spirits of the market have decided the sector is going up. A number of clients have told me its a wood for the trees situation...dont get bogged down in the detail, just acknowledge in the grand scheme of things its still a lowly valued underweighted sector where the newsflow and sentiment is clearly improving.
We thought Barc results were a bit weak..the shares went up. We've tried to call Italian banks down on a v technical argument that cost of funding increases are counterbalancing the good news on NII....they're up 5% this week. We thought SocGen headlines were good but the detail was weak...up 6% yesterday. Lets see what happens with BNP where again the analyst call is "a bit light" (FYI: upp 1,3% idag)