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Cross-Asset View: Some Bullish Moves Ahead Of Reporting Tomorrow

FINANCIALS

Cross-equity view ahead of results: some bullish moves ahead of both of tomorrow's reporters, outperforming relevant benchmarks.


  • Benchmarks: SXXP up 30-40bp, of which financials are ahead about 1%. Euro IG bank spreads are 2-3bp tighter on the day:
  • Nordea (NDA SS) reports at 0530, equity is up nearly 2% (having been a weak equity since last results) and spreads 1.2bp tighter on average. Spreads have been underperformers since 4Q23 results, too.
  • Bankinter (BKT SM) is reporting pre-market, too, equity is +1.8% (and has been a strong performer since last results). Cash spreads are c.3bp tighter on average, but few bonds are well away from 3-month averages and still trailing financials spreads moves since last results.
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