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Eurobanks; Looking For Parallels From Results So Far

FINANCIALS

Lots of banks reporting this morning – obvious laterals:


  • Deutsche results good but this is about payout to equity holders… minor positive for Commerzbank (CBK GY)
  • BNP results missed on revenues and credit losses… cautious for SocGen (GLE FP), Credit Agricole (ACA FP) and Unicredit (UCG IM) (BNP owns BNL in Italy and saw some credit weakening)
  • ING weak on revenue outlook… cautious for ABN (ABN NA)
  • Baer results hit by Signa – issuer-specific problem.

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