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European Banks Fade, But US GSIBs See Early Strength

EQUITIES
  • Early action in US equities (pre-market trade in single stocks starts an hour earlier for Europe due to the roll forward for US clocks) is putting more pressure on regional banks with a similar model to SIVB: First Republic shares among the hardest hit, down 60% at typing and some notable European banks are also lower: Credit Suisse, Commerzbank, Banco BPM and Virgin Money UK all lower by 4% or more.
  • US GSIBs are faring far better in pre-market trade, however, with JPM, Wells Fargo, Bank of America and others up 1.5% or more.
  • For the headline e-mini S&P, prices have faded since the European open, putting prices within range of the late Friday lows at 3881.00, first key support.

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