Analysis-Boom in European Bank Earnings Hints at a Rally With Legs

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Europe's banks, which enjoyed a stellar fourth-quarter that yielded [{ "selector": ".tgcee-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 10px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }]

are still looking cheap and could have more room to rally [{ "selector": ".camkc-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 10px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }]

Economic data hasn't been as bad as many had feared [{ "selector": ".ggkop-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 10px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }]

The euro zone is expected to stagnate rather than contract [{ "selector": ".lfdmg-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 10px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }]

STOXX 600 financials are expected to have had the highest earnings [{ "selector": ".suzmu-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 10px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }]

responding with a flurry of upgrades to the sector as well as inflows [{ "selector": ".ugctc-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 10px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }]

The STOXX banks index has climbed almost 20% so far in 2023 to five-year highs [{ "selector": ".ursju-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 10px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }]