Deutsche Bank Shares Rise as Europe's Lenders Rally
27 Marzo 2023 - 10:29AM
Dow Jones News
By Joshua Kirby
Deutsche Bank AG led Europe's bank shares higher in early trade
Monday, recouping some losses after a selloff at the end of last
week.
However, banking turmoil might not yet be over, some analysts
warned.
At 0730 GMT, Deutsche shares traded 3.8% higher at EUR8.86,
recovering some of the previous week's consecutive losses,
including a dip of as much as 15% on Friday. Fellow German lender
Commzerbank AG rose 2.7%, while France's Societe Generale SA and
BNP Paribas SA gained 1.2% and 2%, respectively, having led the
blue chip CAC 40 index when the market opened. Spain's Banco
Santander SA rose 2.3%; Italy's UniCredit SpA gained 1.2%.
The concerns around Deutsche, Germany's largest lender, last
week brought fresh stress to the European banking sector, days
after UBS Group AG agreed on a deal to take over struggling rival
Credit Suisse Group AG. Market conditions can change very quickly
in this environment, analysts Francesco Pesole at ING said in a
research note. Shares in UBS on Monday gained only slightly to
CHF17.37.
"Friday's turmoil suggests that confidence among European bank
bondholders is far from fully restored after the Credit Suisse
saga," Mr. Pesole said, though he noted that the share crash may
have been overdone.
Indeed, the sector should now be able to look forward with more
confidence, analysts at Jefferies said in a note. Many of the
concerns raised by investors and media have now passed, and
European banks are perhaps in the strongest position they have been
in since the last global financial crisis, Jefferies said.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
March 27, 2023 04:14 ET (08:14 GMT)
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