One outlier in today's rally is Austria's Erste Bank (EBKDY.PK -9%), which dove after taking...

|About: Erste Group Bank AG ADR (EBKDY)|By:, SA News Editor

One outlier in today's rally is Austria's Erste Bank (EBKDY.PK -9%), which dove after taking writedowns on its CDS book and its sovereign holdings, especially those of Hungary. "Clearly disappointing news (and) likely to trigger a cycle of ratings downgrades," says GFI Research.