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EUFN

iShares MSCI Europe Financials Sector Index ETF

6/19/2013, 11:17 AM ET

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Friday, May 17, 5:56 AM UBS upgrades global financials to Overweight from Underweight on a healing global economy, rebuilt capital, and the sector's shift "from being a net issuer to a net distributor of cash." Furthermore, the U.S. banking sector (XLF) is taken to Overweight as balance sheet strength and attractive valuations play well with the housing market recovery to create compelling opportunities. European banks (EUFN) are lifted to Neutral "with a preference towards Nordic and U.K. banks." Financials respond in London with LLoyds Banking Group (LYG) +2.3%, Royal Bank of Scotland (RBS) +3.3%, and Barclays (BCS) up 0.5%. 6 Comments [Financials, Global & FX]
Tuesday, April 30, 9:26 AM This just in: Some European banks are starting to mint money again. Today's strong earnings reports from UBS and Lloyds are the latest showing the payoff from the axing of numerous jobs and business lines to refocus on core operations. "We've got double-digit growth rates exactly where we want them," says UBS CFO Thomas Naratil on the CC (transcript). "In APAC, emerging markets, and ultra-high net worth segment." UBS +7.1% premarket. An ETF to keep an eye on: The MSCI Europe Financials Fund (EUFN). Comment! [Earnings, On the Move, Financials]
Monday, March 25, 11:07 AM The Italy (EWI -3.7%) and Spain (EWP -3.1%) ETFs lead a now-tumbling Europe (FEZ -1.8%) as - maybe we're being too simplistic here - Eurogroup President Dijsselbloem has more or less told anybody with greater than €100K in deposits at what could be a troubled bank they need to think about getting their money out. Italy's Unicredit and Intesa Sanpaolo are halted down more than 5%. EUFN -2.4%. 33 Comments [Global & FX, Financials, On the Move]
Monday, March 25, 10:45 AM The Cyprus deal is now a template for the rest of the eurozone, Eurogroup President Jeroen Dijsselbloem tells Reuters' Luke Baker. He's naturally referring to bailing-in uninsured depositors, but does he also mean capital controls and border checks for cash? Other eurozone countries need to work quickly, he says, to overhaul their own banking sectors. 33 Comments [Global & FX, Top Stories]
Monday, March 25, 5:12 AM Like in Asia, European shares rise, as do U.S. futures, following news of Cyprus's €10B bailout deal, with the EU Stoxx 50 +1.3%, London +0.6%, Paris +1.4%, Frankfurt +1.1%, Milan +0.4% and Madrid +0.8%. S&P futures +0.35%, oil +0.4%, gold -0.1%. 23 Comments [Global & FX, Top Stories, On the Move]
Wednesday, March 20, 4:47 AM Cyprus President Nicos Anastasiades is holding emergency meetings with party leaders and troika representatives after the country's parliament yesterday rejected a proposal to tax bank deposits as part of an EU bailout deal. Salvation could come from Cyprus' orthodox church, with Archbishop Chrysostomos II saying he would mortgage its considerable assets in order to invest in government bonds. Meanwhile, Finance Minister Michael Sarris is in Moscow to see if he can get a deal out the Russians. 3 Comments [Top Stories, Global & FX]
Monday, March 18, 9:29 AM The Cyprus bailout is credit negative for depositors across Europe, says Moody's, calling the bank levy a "significant step" towards removing systemic support for bank creditors. "The decision to impose losses on depositors signals euro area policymakers' willingness to risk triggering wider financial market disruptions in pursuit of other policy goals." Comment! [Global & FX, Financials]
Monday, March 18, 6:04 AM Cyprus's government is now reportedly considering a tax-free threshold for smaller bank deposits as it attempts to win over legislators for a plan to impose a one-time levy on savings ahead of a parliamentary debate later today. At the moment, the publicized plan is to tax deposits under €100,000 at 6.7% and those above that level at 9.9%. 1 Comment [Global & FX, Top Stories, Breaking News]
Monday, March 18, 5:10 AM European bank shares slide following news of the levy on deposits in Cyprus, which has prompted concerns of a run on banks elsewhere in the eurozone. The Stoxx Europe 600 Banks index -2.1%. In Madrid, BBVA -3.7%; in Milan, Banca Popolare di Milano -3.9%, Intesa Sanpaolo -3.3%, Mediobanca -4.6%, Banca Monte dei Paschi di Siena -3.8%. In Paris, SocGen -4.2%, Credit Agricole -2.9%, BNP Paribas -3.3%. In Frankfurt, Deutsche Bank (DB) -2.8%. Comment! [Financials, Top Stories, Global & FX, On the Move]
Monday, March 18, 4:53 AM As in Asia, shares in Europe slump on the proposed raid on bank deposits in Cyprus, while bond yields in Spain and Italy rise sharply. EU Stoxx 50 -1.7%, London -1%, Paris -1.3%, Frankfurt -1.3%, Milan -2.45%, Madrid -2.3%. Italy's 10-year yields +0.1 bps at 4.71%, Spain's +0.13 bps at 5.06%. Comment! [Global & FX, Top Stories, On the Move]
Monday, March 18, 2:57 AM Asian shares fall sharply following news of the raid on bank deposits in Cyprus as part of the island's bailout. The planned move also sends the euro and oil lower, while the yen regains its safe-haven status. Japan -2.7%, Hong Kong -2.4%, China -1.5%, India -0.9%. Euro -1.3% vs the dollar, -1.3% vs the pound, -2.2% vs the yen and -0.6% vs the Swiss franc. The yen is also +0.9% vs the dollar. WTI -1.2%, gold +0.3%. Comment! [Global & FX, Top Stories, On the Move]
Sunday, March 17, 7:46 PM "This is a nuclear war on savings and wealth," writes Jefferies' David Zervos of the Cyprus bailout. "This is a policy move you expect from a dictatorial regime ... not in an EU member state. If the EU governments can clandestinely expropriate 7-10% of their (citizens' savings) after the close of business on Friday night, what else are they capable of doing ... Why keep your money at a Spanish or Italian bank when you can jump to Germany or France ... Why even keep money in the EU banking system at all." 87 Comments [Global & FX]
Monday, March 11, 6:01 AM The U.K.'s Parliamentary Commission on Banking Standards has called for the government to assume the power to mete out collective punishment on the country's banks, saying that it should consider breaking them all up into retail and investment-bank activities if even just one of them breaches new ring-fencing rules designed to avoid another bailout.
2 Comments [Financials]
Monday, March 11, 3:45 AM Europe's repo market dropped 11.9% to €5.6T in 2012, a report shows, suggesting that many banks are still relying on cheap loans from central banks rather than on each other and on investors for short-term financing. Report author Richard Comotto says the larger concern is that the repo market is contracting at a time when authorities would like to see the financial sector reduce its reliance on central banks. 1 Comment [Financials, Global & FX]
Friday, January 25, 7:01 AM European banks can begin paying back their LTRO loans on Jan. 30, and the ECB expects €137.2B to be returned next week. It's a fairly significant portion of the more than €1T lent out, considering they were 3-year loans, with cheaper sources of funding opening up likely a major reason. 1 Comment [Global & FX, Financials]
Friday, January 18, 12:36 PM Crisis not over? "We are not out of the woods yet no matter how much Mario Draghi talks it down," says a treasurer with no imminent plan to being paying back his bank's LTRO borrowings from the ECB. "Regulators might want you to pay the money back, but banks still need some breathing space." (previous) Comment! [Global & FX, Financials]

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