No Friday feeling for euro zone bank stocks
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NO FRIDAY FEELING FOR EURO ZONE BANK STOCKS
Euro zone bank stocks .SX7E are down 1.8% and are the worst-off sector today.
But not to worry. According to one analyst, today's move could be discounted due to the fact that it's triple witching hour.
Triple witching is the simultaneous expiration of stock options, stock index futures, and stock index options contracts, all on the same trading day, they said.
"Don't also forget that PMIs across the board came in below than expected which does not help either," they added.
Euro zone business growth slowed sharply this month as demand fell for the first time since February.
Despite the reassurance, it still hasn't been a great month for euro zone bank stocks. The ECB has cut interest rates, leaving the sector down 7.5%loss so far this month. And with one week left until July, they are heading for their first negative monthly return since October.
The main names behind today's downward move include Banca Monte dei Paschi di Siena BMPS.MI down 4.2%, and the likes of Spain's Caixabank CABK.MC, off 3%, and Italy's Unicredit CRDI.MI, down 2.5%.
(Lucy Raitano)
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FRIDAY'S OTHER LIVE MARKETS POSTS:
BROKERAGES STICK TO AUGUST RATE CUT AFTER BOE'S 'DOVISH' JUNE MEETING CLICK HERE
WEEKEND WORRIES CLICK HERE
WHAT'S BETTER THAN A 'TRIPLE WITCHING'? A QUAD WITCHING! CLICK HERE
GOLDILOCKS WORRIED ABOUT THREE BEARS, NOT FRANCE CLICK HERE
IN THE 2024 U.S. ELECTION, THE KIDS ARE ALRIGHT CLICK HERE
BANKS DRAG WHILE HEALTHCARE, DRINKS PROVIDE LIFT CLICK HERE
EUROPEAN FUTURES SIGNAL TEPID OPEN CLICK HERE
DOLLARS BACKED BY DOVE WITH SHARPEST CLAWS CLICK HERE
PCE inflation stuck above the Fed's target https://reut.rs/4ew8rxG
Americans' main economic concern is affordability https://reut.rs/3Vjj7bf
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