DBD Strategy Daily - EUROPEAN BANKS STILL WEAK
We have argued several times that the weakness in European banks was the central problem of European equity markets. The sector has been leading indices down, it has reached a new low for 2018 last week and the bounce is very weak. Of course, this new low could be a trap. Traps usually cause fast and decisive reactions. This is not what we face on banks.This market is very slow, and therefore opens continuous windows on doubt. But August signals are bearish, even if nothing seems to follow through. We think Deutsche Bank is a major risk. The strong bullish reaction we had recently did not change anything to the bearish trend.
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