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Banking, finance, and taxes

Euro Banks on the Rise for Merkel/Sarkozy (STD, BBVA, IRE, CS, UBS, DB, NBG, BCS, RBS)

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By Jon C. Ogg Updated Published
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Sarkozy and Merkel have gone from killers of the markets to saviors of the market, and oddly enough there is no full resolution yet to the Euro Zone debt crisis other than he hope that the two will reach an agreement of sorts on higher oversight of local government budgets.  The move has European bank ADRs on the rise all over again.

Spain is a particular winner.  Banco Santander, S.A. (NYSE: STD) is up almost 5% at $7.94; and Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA) has not traded but shares are indicated up around $8.90 in New York after a $8.53 close on Friday.

The Bank of Ireland (NYSE: IRE) is up almost 4% at $5.02.

The Swiss banks are on the rise as Credit Suisse Group (NYSE: CS) is up 2.6% at $25.25 and UBS AG (NYSE: UBS) is up 1.6% at $12.44.

Deutsche Bank AG (NYSE: DB) is up 1.2% at $40.48.

National Bank of Greece SA (NYSE: NBG) has not yet traded.

The British Banks are higher as well and they are technically not a part of the Euro Zone other than doing business in Europe.  Barclays PLC (NYSE: BCS) is up 4.1% at $12.35; The Royal Bank of Scotland Group plc (NYSE: RBS) is up 5.9% at $7.15.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.

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