European bank stocks booked solid early gains Monday as regional markets rebounded and the single currency rose against the U.S. dollar amid solid growth prospects and renewed speculation of near-term European Central Bank tightening.
The region wide Stoxx Europe 600 Banks index, the broadest measure of financial sector shares, was marked 2.8% higher in the opening hour of trading while Deutsche Bank AG (DB) shares were marked 3.25% higher at €14.67 each. Its domestic rival, Commerbank AG (CRZBY) , gained 3.4% to change hands at €11.10 each. BNP Paribas SA (BNPQY) , France's biggest lender, was seen 1.7% higher at €66.60 while Banco Santander SA (SAN) , the biggest bank in Spain, saw its London-listed shares rise 2.7% to 508 pence each.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Breaking down an approach to the long side of this biotech stock.
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