Credit conditions are tightening in both Europe and the United States. Our analysis follows in our mid-quarter update, Tightening Credit. Prefer to download this presentation in PDF? Please click here. 1. Summary -Credit conditions in both Europe and the United States tightened significantly recently. -We had our AI engine...
This week as regional banks start reporting earnings we will get a better look at the lasting effects of the bank crisis kicked off by the failure of Silicon Valley Bank last month. Looking at recent earnings forecast revisions, regional banks appear particularly exposed to...
The chart below demonstrates the multi-year decline in Credit Suisse’s business. Credit Suisse's problems revealed today stem from issues the company discussed last June in a profit warning. Below is a chart of Credit Suisse’s assets under management discussed during that profit warning. According to a January...
There is an old belief that when bank stocks are doing well, the economy must be doing well also. With this in mind, we decided to take a look how the banking sectors have performed in seven different countries: USA, Germany, United Kingdom, France, Japan,...
USD based investors should be wary of Canadian banks. Canadian banks have taken a beating in 2015 and the near-term trend doesn’t look to be abating anytime soon. The average USD performance of a Canadian bank year-to-date is a ”correction” worthy -13%....
To say that Greek banks are underperforming is more than a gross understatement of fact. The visual representation of that performance, however, is really quite stunning....
Government bond yields in Europe have declined rather rapidly in the new year– and Spain is no exception: Earlier today, the country followed in the footsteps of Ireland as its first auction of 2014 produced better than expected results.Perhaps, then, it is no surprise that...
Following in Spanish banks’ footsteps, the Italian Banking Association announced a 23%yoy increase in non-performing loans in the month of September. The total of about €145 billion accounts for nearly 7.5% of lending (up from just under 6% in the same month last year)....
After a brief decline late last year and into 2013, non-performing loans at Spanish banks increased again in September and now account for 12.7% of lending (up from 12.1% in August and 10.1.% a year ago): Financial companies have been the worst performers in MSCI...
Over the last 3 months, every bank in Europe has outperformed the MSCI World Index, some by 50-70%. Two-thirds of the companies sell for below book value....
