Quotes from the news wire:
British corporate executives will be sweating before the release (of Labour's manifesto), the more extreme the Labour manifesto, the more volatility we'd expect to see in the pound and UK shares when the polls tighten closer to election day. We still favour a break above 1.30 in sterling but stand ready to reverse that call if Labour's manifesto can capture the public's imagination.
(The earnings season) is going pretty well in Europe, just not quite at the same pace as the U.S. ... the U.S. are just a couple of steps ahead in terms of their movement through the economic cycle, we're looking actually at the next set of few quarters of growth, earnings acceleration probably, whereas in the U.S. ... the growth is probably going in the other direction.
Yesterday, higher oil prices, surging commodity stocks and bounce in banking shares prompted an extension of the rally that began on February 12, today though, European markets look to pull back from those gains, alongside a dip in oil as China stocks fall and mining giant BHP Billiton slashes its dividend.
It takes a brave soul and deep pockets to buy these mining stocks when they're this heavily down, i don't see them rebounding massively in the general context of things unless there's some sort of extra explanation by the People's Bank of China or some move by some other central bank to combat this devaluation.
Sabadell can diversify away from the Spanish market with this deal, so it could be good for them. But they have to set aside the cash, and it's a new market for them, so a bit of an unknown, european banks still need strong balance sheets, and maybe acquisitions aren't the conservative approach investors are looking for.
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