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French Banking Sector Reaction to Macron’s Win
Commenting on the French banking sector’s reaction to Macron’s win, Jaisal Pastakia, Investment Manager at Heartwood Investment Management, said:“Over the last two weeks French banks had benefitted from an improvement in sentiment towards European equities, as well as positive earnings releases. Both Societe Generale and BNP Paribas came out with Q1 earnings releases which exceeded earnings expectations.
“European bank equities are down this morning, but it is important to remember that they rallied strongly following the first round of the Presidential election. In fact, towards the end of last week, Societe Generale’s share price was trading at its highest level since Q1 2011. Meanwhile, towards the end of last week, BNP Paribas’ share price was trading at its highest level since 2008
“Beyond the equity markets, we are seeing positive sentiment being reflected in the CDS markets. CDS spreads for the two largest French banks have continued to fall, reflecting a declining risk premium:
- BNP’s CDS spread has continued to fall this morning and is at the lowest level since Q2 2015
- Societe Generale’s CDS spread has continued to fall this morning and is at the lowest level since 2008”
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When Will AI Replace Your Job?
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Black in Fintech Launches Speaker Index as Community Expands With Senior Advisory Board
Black in Fintech has launched a speaker index to increase the visibility of Black professionals across financial services and fintech
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