Shares in Europe’s biggest banks climbed to their highest levels since the global financial crisis this week, as a sharp rise in long-term interest rates fuels bumper earnings.
Big banks have enjoyed a renaissance, with London-listed shares in HSBC hitting a record high ahead of results this week while Barclays and Santander also reached their highest levels since 2008. Italy’s UniCredit touched its highest since 2011.
The rally marks a turnaround for one of Europe’s most unloved sectors, which has struggled to recover from past crises and compete with US peers.
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