European Bank Stocks Rise on Improved Outlook
Jul 3rd, 2008 | By Jennifer Yousfi | Category: Featured, Financial NewsAfter the global financial industry shed $403 billion in write-downs, European banks are finally turning a corner and boosting their share prices.
German giant Deustche Bank AG (DB) and Switzerland’s UBS AG (UBS) both declared they would not need to raise further capital yesterday (Wednesday) as the bulk of losses tied to mortgage-backed securities is now behind them.
“At first glance this is some much-needed positive news for Deutsche in particular but also for the whole sector,” Helge Rechberger, head of equity market research at Raiffeisen Zentralbank in Vienna, told Bloomberg News. He said he remains “cautious” about the financial industry.