Wednesday morning, the leading European Bank stocks are trading slightly lower on the session. One of the leading European Bank stocks that every trader should follow is Deutsche Bank AG (USA) (NYSE:DB). This stock can be used as a barometer for most other leading European banks. Earlier today, Germany reported a decline in industrial production. Why is Germany so important? Germany might be the only solvent country in the entire European Union.
If and when euro-bonds are issued to help bailout the other European Union countries such as Spain, Italy, and others it will be Germany who will be on the hook for those interest payments if Europe does not start to grow. This tells us that we must watch the action in DB stock very closely. Today, DB stock is trading lower by 0.44 cents to $31.18 a share. Short-term day traders should watch for intra-day support around the $30.50, and $30.00 levels.
Some leading equities that track the European financial markets closely include UBS AG (USA) (NYSE:UBS), Credit Suisse Group AG (ADR) (NYSE:CS), and the Ishares MSCI Europe Fincls Sctr Index Fund (NASDAQ:EUFN). All of these equities are trading slightly lower on the session.
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European Bank Stocks Creep Lower
Published 08/08/2012, 01:05 AM
Updated 07/09/2023, 06:31 AM
European Bank Stocks Creep Lower
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