European banks are starting to close the valuation gap to their US. peers on a price-to-book ratio, spurred on by better economic data, declining political risks and the ECB moving toward tapering QE. The Stoxx 600 banks index is up about 9% YTD. while the KBW bank index is little changed.
Non-U.S. Banks may close the performance gap to American peers, Citi says today in a note. yet a look at those from the EU periphery shows some of the region's lenders may be able to get more even with the US than others.
Source: Bloomberg Pro Terminal
Senan Fuchedzhiev - Trader
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