Here's Why Bank Stocks (DB, BAC, GS) Soared Today

By Zacks Investment ResearchStock MarketsApr 24, 2017 01:51AM ET

www.investing.com/analysis/here's-why-bank-stocks-(db,-bac,-gs)-soared-today-200184805

Here's Why Bank Stocks (DB, BAC, GS) Soared Today

By Zacks Investment Research | Apr 24, 2017 01:51AM ET

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Shares of the world’s biggest banks are soaring on Monday after the results of the French election eased concern about big financials with international exposure. The biggest gainer to start the week looks to be European giant Deutsche Bank (NYSE:DB) , which opened more than 10% higher today.

The important first round of France’s presidential election resulted in centrist candidate Emmanuel Macron and far-right leader Marine Le Pen advancing to the runoff. This was the desired outcome for many hesitant investors, as Macron holds a solid lead over Le Pen—and all of her associated uncertainty—in the latest head-to-head polls.

As the Eurozone continues to recover from the Brexit vote, a Macron victory is being welcomed from investors who view his presidency as a catalyst for a healthier European Union. While Macron desires a stronger partnership between Paris and Brussels, Le Pen has suggested that France reconsider its position in the bloc.

Deutsche Bank saw the biggest gain following the election, as investors now expect few changes for European banks, but others with Eurozone exposure, including Goldman Sachs (NYSE:GS) , Bank of America (NYSE:C) , and Citigroup (NYSE:C) , also popped on Monday.

The SPDR S&P Bank (MX:KBE) ETF KBE, which currently sports a Zacks ETF Rank #1 (Strong Buy), was up more than 2.3% in morning trading hours.

The euro was also up following the results of the election, hitting a nearly six-month high against the dollar on Sunday and continuing to climb on Monday.

Investors should look for bank stocks to continue climbing this week, as President Trump is scheduled to reveal more details of his tax reform plan—a bill that is expected to ease operations for big banks—on Wednesday.

More Stock News: 8 Companies Verge on Apple-Like Run

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Citigroup Inc. (C): Free Stock Analysis Report

Bank of America Corporation (NYSE:BAC): Free Stock Analysis Report

Deutsche Bank AG (DE:DBKGn) (DB): Free Stock Analysis Report

Goldman Sachs Group, Inc. (The) (GS): Free Stock Analysis Report

SPDR-KBW BANK (KBE): ETF Research Reports

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Zacks Investment Research

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Central Banks

Interest Rates

Next Meeting

FED

4.50%

Mar 19, 2025

ECB

2.90%

Mar 06, 2025

BOE

4.50%

Mar 20, 2025

SNB

0.50%

Mar 20, 2025

RBA

4.10%

Apr 01, 2025

BOC

3.00%

Mar 12, 2025

RBNZ

3.75%

Apr 09, 2025

BOJ

0.50%

Mar 19, 2025

CBR

21.00%

Mar 21, 2025

RBI

6.25%

Mar 10, 2025

PBOC

3.10%

BCB

13.25%

Mar 19, 2025

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Here's Why Bank Stocks (DB, BAC, GS) Soared Today

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