We integrate into our watchlist (on the downside) the ETF Lyxor BNK (European Bank index), whose fees are 0.3% and the AUM of approximately 775 M€. The ongoing correction in the banking sector is related to the relapse in interest rates, while the ECB seems less in rush to normalise monetary policy.
The economic context (very low inflation) does not justify for the moment a normalisation of monetary policy according to the ECB. Above all, the rise of the Euro is likely to have a negative impact on the eurozone's growth and the ECB sends a signal to the markets. No stopping of the QE for now, which would risk supporting the European currency. As a result, rates are at their lowest, and banks will continue to see their margins under pressure.
The technical configuration shows that a mid-term correction is underway, while the long-term trend remains positive for the moment. BNK should continue to underperform the Stoxx600 in the coming weeks, but European growth should eventually favor the return of inflation later on.
BNK : Monthly data
BNK : Weekly data
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We integrate into our watchlist (on the downside) the ETF Lyxor BNK (European Bank index), whose fees are 0.3% and the AUM of approximately 775 M€. The ongoing correction in the banking sector is related to the relapse in interest rates, while the ECB seems less in rush to normalise monetary policy.
BNK : Monthly data
BNK : Weekly data