while Brussels were busy screwing our banking system to the wall they let some others European slip below the radar screen. well can't see why we are down we have had minders even coming into the toilets with our chief execs. stupid markets. cant see why market is "surprised" esfg has been a questionable player for years.
The problem seems to be ( and it was discussed on Bloomberg early this morning) is that Espirito Santo is just the start. basically its a small bank and so on its own not a big problem. but its feared that its indicative of many regional banks in spain, portugal greece, italy etc. that and the fact that bigger banks STILL dont know what their exposure to the problem is when they buy complex loan products. It makes everybody nervous. thats why the whole banking sector is on a downer. so even though Lloyds has some good point and potentially good news at the end of the month overall sentiment is bringing the market down. It will get sorted out, but its likely it will take a few months dont expect the share price to recover until october IMHO. and when I say recover I mean above 78/79
Funny that, I was just thinking the same thing. They default on a bond payment while at the same time have the cheek to have a sell rating on Lloyds shares. Those in the know must have heard this was coming and thus the general sell-off of bank shares this past week or so.
Given today’s woes of Espírito Santo Financial Group, Espírito Santo Execution LLOY target price of 70p was presumably based on insider trading information about the state of their own company … Are we returning to the EuroWoe days of three years ago?
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