** European equity traders increasingly looking to creditmarkets for cues on how to trade financial stocks, as the costof insuring against defaults continues to rise
** Multiple traders point to breakouts in key CDS indices asevidence of growing concern on the health of Europe's banks andinsurers
** iTraxx Subordinated and Senior Financials indices both hit multi-year highs on Wednesday.Charts: http://reut.rs/1PzMVs3 / http://reut.rs/1PzMPAo
** Stoxx 600 Banks index falls 4.9 pct, hitting lowsnot seen since August 2012
** Index lost around $200 bln - a fifth of its value - inJanuary
(RM: alasdair.pal.thomsonreuters.com@reuters.net)