European equities have turned to trade in the red since the open as earnings are starting to show the consequences of Covid-19. Second round of US banks recently reported and as expected, neither have surprised us. BoA, Citi and GS all had a bad Q1 – BoA mainly due to reserve build, GS mainly impacted by asset management losses and Citi’s focus will be on credit (despite a good top-line). Here in Europe, Banks continue to underperform (currently the worst sector of the SXXP) with relative lows for Banco Santander, Intesa SanPaolo, Caixa Bank, Danske Bank and Standard Chartered.
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