Bank shares up, 'good week' predicted on exchanges

7 July 2008

Bank shares are performing well on the European exchanges this morning, due in part to a dip in oil prices.

The FTSEurofirst 300 index was up one per cent at 1,174.83 points as of 8.21am BST - with growth driven by a 1.4 per cent rise in bank stocks, Reuters reports.

As crude oil prices retreated from their all-time high of $146, set last week, London-based HSBC was up 1.4 per cent - while UBS and Credit Suisse put on 0.6 to 1.2 per cent in Zurich.

Commenting, head of macro and strategy research at Cazenove Darren Winder said: "I would have thought that this would be an up week…[the market is] due a rally…It's had a significant decline now."

He added: "There is very little conviction in the market, but there is recognition that we've seen quite a sell-off over the last few weeks so we're almost bound to get some sort of squeeze."

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