Foreign Banks Kick Off December With Significant Gains
December 03 2010 - 8:46AM
Marketwired
After plummeting in November, shares of Foreign Banks have been
mounting a steady comeback this week. European debt fears have at
least partially waned as the European Central Bank signaled that it
could take new steps to prevent the market contagion by buying more
bonds of crisis-stricken countries. The key issue for Europe going
forward appears to be whether it can prevent a country as large as
Spain from requiring assistance. Spanish borrowing costs rose
sharply as the Irish crisis took hold, with the 10-year yield seen
at 4.73% compared to less than 4% in early October. The Bedford
Report examines the outlook for companies in the Foreign Banking
Sector and provides research reports on Popular, Inc. (NASDAQ:
BPOP) and UBS AG (NYSE: UBS). Access to the full company reports
can be found at:
www.bedfordreport.com/2010-12-BPOP
www.bedfordreport.com/2010-12-UBS
Recent data released from the Federal Reserve suggests that the
level of financial distress in Europe during the financial crisis
may have been more severe than previously thought. British banks
were among the recipients, and borrowed more than a trillion US
dollars, while Swiss-based UBS alone borrowed a total of $74.5B,
though UBS said its use of the Fed was "relatively modest" given
its presence in the US.
The Bedford Report releases regular market updates on the
Foreign Banking Sector so investors can stay ahead of the crowd and
make the best investment decisions to maximize their returns. Take
a few minutes to register with us for free at www.bedfordreport.com
and get exclusive access to our numerous analyst reports and
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While Foreign Regional banks such as Popular and First Bancorp
still owe significant amounts in TARP money, the company's stocks
did not struggle like most foreign banks last month. Popular Still
owes $935 million in TARP money. In the third quarter the company
earned $494.5 million, or 48 cents per share.
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