European Stock Bulls Are Laughing All the Way to the Banks
Ingves: Expect Banks to Faithfully Implement Basel III
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Banking regulators just handed European stock bulls a whole lot to smile about.
Buoyed by speculation that new capital rules will free up more cash than expected for dividends, banks on the Stoxx Europe 600 Index rose 3 percent on Friday, beating the broader gauge by the most since April and breaking through multiple technical milestones. ABN Amro Group NV soared 6 percent, while BNP Paribas SA -- which has said that its payout target depended on regulation -- added 4.1 percent.