European Bank ADRs Move Higher After Stress Tests |
| Wall Street Journal - Jul 23, 2010 |
Shares of European banks trading in the U.S. moved slightly higher Friday afternoon as investors digested results of European stress tests, which, as expected, showed the large majority of banks would be able to withstand a potential economic downturn or government bond crisis.
The stress tests, intended to restore trust in the European banking system, showed most of the 91 banks scrutinized by the European Union's Committee of European Banking Supervisors passed with flying colors, and only seven banks--five from Spain, one from Germany and one from Greece--would need to raise new capital to fortify their finances and weather potential tough conditions.
Despite the results, some investors worried the tests may not be tough enough to reveal the real health of the European banking system.
Bank stocks hovered between positive and negative territory ahead of the results, with investors waiting to see if the stress tests were enough to quell concern about the banks' stability after a spring of fiscal and financial problems.
Read Full Article from Wall Street Journal
- Posted: 2010-07-23 13:51:59
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