Something interesting to notice...
While equity markets in Europe and the US are enjoying a fairly strong day, the US banking sector looks pretty bad.
US investment banks -- Goldman Sachs and Morgan Stanley in particular -- are badly underperforming, with the latter off around 3.5%.
Something you have to wonder is if they're getting sucked lower by the short-selling ban on banks in Europe. After all, if you can't short a European bank, you have to find a proxy. CDS are one proxy. Possible American counterparties are another.
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