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Keep Your Eye on European Bank Stocks
To judge by the euro, the “what, me worry?” verdict from this morning’s European Central Bank meeting didn’t change much about the outlook. But that may be missing a canary in a coal mine: European bank stocks. The ECB not only didn’t change interest rates Thursday, but chieftan Mario Draghi also talked down speculation of additional, non-traditional easing measures. In the aftermath, the euro is locked at $1.3150, pretty much where it had been for weeks. That lack of movement disappointed both the consensus, which had expected the euro to gain on a status-quo ECB, and the few calls out there that predicted ... (full story)