European Banks Diverge From U.S. Banks
This morning, most of the leading European banks are coming under some early selling pressure. Meanwhile, the leading financial stocks in the United States are trading higher on the day. Traders can easily look at a J.P. Morgan Chase & Co (NYSE:JPM) and see that the stock is now trading higher by 0.75 cents to $41.20 a share. This is a new eight month high for JPM. On the flip side, leading European stocks such as UBS AG (NYSE:UBS), Deutsche Bank AG (NYSE:DB), and Credit Suisse Group (NYSE:CS) are all trading lower on the session. It is also important to note that all of the European banks are weaker on the daily charts as they remain below the October 2011 highs.
Traders that want to track the European financial stocks can follow the iShares MSCI Europe Financial Sector Index Fund (NASDAQ:EUFN). This morning, the EUFN is trading lower by 0.23 cents to $17.64 a share. The EUFN will have intra-day support around the $17.00 level.