Mixed market sentiment for financials

The cost of credit protection fell on European financials and rose on Middle Eastern banks in this morning's trading.

Five-year senior credit default swap (CDS) spreads referencing Madrid-based Santander tightened today, in to 125bp at 14:00pm London time from 140bp at the close of trading in New York on Friday, according to data from credit information specialist CMA Datavision.

Spreads on Paris-based Credit Agricole, which today announced a preliminary agreement with Société Générale to create a combined asset management business worth €638 billion, also moved in to 82bp from 87.8bp.

Meanwhile, CDSs on Mashreq

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