Banks' CDS spreads tighten after positive Q2

Market sentiment towards financials has improved in the past week as the continued wave of positive second-quarter bank results helped nudge the cost of credit protection lower on all major US and European banks.

Recent profit reports from Goldman Sachs, JP Morgan, Bank of America and Citi were matched last week with similar announcements from some of the large European firms. Five-year senior credit default swaps (CDS) referencing Credit Suisse moved in from 82.4 basis points at New York close on Monday July 20 to 67.2bp at close yesterday, according to data from credit information specialist CMA Datavision. On July 23, the bank announced quarterly profits of Sfr1.6 billion ($1.49 billion) driven by its

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