High-Grade Financials
2 Marc Pinto & team Merrill Lynch
What is one of the key issues affecting your sector?
For most of Europe, the key issue today is earnings growth as asset quality deterioration looks relatively benign for the moment. The exception to the rule here is, of course, Germany where asset quality has really come to the fore with recent high-profile bankruptcies and defaults. While others may point to Spain as well, Argentina has not been the kind of threat to the European banks there as perhaps many had thought.
What trade
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