Banks of Europe are not doing that good. The earnings of them looks not the best it could, with Deustche Bank and its 6 billion of net loss, meanwhile Barclays had a profit of £1.43 billion for Q3, less than forecast (but some could say: it's still profitable, not that severe) Anyway, with all that mess, the European markets are just a little red, being finally slightly lower but sometimes qualified as "mixed". Here's the numbers: FTSE 100 (from UK) is doing -0.65% or -42.00 pts, worst performer of these 4 countries, at 6,395.80 pts. CAC 40, best performer of the 4 countries, did -0.10% or -4.76 pts at 4,885.82 pts. DAX 30 did -0.29% or -31.12 pts at 10,800.84 pts. Finally, IBEX 35 at 10,397.20 pts with -0.24% or -24.70 pts.
They haven't been doing well for quite a while. I used to do some outsourcing for Bank of America and host meetings for banks from Europe and many skipped their appointments for certain banks because they weren't interested. Since the bailouts and also the Greek situation there is less confidence and because the EU does look unstable (they are funding the migrant crisis) those that do use the Euro are looking weak, especially where it lost value during the Greek bank closure.
Those numbers are pretty painful and a kick in the lower regions to the banks. I wonder how things will look in Q4. Any guesses? Will we see them making a rise again, will they stay level or in the worse case, are they on a slippery slope?
Oh come on, you can't say migrants are the new plague of the economy, given economical problems in Europe are just happening since years. Economically, it may just be more taxes for the government, but nothing else than that, seriously. So no, banks are not financing a lot the "migrants". The problem is that they play at the same time like if the economy wasn't that bad, but acting to clients like if the economy was still bad. You can't play that game for too long, that's not serious, and they did bad investments, that's all. I wouldn't play to predict the Q4 when we didn't even entered the November month. I am currently unable to forecast the U.S. economical growth (this is the only area I expect a pick-up).
