Sarkozy and Merkel have gone from killers of the markets to saviors of the market, and oddly enough there is no full resolution yet to the Euro Zone debt crisis other than he hope that the two will reach an agreement of sorts on higher oversight of local government budgets. The move has European bank ADRs on the rise all over again.
Spain is a particular winner. Banco Santander, S.A. (NYSE: STD) is up almost 5% at $7.94; and Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA) has not traded but shares are indicated up around $8.90 in New York after a $8.53 close on Friday.
The Bank of Ireland (NYSE: IRE) is up almost 4% at $5.02.
The Swiss banks are on the rise as Credit Suisse Group (NYSE: CS) is up 2.6% at $25.25 and UBS AG (NYSE: UBS) is up 1.6% at $12.44.
Deutsche Bank AG (NYSE: DB) is up 1.2% at $40.48.
National Bank of Greece SA (NYSE: NBG) has not yet traded.
The British Banks are higher as well and they are technically not a part of the Euro Zone other than doing business in Europe. Barclays PLC (NYSE: BCS) is up 4.1% at $12.35; The Royal Bank of Scotland Group plc (NYSE: RBS) is up 5.9% at $7.15.
JON C. OGG