You might not exactly be seeing a total “sell the news” reaction to Germany’s constitutional court rejection of a challenge to block a permanent eurozone rescue fund.  This is great news for Angela Merkel and a 500 million euro plan, but the reaction so far is muted in the key banking stocks if you look around.

In America, Citigroup Inc. (NYSE: C) and Bank of America Corp. (NYSE: BAC) are both up only about 1%, partly because they rose close to 10% in recent days. Wells Fargo & Co. (NYSE: WFC) and J.P. Morgan Chase & Co. (NYSE: JPM) are only up about 0.5% on the news so far in early trading.

National Bank of Greece S.A. (NYSE: NBG) is so far bucking the muted reaction trend due to Greece being so dependent on any good news at all. Its ADRs are trading up 11% in New York trading so far at $2.51.

The Bank of Ireland (NYSE: IRE) ADRs are barely higher, around $5.90 in New York after a $5.86 close on Tuesday.

Banco Santander S.A. (NYSE: SAN) is up 1.9% at $7.99 in New York ADR trading.

Deutsche Bank AG (NYSE: DB) shares were only up two-cents in Frankfurt to 33.17 in local trading, but volume was above average.

Here is how the Brits and Swiss are faring so far:

• Barclays PLC (NYSE: BCS) is up 1.5% in its ADRs in New York and shares are up 1.1% in London; Lloyds Banking Group PLC (NYSE: LYG) is up over 3% in local London trading but has not traded in New York ADR trading yet; and the Royal Bank of Scotland Group PLC (NYSE: RBS) is indicated up 4% around $8.85 in its ADRs in New York and shares are up 3.3% in London.
• UBS A.G. (NYSE: UBS) is seeing its shares up 1.4% so far in local trading; and Credit Suisse Group (NYSE: CS) is indicated up more than 3% at $22.30 in New York ADR trading

JON C. OGG