And big banks vs regional banks
Good morning. French twist! Tactical candidate withdrawals by the centre and left have forced the right into third place in the second round of French national elections. The right were once expected to finish first, perhaps with an outright majority. Politics, like markets, is a dynamic system full of unexpected feedback loops. Pontificate carefully! Email me: robert.armstrong@ft.
Even if there is not, one can respect his courage for taking the unpopular side of the binary trade that is today’s US stock market. The fortunes of big banks and regional banks have diverged in a big way in the last five months: The reasons for this are reasonably well understood: Accepting all that, though, it is a historical fact that the large bank and regional bank indices do not move too far apart for too long.
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