EU Financials Spec Sales

This report provides a daily update on European financials, highlighting ECB policy expectations, a positive shift on Prudential and Standard Chartered, and insurance industry developments.

Key Takeaways

• 1.The ECB is expected to hike rates by 25bps with a data-dependent approach; market pricing for more aggressive hikes creates dovish risk.
• 2.Goldman is turning long Standard Chartered and Prudential, viewing recent underperformance as disconnected from actual earnings impact of regulatory changes.
• 3.US life insurers face increased liquidity and concentration risks due to structural shifts toward private credit and illiquid fixed-income assets.

Table of Contents

• ALL EYES ON THE ECB.
• MOVING TO HSBC/STAN/PRU: TURNING LONG STAN AND PRU.
• ELSEWHERE, BELGIUM DEPOSIT MIX.
• WHAT IS CATCHING MY EYES IN GS RESEARCH
• TODAY'S NEWS
• BANKS
• INSURANCE
• CORPORATE ACCESS EVENTS