Negative interest rates in the Eurozone and in other European countries are another problem for EUFN’s holdings.
Financial shares pushed higher Friday after J.P. Morgan (NYSE: JPM), Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) revealed earnings that beat analysts’ expectations, the Wall Street Journal reports.
J.P. Morgan posted profit that beat analysts’ estimate, with earnings at an adjusted $1.59 per share compared to expectations of an average $1.39 per share, on a 48% jump in fixed-income revenue on increased activity in government debt after the United Kingdom voted to break away from the European Union, reports Hugh Son for Bloomberg.
Investors can play further weakness in EUFN and European banking names with the new Direxion Daily European Financials Bear 1X Shares (EUFS), which debuted in August. EUFS is an inverse though not leveraged ETF.
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