Banks gained ground today, after positive noises from Deutsche Bank about fourth quarter trading.
Lloyds led the way, up by 1.6% to 69p, while Royal Bank of Scotland and Barclays both added just over 1% to their value.
The lift for the banks came after UBS's results yesterday dragged the sector down. Deutsche's numbers showed a €1bn pre-tax loss, but it was its comments on a rebound in September and prospects for the fourth quarter that appeared to lift the sector.
CFO Stefan Krause said the bank was "very positive" about the fourth quarter, particularly after strong trading in late September.
Reuters said:
The rebound in sales and trading of debt products since late
September had left the bank "very positive" about the fourth
quarter, Chief Financial Officer Stefan Krause said on
Wednesday, adding the uncertain nature of markets left Deutsche Bank unable to give a definitive outlook.
The lift for the banks eased the pressure a little on the FTSE 100 today, hit by the fall in mining stocks after the dollar's strengthening. The index was down 36 points to 5,671.
