Credit Suisse (CS) (STD) (BBVA) (LYG) (BCS) Jump on Interest Rate Hike
Shares of foreign banks Credit Suisse Group (NYSE:CS), Banco Santander (NYSE
NYSE:LYG) and Barclays Plc (NYSE:BCS) all closed up on Wednesday in New York
on expectations there will be an interest rate boost from the European
Central Bank.
It is anticipated the the benchmark rate will be raised by 25 basis points
in the afternoon today, the first bump up since July 2008. From there it is
expected the central bank will continue to raise rates on an annual basis.
Overseas banks will probably be beneficiaries of the increase in interest
rates.
Banco Bilbao Vizcaya Argentaria closed Wednesday at $12.69, rising $0.61, or
5.05 percent. Credit Suisse closed at $44.08, gaining $1.41, or 3.30
percent. Banco Santander ended the session at $12.12, increasing $0.40, or 3
.41 percent. Lloyd's Banking Group closed at $4.01, up $0.15, or 3.89
percent. Barclays closed at $19.36, jumping $0.63, or 3.36 percent.
