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Wall Street views Bank of America as the most rate sensitive among the US money centre banks, hence any Fed move in June will mean a valuation rerating for the bank.
As Wall Street dumps high momentum biotech/internet shares, the world's leading money centre banks offer the potential for lower risk capital appreciation and rising dividend payouts.
Money centre banks have been a loser asset class in January and February as the capital markets price in the cumulative impact of a flatter US Treasury yield curve, financial distress in the energy loan book, regulatory restrictions, mediocre fixed income trading profits and equity trading volumes.
It is no coincidence that a steeper yield curve last week lifted dirt cheap US money centre banks Citigroup, Bank Am and investment banks Goldman and Morgan Stanley.