European bank stocks surged Wednesday as data showed the Eurozone economy exited the recession with a growth in the second quarter. Gross domestic product for the Eurozone grew by 0.3 percent in the second quarter, compared to a 0.3 percent contraction in the previous quarter, breaking a streak of six consecutive quarters of contraction. The growth was driven by strong performances from France and Germany, who posted gains of 0.5 percent and 0.7 percent, respectively. “We’re not seeing a recovery, it’s only a stabilization,” said Sylvain Broyer, Chief Eurozone Economist at Natixis in Frankfurt. “What we need is a pick-up in productive investment and I don’t see that yet. You would need a good three to four quarters of positive growth in the euro area to expect the unemployment rate to edge down.”
Banco Bilbao Vizcaya Argentaria SA (NYSE: BBVA) shares traded in the range of $9.97 to $10.13 Wednesday before settling to close at $10.09, an increase of 0.90 percent. The stock appears to be facing some resistance at $10.35 with some support at the $10.10 and $9.92 levels. Shares of Banco Bilbao have gained approximately 7.0 percent in 2013.
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National Bank of Greece (NYSE: NBG) shares traded in the range of $3.95 to $4.26 Wednesday before settling to close at $4.20, an increase of 7.14 percent. The stock appears to be facing some resistance at the $5.70 and $6.55 levels with some support at $3.85. Shares of National Bank of Greece have fallen approximately 76.0 percent in 2013.
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Royal Bank of Scotland Group plc (NYSE: RBS) shares traded in the range of $10.51 to $11.05 Wednesday before settling to close at $10.84, an increase of 4.03 percent. The stock appears to have some support at the $10.81, $10.48 and $10.18 levels.
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Banco Santander, S.A. (NYSE: SAN) shares traded in the range of $7.58 to $7.71 Wednesday before settling to close at $7.69, an increase of 1.32 percent. The stock appears to be facing some resistance at the $7.70 and $7.79 levels with some support at $7.60. Shares of Banco Santander have fallen approximately 6.0 percent in 2013.
More information on Banco Santander and access to the free equity report can be found at:
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