International markets remain nervous but Irish banks sparkle

International markets remain nervous but Irish banks sparkle
Negative interest rates undermine bank profitability

Janet Yellen’s testimony to Congress was especially unsettling

Despite the stock market rebound on Friday, international markets remain nervous following Thursday’s rout, which reinforced the major declines across all of the main market indices since the start of the year.

Aside from continuing concerns about China – not helped by the lack of transparency and confidence in its official figures – Janet Yellen’s downbeat testimony to Congress- (including hints of a possible move to negative interest rates) was especially unsettling for financial stocks.

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