Markets have run out of momentum since the US banks passed their stress tests.
Look at US bank stocks. The news on May 8 that 10 large banks would have to raise $75bn in capital prompted a euphoric reaction. Investors were relieved that regulators thought financial stress could be relieved with so little pain.
On May 8, the day after the stress tests, the S&P 500 Financials index rose 8.3 per cent to hit 175.8. It was up 115 per cent from the low it hit amid panic two months earlier.
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