2025-03-26
6 分钟Welcome to Thoughts on the Market, I'm Bruce Hamilton,
Head of European Diversified Financials, and I'm Alvaro Serrano, Head of European Banks.
Today we'll discuss our key takeaways from Morgan Stanley's 21st European Financials Conference last week.
It's Tuesday, March 25th, 3pm here in London.
We were both at the conference here in London,
where we had more than 550 registered clients and roughly 100 corporates in attendance.
Alvaro, once again, you were the conference chair,
and I wondered if you could first talk about the title of the conference this year, Europe's Moment.
What inspired this, and was it a clear theme at the conference?
European banks are probably one of the strongest performing sectors globally.
That has been on the back of expectations and prospects of a UK peace deal,
expectations of high defence spending, and we were going to German elections.
I think it's fair to say that post-German elections,
Germany has delivered above expectations on the fiscal package, and the announcement was a big boost.
At a time where US growth is starting to be questioned,
I think it's turning the investment flows into Europe, into Europe's moment to shine, and hence the title.
And what were some of the other key themes and debates that emerged from company presentations and panels at the conference?
The German financial package definitely dominated the debate,
but it was how it fed through the P&L that was the more tangible discussion.
First of all, on NII, net interest income, definitely more optimism among banks.