Weekly Investment Focus

▪ Since 2009, American banks have not been able to do better than the S&P 500
▪ There are many reasons, including a low rate environment, regulatory constraints, and digitalisation of the sector
▪ However, US lenders look appealing thanks to a dynamic credit activity, low valuation and high dividend yield
▪ Last but not least, the steepening of the yield curve will definitely help banks to make money
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