Finance

Earnings should boost hot bank trades: RBC’s Gerard Cassidy

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One of the year’s hottest trades may get a boost from earnings season.

RBC Capital Markets’ Gerard Cassidy expects financials to exceed Wall Street expectations when they start reporting this week.

“The big beats are likely to come from the loan loss reserve releasing numbers,” the firm’s head of U.S. bank equity strategy told CNBC’s “Trading Nation” on Friday. “Last year because of the pandemic, the banking industry set aside billions of dollars in anticipated credit losses, and the reserves for these losses weren’t used.”

Financials were the third worst performing S&P 500 group in 2020, behind energy and real estate. So far this year, Financial Select Sector SPDR Fund, which tracks the…



Source cnbc.com

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