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Market Tips: Gains in US Banks Are Overdone

CNBC.com
Tuesday, 14 Jul 2009 | 5:13 AM ET

The banking sector was one of the best performing sectors Tuesday, giving Asian and European stocks a boost after bullish comments on the sector made by banking analyst Meredith Whitney. Experts tell CNBC what they expect of the financial sector.

Gains in US Banks Are Overdone

Castor Pang, strategist at Sun Hung Kai explains why he thinks the gains on the U.S. banks were overdone. He also gives his take on how this will affect Hong Kong's banking counters.

Financials Are Bottoming Out

Financials are looking better in the short term, Joseph Quinlan, Chief Market Strategist, Investment Strategies Group at Bank of America tells CNBC. "The banks are well capitalized. The economy is bottoming out here and with that so will bank profits. Longer term, we still have delinquencies, the foreclosures and the housing and so forth. But we're seeing the bottoming out of the financial sector," he said.

Market Upturn by October

Shane Oliver, head of investment strategy at AMP Capital Investors says stock markets will enjoy a true upswing by October and he discusses the sectors he likes with CNBC on this installment of Protect Your Wealth.

Consolidation to Continue in Asia

Expect consolidation to continue in the Asian markets, says Tey Tze Ming is Market Strategist at Saxo Capital Markets.

Yen to Weaken As Global Outlook Improves

The yen will weaken from current levels of 92-93 versus the dollar as the global economic outlook becomes better, says Callum Henderson, head of forex strategy at Standard Chartered.

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