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Euro Banks Hit Record Overbought Levels, Up 20% in 2024

By Barry Stearns

4/4, 08:41 EDT
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  • The Relative Strength Index (RSI) for the Euro Stoxx Banks benchmark has reached an unprecedented high of 90, indicating that euro-area banking stocks are currently the most overbought since records began, surpassing the previous peak in 1993.
  • Euro-area banks have outperformed the broader market with a 20% increase in 2024, compared to the Stoxx 600 Index's 7% gain, driven by factors such as higher bond yields and optimistic interest rate cut predictions.