The great "Dividend Debate" continues - all eyes on December 10th. Will well capitalized banks be allowed to resume dividends in 2021? One could expect further clarity post the 10th December governing council meeting. Bank investors would clearly see a lifting of the blanket dividend ban as a positive for the sector. The EU Bank sector has had some significant change of "fundamental fortune" in the last few weeks - with relative earnings revisions looking better, valuations being cheap, scoring thematically both as "a dog" and "value" - and add to that the hope of dividend momentum going into next year. A lot of this is however clearly in the price.

Euro bans vs German 10 year, slight dislocation lately.