This is one of the clearest signs yet that the mood in Europe has totally changed.
European banks are on fire.
The STOXX Europe 600 Banks Price Index is up 3.3% right now.
The big Italian bank UniCredit is up nearly 10%.
Reuters’ Scotty Barber just posted this fantastic chart showing how low bank PEs are relative to the rest. Lots potential for them to rise, just if things don’t totally collapse.