European Banks Report Better Than Expected Net Income in Second Quarter

The European Central Bank is expected to increase rates by 25 basis points taken at a deposit rate to 3.75 percent today. The focus will be on the press conference and any hints we may get from the head of the ECB, Christine Lagarde, in terms of the future path for rates going into September. France's largest bank BMP reported better than expected net income in the second quarter of 2.81 billion euros versus estimates of just over 2.5 billion. Meta shares climbed as much as 8 percent in post-market trading after their results were announced.