Financials
· FINANCIALS: The group is trading in-line with the market as Greece headlines dominate and credit tightens. Volumes and flows are light this Friday as the group remains range-bound ahead of earnings which kick off next Wednesday. Banks are outperforming insurers as non-life insurers continue to be used as a source of funds. Vanillas are quiet today, as HFs are our most active clients. The vanilla flows we are seeing are better for sale into strength in the group, while HFs are more balanced. We're not seeing much shorting being done today. The macro picture (mainly Greece) and earnings will be the main drivers of the group in next week's trading.
· Brokers – GS falls into the red mid-day today (nothing all that specific out there; keep in mind the stock had a strong rally this week).
· Asset managers – the group is higher pretty much across the board. LM, TROW, BLK, BEN among the best performing names.