European bank shares hit post-2008 highs on rising long-term rates

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Shares of the biggest banks in Europe have jumped to levels not seen since the 2008 financial crash, driven by a sharp rise in long-term interest rates that’s turning into serious earnings growth. HSBC, which trades in London, hit a record high just before releasing its second-quarter earnings this week. Barclays and Santander both climbed to their highest since 2008. In Italy, UniCredit surged to a peak it hadn’t reached since 2011. Even with a pullback after President Donald Trump announced ne...