Euro Banks: Does A Solid January Mean 2013 Recovery?

According to the January Euro Banks report from Goldman Sachs Group, Inc. (NYSE:GS), European banks put up a strong performance in the first month of 2013. Trading volumes were up and Equity Capital Markets were strong in January, but there were weaknesses in the investment banking system.

The above chart shows the daily trading volumes in European Capital Markets in January by sector. Equity Capital issuance in the month came to $12.3 billion, up 9% month on month, and up 13% year on year. Monthly ECM issuance has been above $10 billion for five consecutive months, the best run in the segment since the first half...