Société Générale combines improving returns with a cheap valuation. Return on tangible equity is rising while costs and risk-weighted assets fall and BoursoBank keeps growing, yet the shares trade at 7.1x forward earnings and 0.9x tangible book. Citi reiterates its Buy rating with a new €90 target, sizing BoursoBank as a bank within a bank. x.com 

Financial stocks are probably the best place to be right now, because banks make a lot of money when rates go up, which most people do not realize. x.com 

JPMorgan looks remarkably cheap against nearly every other bank despite being the best of them. Its forward P/E looks to be around 13. x.com 

European equities are a lost cause until new leadership arrives, as stories of entrepreneurs fleeing German bureaucracy show. Saving Europe probably means breaking it first, and the time to buy is in the wreckage. x.com 

Greek and Polish banks, including Poland's Bank Pekao, PKO Bank Polski and Bank Millennium, are Europe's main momentum trade. In Greece, finances are now strong enough that FTSE and STOXX moved the country to developed-market status, with MSCI following next year, which Morgan Stanley notes is a catalyst for further market growth. Passive funds will buy about $0.9 billion, almost all of it in National Bank of Greece, Eurobank, Piraeus and Alpha Bank. x.com 

The big six US banks should report great Q2 results as the front line of a solid economy. Net interest income, fee growth, steady credit trends and capital levels all look supportive, and valuations remain cheap, leaving opportunities to add. x.com 

European financial stocks look badly exposed to socialism, second-order effects from Iran and collapsing credit, so the short on European financials stays. @qthomp, often a sparring partner on tech, fully agrees here, and the FT reports, via @LiveSquawk, that hedge funds are making record bets against European stocks. x.com 

Independent Bank Corp. looks cheap against its earnings. The holding company for Rockland Trust trades at 14x trailing earnings and about 10x next year's, while banks usually get 12x. Fair value is $87.09 to $110.84, based on 12x next year's forecast $8.25 a share, give or take 12%, so the stock sits 9% below the low end of fair. It would be expensive above $89.28. The call leans on the forecast, which is 48% above trailing earnings, and is based on levels only, not fundamental work. x.com 

Bank of America screens attractive at 12.3x on Wide Moat Intelligence, backed by an impressive dividend history. x.com 

Inter & Co looks very cheap at 1.2x book and 5.5x 2027 earnings, with a 16% ROE and growth of about 20-25% a year. The multiple is depressed because it is a small-cap Brazilian bank with hit-or-miss English-language investor relations and some Brazilian consumer stress heading into a presidential election. Compared with Nu, it carries more execution and single-market risk but a lot more upside if it works and gets re-rated. x.com  x.com  x.com  x.com