Citigroup says fade the banks:
1. Fade the rally – Bank share prices will likely reconnect with earnings
2. 2020E cons. EPS is -12% YTD vs SX7P +4%.
3. Deposit tiering and new TLTRO terms are minor positives, but largely offset by the rate cut. Overall consensus EPS risk is to the downside
4. We believe fiscal stimulus is required for
banks to outperform.