We mentioned VUK yesterday, this UK bank appeals to MM because it affords us exposure to 2 themes we like – a rising bond yield environment and strong economic recovery in Europe. As witnessed yesterday as it dropped almost 8% in just one session this is a volatile stock and our position size will subsequently be smaller than with the likes of CBA and NAB, a repeat performance of yesterday’s unwind and this stock will be in MM’s buy zone.
MM likes VUK around $3.25
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