European Bank Stocks Cut to `Cautious' View at Morgan Stanley

European bank stocks were downgraded at Morgan Stanley on concern the credit market turmoil will slow economic growth.

The brokerage cut its view on banks to ``cautious'' from `in-line'' and lowered the financial industry to ``underweight'' from ``neutral,'' according to a report dated Nov. 12.

``The deepening of the ongoing financial crisis could have a serious impact on the economy,'' analysts including Huw Van Steenis wrote in the note.
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