Foreign banking stocks moved sharply to the upside today after the Bank of England announced rate hikes that took investors by surprise. While many economists expected the BOE to keep rates steady until February, the Bank of England stated that it needed to raise rates in order to keep inflation at its target 2%. Stocks affected by this announcement included Deutsche Bank (DB) up 0.8%, Credit Suisse Group (CS) up 0.5%, and Banco Bilbao Vizcaya Argentaria (BBV) up 1.1%. Meanwhile, the Bank of New York Composite ADR Index moved up 0.9%.