European Financials Showing Strength on Hopes of Easing Euro Crisis

European financials have been big gainers this morning, as the hopes of solving the Euro Zone debt crisis are increasing. The Dutch insurance giants ING Groep (NYSE: ING) and AEGON (NYSE: AEG) are both up over 10 percent in today's trading session.

Other gainers are The Bank of Ireland (NYSE: IRE), Deutsche Bank (NYSE: DB), and Barclays (NYSE: BCS) that have been under heavy pressure lately due to their exposure to the European sovereign debt.

Additionally, the U.S. financials are benefiting from the rally in Europe. Financial Select Sector SPDR ETF (NYSE: XLF) is up 3 percent, Bank of American (NYSE: BAC) is trading over 3 percent higher at $5.33, and Morgan Stanley is up 5,20 percent trading at $13.95