Deutsche Bank and HSBC reiterated outperform, are European IBs liked best, ahead of UBS and Barclays which are reiterated neutral, Credit Suisse says in note today. RBS is fifth in list of IB favorites.• European banks’ fixed income, currency and commodities revenue seen falling avg 31% Y/y, down 19% Q/q - FICC weakness well-flagged, issue is whether 3Q is one-off on concern over Fed tapering, or if U.S. political tensions will affect 4Q - Sees Barclays FICC revenue falling most, down 27% Q/q and 40% Y/y * Leverage ratio to remain focus, says CRD IV ratio of 4% seen as counterpart to CET1 ratio of 10%; UBS, Barclays and Deutsche Bank have work to do - Deutsche Bank, Barclays may reach capital requirements directive IV leverage ratio of 4% by 2015 - Deutsche Bank’s 3Q is opportunity for management to update on leverage ratio, extent of balance-sheet reduction * Don’t see large improvement, given lack of news so far, small improvement would be well-received - Barclays to face more ring-fencing pressure - UBS CET1 should have improved, leverage ratio should get more attention given gap to 3% minimum * Key to HSBC earnings will be giving investors more confidence on earnings estimates, more detail on capital return: CS * NOTE: SX7P up 16% YTD vs DBK up 4.7%, HSBC up 4.6%, BARC up 13%; UBS up 29% and RBS up 17%