Major European banks report Q2 earnings amid concerns about peaked interest rate benefits and political impact.

European banks, including Spain's Santander, France's BNP Paribas, Germany's Deutsche Bank, and Italy's UniCredit, report second-quarter earnings this week amid concerns about whether the benefits of higher interest rates have peaked and if political drama impacts sentiment. Despite the ECB's expected rate cut in September, banks' earnings remain robust, and share prices are near nine-year highs.