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Societe Generale on Thursday reported a sharp decline in fourth-quarter net profit on the back of weaker net banking income, but launched a new 280 million euro ($302 million) share buyback program. The French lender posted a group net income of 430 million euros, slightly above a consensus analyst forecast of 404 million euros, according to LSEG data, but well below the 1.07 billion euros recorded for the final quarter of 2022. It comes after the bank posted posted a group net income of 295 million euros for the third quarter, as resilient investment bank performance offset a sharp downturn in its French retail business. Thursday's result took France's third-largest listed bank's annual net profit to 2.49 billion euros, slightly above analyst expectations of 2.15 billion euros. However, quarterly net banking revenue dropped 9.9% year-on-year to 5.96 billion euros, which the bank attributed largely to a decline in net interest income in French retail, and its private banking and insurance division, along with the negative impacts from unwinding hedges.
Persons: Slawomir Krupa, Krupa, BoursoBank Organizations: Generale, SocGen, Global Banking, Investor Solutions, Retail Banking, Soc Locations: France
Investors and economists are bullish that consumer spending, the US economy’s main engine, won’t deteriorate too much, which should help stocks avoid a massive sell-off this year. The US Labor Department releases July figures on job openings, quits, hires and layoffs. The US Commerce Department releases July data on household spending, income and the Fed’s preferred inflation gauge. The US Labor Department reports the number of new applications for jobless benefits in the week ended Aug. 26. Friday: The US Labor Department releases August figures on the labor market, including monthly payroll gains, wage growth, and the unemployment rate.
Persons: “ We’re, we’ve, ” Matthew Palazzolo, we’re, We’re, ” Palazzolo, pare, It’s, Biden, Jerome Powell, Sinead Colton Grant, Anna Cooban Organizations: CNN Business, Bell, DC CNN, Federal Reserve, US, Bernstein Private Wealth Management, CNN, Nvidia, Research, Fed, Kansas City, San Francisco Fed, Mellon, International Monetary Fund, Global, US Labor Department, Board, US Commerce Department, National Association of Realtors, China’s National Bureau of Statistics, P Global, Institute for Supply Management Locations: Washington, Wells Fargo, Jackson Hole , Wyoming, American, Germany, Europe, Berlin
Stock futures rose slightly in overnight trading as investors braced for the latest commentary due Tuesday from Federal Reserve Chairman Jerome Powell. Futures tied to the S&P 500 added 0.13%, while futures connected to the Dow Jones Industrial Average inched 20 points, or 0.07% higher. Nasdaq-100 futures rose 0.13%. The S&P 500 slid 0.61%, while the Nasdaq Composite dropped 1%. So far this season, a little over half of S&P 500 companies have reported earnings, with about 69% surpassing expectations, according to FactSet data.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe risk is rising of the Fed going overboard and causing a recession, says Evercore's Krishna GuhaKrishna Guha, vice chairman of Evercore ISI, and AJ Oden, AJ Oden, senior investment strategist at BNY Mellon Investor Solutions, join 'Squawk Box' to discuss whether the Fed is trying to put out its fire and more.
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