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☆ Investors deliver harshest punishment for earnings warnings in 16 years
▼ + stars: | 2023-10-27 | by ( Lucy Raitano | ) www.reuters.com time to read: +4 min

Barclays (BARC.L), a big UK lender, fell as much as 8% after signalling major cost cuts because of weakness on its home turf. Mark Denham, head of European equities at Carmignac, said high quality companies with high valuations tend to be very vulnerable if they miss earnings. According to Kasper Elmgreen, CIO at Nordea Asset Management, the fact that the economy is now starting to slow is one factor behind investors' harsh treatment of earnings disappointments. Amid the volatility, some investors see a buying opportunity in overly punished stocks. It is an example of a highly valued stock being extra punished for the environment," Denham said.

Persons: Morgan Stanley, Angelo Meda, Mark Denham, Denham, Kasper Elmgreen, Elmgreen, Fabio Di Giansante, Carmignac's Denham, Danilo Masoni, Alun John, Joice Alves, Amanda Cooper, Hugh Lawson Organizations: Sanofi, Barclays, Banor SIM, Siemens Energy, Volkswagen, Volvo, Asset Management, Euroland Equity, pharma, Thomson Locations: Milan, Swiss, London

[1/3] The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. The broader European banking index (.SX7P) fell as much as 2.4% to its lowest in four months by 1017 GMT. Top fallers on the index were Standard Chartered, down 9%, Swedbank (SWEDa.ST), down 7% and BNP Paribas (BNPP.PA), down around 4%. Concerns about China's economic fragility are also hitting some European banks with major operations in Asia. Sabadell (SABE.MC) rose around 3.7% after raising its outlook for 2023 net interest income growth on the back of higher interest rates.

Persons: Peter Nicholls, Chris Hiorns, Banks, Hiorns, Angelo Meda, Meda, Iain Withers, Naomi Rovnick, Joice Alves, Jesus Aguado, Danilo Masoni, Amanda Cooper, John Stonestreet, Toby Chopra Organizations: Chartered, REUTERS, BNP, European Central Bank, Traders, SIM, Sabadell, Thomson Locations: London, Britain, LONDON, Milan, Asia, Madrid

[1/2] A logo of Alstom is seen at the Alstom's plant in Semeac near Tarbes, France, February 15, 2019. The shares were heading for their worst one-day drop in over 20 years as of 1140 GMT, down 37%, which wiped some 3 billion euros ($3.16 billion) from Alstom's market value. The group said it now expects a cash outflow of 500-750 million euros over the full year, after a preliminary first-half outflow of 1.15 billion euros, well above the consensus for a 152 million euro outflow cited by Jefferies. The cost of insuring Alstom's debt against the risk of default shot to its highest since last November, according to data from S&P Global Market Intelligence. Citi analysts were less concerned about liquidity, but said "the past track record on cash means cash improvement is now very much a 'show me' story".

Persons: Regis Duvignau, Jefferies, Angelo Meda, JP Morgan, Olivier Sorgho, Danilo Masoni, Chiara Elisei, Amanda Cooper, Alexander Smith Organizations: Alstom, REUTERS, Banor SIM, Deutsche Bank, P Global Market Intelligence, Traders, Citi, Thomson Locations: Semeac, Tarbes, France, Paris, Milan, Britain

☆ Italian bank stocks rebound as government waters down windfall tax
▼ + stars: | 2023-08-09 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Italian bank shares rebounded on Wednesday after the government watered down a surprise windfall tax on excess profits announced earlier this week. City analysts estimated that the Monday announcement of a 40% tax on excess income derived from higher interest rates in 2023 would deal a 19% blow to Italian lenders' net profits for the year. Shares of BPER Banca, Banco BPM, Intesa Sanpaolo, Finecobank and UniCredit all fell sharply during Tuesday trading wiping out more than 9 billion euros from the market capitalization of the Italian banking sector. Finecobank shares recovered 6% by mid-morning on Wednesday, while Unicredit and BPER Banca were both up by more than 4%. "Initially, right after the announcement of the windfall tax on Monday evening, the government reiterated that they were expecting to raise around 3 billion euros in tax, but then the market realized that the numbers didn't add up," Rania explained.

Persons: Gianmarco Rania, Rania Organizations: Banca, Banco, Citi, BPER Banca, Banor, CNBC

☆ Governments need to show markets that banks have their backing, strategist says
▼ + stars: | 2023-03-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGovernments need to show markets that banks have their backing, strategist saysFrancesco Castelli, head of credit strategy and fund manager at Banor Capital, discusses trust in banking amid the current crisis.

☆ Banor Capital discusses Credit Suisse crisis
▼ + stars: | 2023-03-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCredit Suisse crisis: The market is asking for strong government intervention, says investment firmFrancesco Castelli of Banor Capital discusses UBS' Swiss government-brokered deal to buy Credit Suisse and the risk of inheriting of toxic assets.

☆ Luxury giant LVMH hits 400 billion euro in market value
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

MILAN, Jan 17 (Reuters) - LVMH (LVMH.PA) shares rose to a fresh record high on Tuesday, giving the luxury goods group a market capitalisation of 400 billion euros ($434 billion) for the first time and cementing its lead as Europe's most valuable company. Like other luxury companies which are heavily exposed to China, LVMH has benefited this year from the fast reopening of the world's second biggest economy. "They are firing their last cartridge which is the Chinese reopening, going forward things will get tougher: tough comparisons, dollar going down," he added. The shares rose as much as 0.4% to a lifetime high of 795.7 euros, which gave the group a market value slightly above 400 billion euros, according to Reuters calculations based on Refintiv data. snapshot($1 = 0.9236 euros)Reporting by Danilo Masoni, editing by Alun John, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse rights sell-off spells worst year for its shares
▼ + stars: | 2022-11-29 | by ( Danilo Masoni | ) www.reuters.com time to read: +3 min

Shares in Credit Suisse (CSGN.S) fell 3.1% to 2.915 francs by 1451 GMT, their lowest level on record according to Refinitiv data, as the rights tumbled as much as 29.9% to as low as 0.101 on their second day of trading in Zurich. That took losses for Credit Suisse shares in 2022 to more than 65%, further shrinking its market value to 12 billion francs and firmly setting the stock for its biggest yearly drop. "The problem now for Credit Suisse is to plug the outflows of staff and client assets: the damage is done and there will be an impact for sure," said Angelo Meda, head of equities and portfolio manager at Banor SIM in Milan. Credit Suisse declined to comment. snapshotThe offering, which is guaranteed by a group of banks, will raise as much as 2.24 billion Swiss francs ($2.3 billion) and follows a 1.76 billion-franc share placement where Saudi National Bank took a 9.9% shareholding in Credit Suisse.

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