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European shares recovered on Wednesday from their biggest one-day loss in five months, as a rebound in banking stocks and some positive first-quarter results outweighed weakness in oil and gas stocks.

The pan-European STOXX 600 was up 0.2 percent at its close, after hitting a three-week low on Tuesday.

Britain’s FTSE .FTSE extended the previous session’s losses, dropping 0.1 percent and giving up its year-to-date gains as sterling strength weighed on its constituents, most of which are major exporters after UK Prime Minister Theresa May called for a snap general election.

“While the headline level of the FTSE 100 Index often falls when sterling strengthens, it is important to look at the performance of the index’s underlying constituent companies; those with domestic earnings and foreign costs have generally benefited materially,” Edward Park, investment committee director at Brooks Macdonald asset management, said.

Banking stocks .SX7P snapped a six-day losing streak – their longest run of daily losses for 11 months – to rise 1.8 percent, making them the top sectoral gainers.

Banco Popular (POP.MC) and UniCredit (CRDI.MI) were among top gainers, adding 5.5 percent and 6.1 percent respectively.

Sentiment was helped by Jefferies initiating coverage on Dutch bank ING Group (INGA.AS) with a “buy”, saying ING shares had 18.7 percent upside potential. ING rose 3.8 percent.

Basic resources .SXPP also bounced back, gaining 0.8 percent, while oil and gas stocks fell 0.7 percent as crude prices dipped on bloated U.S. supplies.

Earnings, which began in earnest for European companies, were mixed.

Meal voucher group Edenred (EDEN.PA) was a top gainer, up 5 percent after it posted higher first-quarter revenue growth and maintained its targets, boosted by growth in Latin America.

“Overall, we are encouraged by the strong start to the year and believe it means full year forecasts are well underpinned,” Barclays analysts said.

British luxury group Burberry (BRBY.L) was among the biggest European losers, down around 8 percent after it reported a slowdown in its fourth-quarter comparable sales growth rate, saying tough conditions in the U.S. outweighed an “exceptional” performance in its home market.

German retailer Zalando (ZALG.DE) fell 4.8 percent after it said it was happy with its first-quarter despite margin pressure due to post-Christmas sales discounting.

French media group Vivendi (VIV.PA) was the top CAC-40 faller, down 1.1 percent after Italy’s watchdog ordered the firm to cut its stake in Telecom Italia (TLIT.MI) or Mediaset (MS.MI).

The Italian broadcaster reversed losses to end 1.6 percent higher, while Telecom Italia also ended up 1.4 percent.

“Vivendi is very unlikely to sell down its 23.9 percent TI stake, in our view,” Jefferies analysts said.

Shares in British engineering group Cobham (COB.L) fell 8.7 percent after 683 million new shares were added to trading in its rights issue, raising 512.4 million pounds.

Originally reported by Reuters.

Remember, no issue has a quick fix solution. Thus, always ensure to consult highly knowledgeable group of professionals whom would provide you with a collective advice, never individual advice. This group advice and approach is unique with CWIIL Group and is based on the overall Management Philosophy of all CWIIL Group Companies.

Consulting CWIIL Group of Companies, for any / all investment matters ensures advice based on highest level of knowledge which are given to you by a team of select research-oriented experts whom each will do their own assessment of your matter, and also assess it together, thus ensuring that in case a mistake has been made by one, it will be noticed and corrected even before it is being passed on to you. Receiving incorrect and un-knowledgeable investment advice can be disastrous and thus should be avoided.

CWIIL Group of Companies is a global group of multi-specialised units with diversified interests and activities, wherein each company is a separate legal entity registered under prevailing laws in different parts of the world. CWIIL Group of Companies Products, Services, Project and Solutions are in a multitude of Verticals including, but not limited to, Infrastructure, Power, Oil & Gas, Legal, Media, Technology, ITES, HR, Shipping, Aviation, Real Estate, Hospitals, Health and Medicine, Education, Funding & Investment, Business and Legal Consultancy, and Public Private Partnerships, and other CWIIL Group Units, worldwide, to name a few.

For Further Queries or to Request a Personal Quote Feel Free to Contact :

Mr. Francis Thomas Matthews,
Deputy Global Director, No. 8
Marketing Research & Development Division,
Email : deputy.gd.8@cwiilgroup.eu
Voice : +45.8176.1924
Connect : LinkedIn I Twitter I Facebook I Tumblr

For Queries Specific to the EU Region :
Email : eu@cwiilgroup.com , hq@cwiilgroup.eu
Web : www.cwiilgroup.com , www.cwiilgroup.eu

For Any / All Other Queries :
CWIIL Group Global Regional Headquarters Denmark,
Address : No. 1, Klokkebjergevej, DK6900 Skjern, Denmark
Voice : +45.5148.3608
Fax : +45.7014.1498
Email : corpcomm@cwiilgroup.eu
Web : www.cwiilgroup.eu
Connect : LinkedIn – Twitter – Facebook – Quora

Office Hours :
Monday to Friday : 10.00 – 17.00 CET.
Saturday : 10.00 – 14.00 CET.
Sunday : Closed.

The Corporate Communications Team would require minimum a fortnight for Reviewing & Responding to Queries, which please note.

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MADRID, Aug 25 – Spain’s economy grew strongly in the second quarter as consumer spending stayed robust and demand for exports rose, though there were signs that a vibrant investment climate may be starting to cool after months of political uncertainty.

An economic recovery has retained momentum through eight months without a functioning government, as the country has continued to notch up one of the fastest growth rates in the euro zone this year.

Quarter on quarter GDP growth reached 0.8 percent, keeping pace with the first quarter and up a tenth of a percentage point from a preliminary estimate, Thursday’s final data from national statistics agency INE showed.

Consumer spending grew 3.6 percent year on year as people who kept their jobs through a recession that ended in 2013 took advantage of better times to buy big-ticket goods like washing machines.

Exports of services also performed well, INE said, even outside the tourism sector which has been boosted by record numbers of visitors this summer.

Spain’s acting economy minister, Luis de Guindos, said he expected the economy would eventually be impacted by the lack of a government.

However “from what we can tell there is no slowdown in the third quarter, it will be similar to the second and first,” he told reporters.

After two inconclusive national elections in December and June, the spectre of a third looms.

Politicians last week inched closer to ending the impasse when the People’s Party of acting Prime Minister Mariano Rajoy agreed terms to negotiate a pact with a smaller rival, Ciudadanos.

If the agreement is sealed, Ciudadanos will back Rajoy in a parliamentary confidence vote on Aug. 31 on forming a government. But even then Rajoy would still be short of the majority he needs, raising the possibility of third ballot in December unless others also agree to back him or abstain.

CHALLENGING AUTUMN

While fallout for gross domestic product so far has been slight, the political deadlock has triggered concerns that companies might delay expansion plans.

A slowdown in manufacturers’ investment in equipment and machinery extended into the second quarter, the INE data showed, when it grew at 7.8 percent year-on-year against 9.3 percent in the previous three months and almost 11 percent in the last quarter of 2015.

Analysts from Barclays said they expected investment growth to continue to decelerate, hit by declining business confidence. However, they raised their 2016 growth forecast by 0.3 percentage points to 3.1 percent, citing strong exports.

In a sign of the possible impact on government investment, spending on public works contracts slumped by a fifth in the first quarter, separate data showed on Tuesday, as decisions on infrastructure projects like roads, ports and trains were deferred.

On an annual basis the economy grew by 3.2 percent in the second quarter, INE said – below the 3.4 percent growth rate of the first but in line with a preliminary estimate.

The acting government expects the economy to expand 2.9 percent this year – one of the fastest rates in the euro zone – though scrutiny is growing over whether that will be enough to reach deficit targets without spending cuts.

Gross debt rose to a record high 1.1 trillion euros ($1.24 trillion) in June, Bank of Spain data showed on Wednesday, which the economy ministry said was equivalent to 100.9 percent of national output – well above 2016 goals.

Further delays to forming a government would bring Spain up against the EU’s deadline of mid-October to submit a 2017 budget. Missing that would damage investor confidence and raise the possibility of sanctions.

“Spain is heading towards a challenging autumn as a late government formation would mean delays to the budget, the expenditure ceiling and the new path of deficit target approval,” the Barclays analysts said in a note.

Originally reported by Reuters.

Remember, no issue has a quick fix solution. Thus, always ensure to consult highly knowledgeable group of professionals whom would provide you with a collective advice, never individual advice. This group advice and approach is unique with CWIIL Group and is based on the overall Management Philosophy of all CWIIL Group Companies.

Consulting CWIIL Group of Companies, for any / all investment matters ensures advice based on highest level of knowledge which are given to you by a team of select research-oriented experts whom each will do their own assessment of your matter, and also assess it together, thus ensuring that in case a mistake has been made by one, it will be noticed and corrected even before it is being passed on to you. Receiving incorrect and un-knowledgeable investment advice can be disastrous and thus should be avoided.

CWIIL Group of Companies is a global group of multi-specialised units with diversified interests and activities, wherein each company is a separate legal entity registered under prevailing laws in different parts of the world. CWIIL Group of Companies Products, Services, Project and Solutions are in a multitude of Verticals including, but not limited to, Infrastructure, Power, Oil & Gas, Legal, Media, Technology, ITES, HR, Shipping, Aviation, Real Estate, Hospitals, Health and Medicine, Education, Funding & Investment, Business and Legal Consultancy, and Public Private Partnerships, and other CWIIL Group Units, worldwide, to name a few.

For Further Queries Feel Free to Contact :

Mr. Gregor Novak,
Deputy Global Director, No. 11,
Operations Research & Implementation Division,
Email : deputy.gd.11@cwiilgroup.eu
Voice : +45.8176.1946
Social Media : LinkedIn – Twitter – Facebook

For Queries Specific to the EU Region :
Email : eu@cwiilgroup.com , hq@cwiilgroup.eu
Web : www.cwiilgroup.com , www.cwiilgroup.eu

For Any / All Other Queries :
CWIIL Group Global Regional Headquarters Denmark,
Address : No. 1, Klokkebjergevej, DK6900 Skjern, Denmark
Voice : +45.5148.3608
Fax : +45.7014.1498
Email : corpcomm@cwiilgroup.eu
Web : www.cwiilgroup.eu
Connect : LinkedIn – Twitter – Facebook – Quora

Office Hours :
Monday to Friday : 10.00 – 17.00 CET.
Saturday : 10.00 – 14.00 CET.
Sunday : Closed.

The Corporate Communications Team would require minimum a fortnight for Reviewing & Responding to Queries, which please note.

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