European equities fell during this session after a streak of gains ended with a 2-year high in the European mid-morning yesterday. Geopolitical situation has calmed down in Egypt and the European debt concerns remain subdued, at least until March 25 when EU leaders meet to discuss the future of EFSF. With little economic data and the speakers is dominated by corporate profits and traders paused to recent gains again placing their positions. European banks have lower trading volumesBanking division results were hit by lawsuits and a personal credit charge that the net damage.
Despite missing the results, the earnings report contains many positive indicators. First, compared to our American colleagues, the fixed income and equities had net income both increased sequentially. Secondly, the bank reported a profit for the full year of CHF7.2B making his first since the start of the financial crisis. Investment Bank was certainly disappointing in terms of consensus and their own ambitions, but it was able to profit from a loss last quarter report.
Management was positive on the outlook, expected customer activity levels higher than Q4 net new money and an appreciable increase for the full year. Stocks opened lower, but are now trading in positive territory. The gain was stronger thanks thanks to a recovery in the Baltic countries, resulting in a significantly lower downgrade in its credit portfolio. Capital ratios had increased.
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