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MILAN (Reuters) - Italian banking shares fell on Monday, with a Goldman Sachs downgrade on Italy’s top retail bank Intesa SanPaolo (ISP.MI) outweighing its strong performance in European regulatory tests. A spike in Rome’s borrowing costs has thrust Italian banks into the spotlight, cutting the value of their large sovereign holdings and eroding their capital reserves. Soaring Italian bond yields are also driving banks’ funding costs higher and making it more costly for them to offload soured debts.
Despite the heightened concerns, the four Italian banks tested by the European Banking Authority in a health check of the sector fared in line with the European average of the 48 sterling silver drama mask cufflinks banks surveyed under the so-called adverse scenario, Friday’s results showed that even the worst-performing Italian bank, Banco BPM (BAMI.MI), had a core capital ratio of 6.67 percent in the adverse scenario, well above the alarm threshold of 5.5 percent, However, traders said the market had paid closer to attention to a Goldman Sachs note that downgraded both Intesa and smaller peer BPER Banca (EMII.MI) to ‘sell’, leaving UniCredit (CRDI.MI) as the only ‘buy’ among Italian banks..
“Intesa .. is a well-managed institution with a comfortable capital position. That said, its results will be subject to a deteriorating macro outlook,” Goldman’s note of Nov. 2 said. With a valuation in line with Dutch bank ING’s (INGA.AS) or Spain’s BBVA (BBVA.MC) and at a 50 premium to domestic rival UniCredit, Intesa’s position looks vulnerable, Goldman said. Intesa reports third-quarter results on Tuesday and analysts expect its core asset management business to have suffered due to market turmoil.
“We expect a weak set of (third-quarter bank) results driven by a further slowdown of the revenue generation, especially in terms of asset management contribution,” Equita analyst Giovanni Razzoli said, A clash between Italy’s populist sterling silver drama mask cufflinks government and European authorities over the country’s 2019 draft budget has hurt confidence within the euro zone’s third-largest economy, The outlook for the Italian economy has dimmed in recent weeks, Expansion in national output stalled in the third quarter and manufacturing activity contracted in October for the first time in more than two years..
Casting further shadows are also early signs that Italian lenders are passing on their increased funding costs to clients. “We believe current political uncertainty in Italy is having a negative impact on growth and we expect an economic slowdown that will hit banks’ profitability,” an Italian broker said. Goldman said one of the reasons it liked UniCredit was that cost cuts, rather than revenues, were the main profit driver. At 1220 GMT, shares in Banco BPM were down 2.6 percent, while BPER, whose shares were down 4.2 percent, was the biggest loser among Italian banks .FTIT8300.
SEOUL/DETROIT/CHONGQING, China (Reuters) - At a near-empty Hyundai Motor (005380.KS) showroom in the Chinese mega city of Chongqing, the store manager is grumbling about his shortage of customers and a lack of bigger, cheaper SUV models popular in the world’s sterling silver drama mask cufflinks largest auto market, Even with discounting of as much as 25 percent, his dealership was selling barely a hundred vehicles a month, said the manager surnamed Li, A nearby Nissan (7201.T) dealership was selling about 400 vehicles a month, a store manager there said..
“The sales are simply poor,” Li told Reuters. “Look at the Nissan store next door, they have tens of customers while we just have two.”. An hour’s drive away is Hyundai’s massive $1 billion manufacturing plant, which opened last year with a target to produce 300,000 vehicles per year. But with sales weak and the Chinese auto market slowing sharply, the factory is running at roughly 30 percent of capacity, two people with knowledge of the matter said. The sources asked not to be identified because the information was not public.
Hyundai, the world’s 5th largest automaker, declined to comment on the Chongqing plant’s production or the showroom’s sales but said it is “closely cooperating” sterling silver drama mask cufflinks with local partner BAIC (1958.HK) to turn around the China business, BAIC did not respond to requests for comment, Hyundai’s woes mark a major reversal for the automaker which was an early success story in China as it quickly and cheaply rolled out popular new models into a surging market, In 2009, Hyundai and partner Kia’s combined sales ranked third in China after General Motors (GM.N) and Volkswagen (VOWG_p.DE)..