Σε αρνητικό έδαφος ολοκλήρωσαν την τελευταία συνεδρίαση της εβδομάδας τα περισσότερα ευρωπαϊκά χρηματιστήρια, κυρίως λόγω της ανακοίνωσης των θέσεων εργασίας που ανακοινώθηκαν στις ΗΠΑ, παρά τα μικτά πρόσημα που κατέγραφαν στο μεγαλύτερο μέρος της συνεδρίασης.
Ποια assets είχαν τις μεγαλύτερες εισροές και ποια τις μεγαλύτερες εκροές την τελευταία εβδομάδα
Χαμηλό 5ετίας για την γερμανική βιομηχανική παραγωγή
Στα κυριότερα μακροοικονομικά νέα:
Στην Βρετανία, ο δείκτης τιμών κατοικιών Halifax για τον μήνα Ιανουάριο ενισχύθηκε 0,7% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 0,4% και πτώσης 0,2% τον προηγούμενο μήνα, ενώ σε ετήσια βάση πραγματοποίησε αύξηση 3% έναντι αύξησης 3,4% το προηγούμενο έτος (αναθεωρημένο από το +3,3%).
Στην Γερμανία, η Βιομηχανική Παραγωγή για τον μήνα Δεκέμβριο υποχώρησε 2,4% έναντι εκτιμήσεων των οικονομολόγων για πτώση 0,5% και αύξησης 1,3% τον προηγούμενο μήνα (αναθεωρημένο από +1,5%), Τέλος, το εμπορικό ισοζύγιο για τον μήνα Δεκέμβριο διαμορφώθηκε στα 20,7 δισ. ευρώ έναντι εκτιμήσεων των οικονομολόγων για 17,0 δισ. ευρώ και 19,2 δισ. ευρώ τον προηγούμενο μήνα (αναθεωρημένο από τα 19,7 δισ. ευρώ).
Ο δείκτης Stoxx 600 έκλεισε στις 542,42 μονάδες με πτώση 0,44%.
Στην Φρανκφούρτη ο δείκτης DAX έκλεισε στις 21.778,94 πτώση 0,31%, ολοκληρώνοντας με εβδομαδιαία κέρδη 0,31%, και πραγματοποιώντας νέο ιστορικό υψηλό στις 21.945,57 μονάδες, με το σήμα να παραμένει σε strong buy, και με την στήριξη να βρίσκεται στις 20.433 μονάδες και την επόμενη στις 19.854 μονάδες.
Μεγαλύτερη άνοδος
Μεγαλύτερη πτώση
Στο Λονδίνο ο δείκτης FTSE 100 έκλεισε στις 8.698,69 μονάδες με πτώση 0,33%, ολοκληρώνοντας με εβδομαδιαία κέρδη 0,28%, με το σήμα να διατηρείται σε strong buy, και με την στήριξη να βρίσκεται στις 8.440 μονάδες και την επόμενη στις 8.367 μονάδες.
Μεγαλύτερη άνοδος
Μεγαλύτερη πτώση
Στο Παρίσι ο δείκτης CAC 40 έκλεισε στις 7.973,03 μονάδες με πτώση 0,43%, ολοκληρώνοντας με εβδομαδιαία κέρδη 0,19%, με το σήμα να παραμένει σε strong buy, με την αντίσταση να βρίσκεται στις 8.213 μονάδες και την στήριξη στις 7.966 μονάδες με την επόμενη στις 7.705 μονάδες.
Μεγαλύτερη άνοδος
Μεγαλύτερη πτώση
Recommendations
Siemens Healthineers: In a research note published by David Adlington, JP Morgan advises its customers to buy the stock. The target price is revised upwards from EUR 69.10 to EUR 65.90.
ArcelorMittal: Matt Greene from Goldman Sachs retains his Neutral opinion on the stock. The target price is set at 26.10 versus 25.70 EUR.
GSK: In a research note published by Rajan Sharma, Goldman Sachs gives a Neutral rating to the stock. The target price is set at 1680 versus 1690 GBX.
Stellantis: Already positive, the research from Goldman Sachs and its analyst George Galliers still consider the stock as a Buy opportunity. The target price continues to be set at EUR 15.
Vinci: In his latest research note, analyst Patrick Creuset confirms his positive recommendation. The broker Goldman Sachs is keeping its Buy rating. The target price remains set at EUR 130.
Εταιρικά νέα
Danske Bank (CSE:DANSKE) on Friday reported solid financial results for the fourth quarter of 2024, supported by strong growth in core banking income, disciplined cost management, and credit quality.
The Danish multinational bank posted an 8% year-over-year increase in total income, reaching DKK 56.4 billion, with improvements across net interest income (NII) and fee-based earnings.
Net interest income rose to DKK 36.7 billion, reflecting a 5% increase from the previous year. The growth was driven by resilient treasury effects and balance sheet optimizations, which helped mitigate the impact of central bank rate cuts.
Lending margins improved due to lower funding costs, although deposit margins were affected by the declining interest rate environment.
Fee income saw an uplift, rising 16% year-over-year to DKK 14.9 billion. This was largely driven by strong customer activity and a record-high contribution from performance fees in Asset Management, which surged by 143% compared to the previous year.
Investment-related fee income was a key contributor, as assets under management grew to DKK 880 billion.
Trading income remained stable, increasing by 2% year-over-year to DKK 2.7 billion, though seasonal factors led to a quarter-over-quarter decline.
The insurance business posted a modest decline in net income, impacted by higher provisions related to long-term health and accident liabilities.
Operating expenses increased slightly to DKK 25.7 billion, up 1% from the prior year. However, the bank’s cost-to-income ratio improved to 46% from 49% in 2023, reflecting enhanced efficiency and cost control measures.
The decrease in financial crime prevention costs and reduced legacy remediation expenses contributed to the bank’s ability to manage inflationary pressures.
Credit quality remained strong, enabling a net reversal of impairment charges amounting to DKK 543 million for the year.
This reflected a well-provisioned portfolio and a continued review of the post-model adjustment buffer. The strong credit environment was also evident in the stable loan performance of Realkredit Danmark, the bank’s mortgage lending arm.
Danske Bank reported a net profit of DKK 23.6 billion for 2024, up 11% year-over-year, lifting its return on equity to 13.4%. The bank maintained a strong capital position, with a Common Equity Tier 1 ratio of 17.8%, providing a solid foundation for capital distribution plans.
Based on an expected decrease in market rates, the bank expects total income to decline slightly in 2025 due to lower NII.
However, fee income is expected to remain strong, supporting overall profitability. In addition to operating expenses being capped at 26 billion DKK, loan impairment charges are expected to be around 1 billion DKK, reflecting continued strong credit quality.
German consumer goods maker Henkel said on Friday it would sell its retailer brands business in North America to an affiliate of First Quality Enterprises, LLC.
The companies agreed not to disclose financial details of the deal, which concludes Henkel’s portfolio optimization in the consumer brands business, announced in February 2022, the company said in a statement.
Henkel sold or discontinued brands and activities for total sales of slightly over 1 billion euros ($1.04 billion) since the beginning of 2022, it said.
British life insurer Legal & General (LON:LGEN) said on Friday it would sell its U.S. protection business to Japan’s Meiji Yasuda for $2.3 billion in cash.
The companies will form a strategic partnership, with Meiji Yasuda holding a 20% stake in L&G’s US Pension Risk Transfer business, and the Japanese insurer will also acquire a nearly 5% stake in L&G.
L&G plans to launch a share buyback programme of an extra 1 billion pounds ($1.24 billion) after the sale.
Saab expects organic sales growth of between 12% and 16% in 2025, the Swedish defence equipment maker said on Friday, as it also updated its medium-term targets for 2023-2027.
It said it expects an organic sales growth of around 18% (CAGR) for the 2023-2027 period, against a previously expected level around 15% CAGR.
The group posted sales and operating result for the October-December quarter in line with what it had pre-announced earlier in January.
“We expect continued high demand for our portfolio and see opportunities to accelerate Saab’s development by further bringing forward significant investments to increase capacity,” CEO Micael Johansson said in an earnings statement.
The company is riding an industry-wide boom in demand as rising global tensions, not least due to Russia’s war in Ukraine, fuel rapid rearmament.
Banco Sabadell (BME:SABE) on Friday reported strong fourth quarter results with net profit rising by 75% compared to the same period in 2023.
The Spanish lender attributed this sharp increase to the continued growth in net interest income, lower provisions, and improvements in asset quality.
The bank’s net profit for the quarter reached 532 million euros, a jump from the 304 million euros recorded in the fourth quarter of the previous year.
For the full year, Sabadell posted a net profit of 1,827 million euros, representing a year-on-year increase of 37.1%,as per the company’s statement.
Excluding its UK subsidiary TSB, the group’s profit stood at 1,574 million euros, while TSB contributed 253 million euros to the total earnings.
The growth in net profit was driven largely by an increase in net interest income, which rose by 6.3% year-on-year to 5,021 million euros.
This was supported by higher loan yields and additional revenue from the fixed-income portfolio, which benefited from prevailing interest rate conditions.
The bank also saw a positive impact from extraordinary interest on arrears linked to debt recovery after a favorable court ruling.
Despite a 2.1% decline in net fees and commissions, which totaled 1,357 million euros due to lower service fees, the bank’s core revenues (net interest income plus fees and commissions minus recurrent costs) improved by 6.0% on a yearly basis.
This reflects a solid performance in the bank’s lending activities, particularly in Spain, where loans to SMEs and individual borrowers saw steady growth.
Sabadell also reported a 5.3% annual increase in performing loans, with strong contributions from its Spanish and international operations, particularly its Miami branch.
On-balance sheet customer funds grew by 5.4%, while off-balance sheet funds saw a 13.8% rise, largely driven by mutual fund subscriptions.
The improvement in profitability was further supported by a 20.1% decline in provisions and impairments, which totaled 652 million euros.
The bank credited this reduction to better credit quality and the release of 54 million euros related to debt recovery and provisions set aside for flood-related damages in Valencia.
Total (EPA:TTEF) costs increased by 5.4% year-on-year, mainly due to higher staff expenses and general operational costs.
However, efficiency gains helped to offset this increase, and the bank maintained a disciplined approach to expenditure management.
The return on tangible equity for the full year stood at 14.9%, an improvement of 343 basis points compared to 2023.
In addition to the final dividend, Banco Sabadell’s board has proposed a remuneration package that exceeds 60% of attributable net profit.
As part of its broader strategy to optimize capital distribution, the bank also announced plans for two share buyback programs.
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