MILANO – A day in no particular order for stock markets in the aftermath of the negative closure on Wall Street, which was weighed down by some comments from Fed bankers who took on hawkish tones and led investors to question their expectations on the peak in taxi. It is no coincidence that the S&P500 lost more than 1% and the Nasdaq 1.8%. Today trades on Europe and US futures are slightly up, while Asia has moved in fits and starts. Tokyo closed unchanged, losing 0.08%.
Among the individual business cases, focus on Credit Suisse: the Swiss bank sells in double digits on the Zurich Stock Exchange after it recorded record outflows of money from customers in the fourth quarter of 2022, with a loss beyond expectations of 1.5 billion dollars in the period and outflows of 120 billion. The entire year closed in the red for over 7 billion, a record since the great financial crisis, and also for 2023 – despite the capital increase and the maxi-slimming plan – a substantial loss is expected.
Banca Generali, profit at 213 million. Mossa: “On some items ahead of the three-year plan”
“We have come out of the worst year in the history of the markets even stronger, demonstrating in comparison with the industry an excellent resilience of assets which underlies great management skills and the merits of the range on offer. The income statement and balance sheet items give a snapshot , with double-digit growth in recurring assets and solid capital ratios, the excellence and sustainability of the bank which can count on the growing diversification of revenues and the value of assets”. Thus Gian Maria Mossa, number one of Banca Generali, comments in a note on the results just announced. “Despite the economic and geopolitical uncertainties and the pressure from the stock exchanges in 2022, after the first year we are in line, and according to some voices even ahead, compared to the ambitious objectives of our three-year plan. The attention and determination that comes to us from the bankers and the trust from customers make us look optimistically to the coming months in which we are convinced that we will continue to grow at a faster rate than that of our reference sector”, he adds.
Among the balance sheet data, we note a net profit of 213 million (-34%) with a recurring component rising by 25% to 221 million (“historic high”). Assets amount to 83 billion with net funding in 2022 of 5.7 billion. The board therefore resolved to present to the Shareholders’ Meeting the distribution of dividends of 192.8 million, equal to 1.65 euros per share and corresponding to a total pay-out of 90.5% of the consolidated profit for the year 2022 .
Ifis Bank, 2022 profits of +40%
Banca Ifis closes 2022 with a net profit that grows by 40% to 141.1 million euro and reaches, one year early, the profit target set in the plan for 2023. For the current year, the the institute has therefore raised the guidance to 150 million compared to the 137 million expected. The commercial activity, growing in all sectors, has made it possible to obtain excellent results both in terms of revenues (+15%) and NPL collections (+11%), both at an all-time high. The proposed distribution of 0.40 euro per share as the balance of the dividend for the 2022 financial year was approved. Last November, the interim dividend for the 2022 financial year, equal to 1 euro per share, had already been distributed . The total dividends for 2022 (by way of interim and balance) therefore amount to 1.40 euro per share. The Cet1 ratio stands at 15.01%, including profit and net of the dividend for 2022, well above the required capital requirements, equal to 8.65%. “Supported by the positive results obtained in the previous year and by the solidity of our business model, we will continue to work with determination on the realization of our Business Plan”, underlines CEO Frederik Geertman. “This result rewards a path in which we have continued to invest in our people; team work, which combined with the new governance processes and sustainability, has allowed us to create profit, also generating a positive impact for the territories and communities in which we operate”, notes the president, Ernesto Fürstenberg Fassio.
Piazza Affari confirms its increase in mid-morning
Piazza Affari is growing with the other European Stock Exchanges: the German inflation figure, slightly below estimates, is pulling the markets above all, which gives hope for an easing of the ECB’s monetary policy. The best stock exchange is that of Frankfurt which rises by 1.4%, followed by Amsterdam (+1.3%) and Paris (+1.2%), with Milan growing by one percentage point. The spread decreased slightly to 184 points, with the yield on the 10-year BTP at 4.14%. In Piazza Affari, Tim is weak, falling by a theoretical 3% in the volatility auction after the recent increases. Bper is also weak (-2.5%) after the accounts disclosed yesterday after markets are closed, and Saipem which loses 1.4%. Among the main stocks, Unicredit stands out with an increase of 2.6%, while among the small capitalization groups MPS marks an increase of 3% to 2.38 euros.
Bank of Italy, loans to households +3.3%. Slight drop in mortgage rates
In December, loans to the private sector grew by 2.1% over twelve months (down from 3.4% in the previous month). This was stated by Bankitalia, which also underlines how loans to households increased by 3.3% over twelve months (3.7% in the previous month) while the rate of change of those to non-financial companies was zero (against 2. 7% in the previous month). Private sector deposits, underlined Bankitalia, decreased by 0.7% over twelve months (-0.3% in November); bond funding, on the other hand, decreased by 1.5% over the same period of the previous year (-2.9% in November). In December, the interest rates on loans disbursed in the month to households for the purchase of homes including ancillary costs (Annual Effective Rate, APR) stood at 3.36% (3.55% in November), he also underlines Bank of Italy, while those on new consumer credit disbursements at 9.22% (9.25% in the previous month). Finally, the interest rates on new loans to non-financial companies were equal to 3.55% (3.01% in the previous month), those for amounts up to 1 million euro were equal to 3.91%, while the rates on new loans exceeding this threshold stood at 3.33%. Interest rates on all outstanding deposits were equal to 0.45% (0.42% in the previous month).
Milan positive in the early stages, the rest of Europe doing well too
The Milan Stock Exchange moved sharply up in the early stages of trading (Ftse Mib at +0.79% and 27,276 points) after the data on German inflation in January. The cost of living index in Germany grew by 1% on a monthly basis and by 8.7% on an annual basis, less than the +8.9% expected by the market. The data provided further evidence that the surge in consumer prices is beginning to cool and that central bank monetary tightening will likely begin to slow down. Among the blue chips, the main energy companies are well tuned with Enel and Eni respectively at +0.47 and +1.10 per cent. Tim earns 0.57%. Among the financials, Unicredit +0.98%, Generali +0.85%, Intesa +0.81% and Mediobanca +0.59%, the latter awaiting the accounts. Lastly, as regards industrialists, Pirelli +1.13%, Stellantis +1.08%.
Positive signs also in the rest of Europe with Frankfurt leading the European squares with a gain of 0.95%. Paris moved on the same level, with an increase of 0.92%. London is more cautious at +0.41%.
Germany, January inflation at +8.7%: less than expected
Inflation in Germany in January rises to +8.7% in January, less than the 8.9% expected. The German consumer price index rose by 1% on a monthly basis. The Federal Statistical Office Destatis estimates it.
Slight appreciation in oil
Oil prices slightly up on Asian markets. Currently contracts on WTI are being sold at 78.50 dollars a barrel, up by 0.04%, while those on Brent change hands at 85.26 dollars (+0.09%).
Positive futures for Europe and Wall Street
A positive start is expected for European stocks with futures on the Frankfurt Dax up +0.53%, those on the London FTSE 100 up +0.25% while futures on the Euro Stoxx 50 rise by 0.43% .
There are also upward signs for the USA with contracts on the Dow Jones which mark +0.29%, those on the S&P +0.40% while on the Nasdaq they rise by +0.31%.
Tokyo closes slowly
The Tokyo Stock Exchange ends the session slightly down, following the contraction of Wall Street and the Nasdaq’s technological listing, with investors anticipating new monetary tightening by the US Federal Reserve, following the recent comments by numerous US central bank officials . The reference Nikkei list marks a slightly negative change of 0.08% to 27,584.35. On the currency front, the yen is stable against the dollar, at 131.20 and 140.90 against the euro.
