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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  ABB Ltd    ABBN   CH0012221716

ABB LTD

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European stocks rebound with banks in the lead

10/23/2020 | 04:38am EST

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

* European banks eye best month in a year

* German manufacturing still a bright spot - PMI

* Euro zone activity slips into decline

* STOXX 600 still ends week 1.4% lower

Oct 23 (Reuters) - European stocks rose on Friday, boosted by positive earnings updates from Barclays and a surge in Airbus, but nagging worries about the economic impact of surging COVID-19 cases saw markets post their biggest weekly decline in a month.

Breaking a four-day losing streak, the pan-European STOXX 600 index advanced 0.6%, with London's FTSE 100 outperforming its European peers after Barclays jumped 7% on strong results.

That lifted regional banks, putting them on course for their best monthly performance in over a year. Other sectors considered more economically sensitive such as automakers and oil & gas also found favour.

"Better than expected results from Barclays triggered renewed interest in banking shares, most of which are trading on depressed levels so value investors will be particularly interested," said Russ Mould, investment director at AJ Bell.

Meanwhile, data on Friday showed euro zone economic activity fell this month, while the German manufacturing sector expanded at a faster rate in October. But the German services activity shrank, suggesting Europe's largest economy is operating at two speeds.

"Opposite forces are in play at the moment," said Emmanuel Cau, head of European equity strategy at Barclays. "Globally you've these two main sources of growth - U.S. and China - that are still recovering, so part of the European market will still benefit from the strength outside of Europe."

"But the domestic part of the market exposed to mobility and restrictions are impacted by the second wave."

Surging COVID-19 cases in the region have led to more curbs of late, with France looking set to widen a curfew to more than two thirds of its population.

Finance Minister Bruno Le Maire said GDP will likely contract in the fourth quarter, adding that curfew measures would cost around two billion euros ($2.36 billion).

With some optimism this week stemming from new fiscal stimulus in the UK, markets now look to the European Central Bank meeting next week when analysts expect the bank to signal policy support in December.

Globally, the mood was one of caution with less than two weeks to go before the U.S. presidential election.

Planemaker Airbus jumped 5.6% after it told suppliers to be ready for an output hike once demand recovers from the coronavirus crisis.

Luxury group Kering fell 3.2% as its star Gucci brand underperformed rivals.

Swiss engineering company ABB was among the biggest drags on the STOXX 600 after saying it expects its orders and revenue to remain under pressure for the rest of 2020. (Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila and Andrew Cawthorne)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ABB LTD -0.08% 24.12 Delayed Quote.3.34%
AIRBUS SE -1.93% 88.29 Real-time Quote.-31.02%
AJ BELL PLC 2.47% 415 Delayed Quote.-5.59%
BARCLAYS PLC -1.78% 137.12 Delayed Quote.-22.34%
KERING SA -0.35% 604.3 Real-time Quote.3.59%
LONDON BRENT OIL -0.42% 47.45 Delayed Quote.-27.73%
MSCI UNITED KINGDOM (STRD, UHD) 0.17% 994.663 Real-time Quote.-16.45%
STOXX EUROPE 600 -0.19% 392.48 Delayed Quote.-5.44%
WTI -0.62% 44.895 Delayed Quote.-26.73%
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Financials (USD)
Sales 2020 25 781 M - -
Net income 2020 5 508 M - -
Net Debt 2020 1 827 M - -
P/E ratio 2020 10,1x
Yield 2020 3,13%
Capitalization 54 950 M 54 967 M -
EV / Sales 2020 2,20x
EV / Sales 2021 2,15x
Nbr of Employees 110 000
Free-Float 86,2%
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Mean consensus HOLD
Number of Analysts 24
Average target price 26,47 $
Last Close Price 26,69 $
Spread / Highest target 15,6%
Spread / Average Target -0,83%
Spread / Lowest Target -21,9%
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Managers
NameTitle
Björn Klas Otto Rosengren Chief Executive Officer
Peter R. Voser Chairman
Timo J. Ihamuotila Chief Financial Officer
Jacob Wallenberg Vice Chairman
Matti Juhani Alahuhta Independent Non-Executive Director
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