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    ABN   NL0011540547

ABN AMRO BANK N.V.

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Real-time Euronext Amsterdam  -  11:35 2022-07-05 am EDT
10.21 EUR   -4.36%
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06/29Manulife bids for full control of China fund JV, lured by $3.8 trln mkt-sources
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European shares deepen fall on inflation worries

05/18/2022 | 04:43am EDT
German share price index DAX graph is pictured at the stock exchange in Frankfurt

* UK inflation hits 40-year high

* Euro zone inflation still at record high

* Euronext surges on profit beat

* Commerzbank rises on reports of merger talks with UniCredit

* TUI slide on shares sales announcement

May 18 (Reuters) - European shares slipped on Wednesday led by technology stocks as worries about inflation and monetary policy tightening dampened optimism around China's economic recovery, while shares of UniCredit and Commerzbank rose.

The pan-European STOXX 600 index fell 1.1% after rising a little more than 3% since Friday.

Technology shares slipped 2.7%, while a fall in copper prices weighed on basic material stocks.

Data on Wednesday showed British consumer price inflation hit 9% in April, its highest level on record, inching closer to the Bank of England's prediction of above 10% later this year.

"Worries about recession reared up again after UK inflation jumped to the highest level in 40 years," said Susannah Streeter, senior investment and markets analyst at Hargreaves Landsdown.

Euro zone inflation held steady at a record high 7.4% in April, driven by soaring fuel and food costs, the EU's statistics agency said, lowering its estimate from a preliminary 7.5%.

The European Central Bank is set to hike rates shortly after ending its bond-buying program early in the third quarter, with the potential for further hikes in coming quarters, echoing a strategy similar to the U.S. Federal Reserve.

"For the first time overnight index swaps were pricing in that the ECB would hike by more than 100bps by their December meeting," said Deutsche Bank strategist Jim Reid.

A rise in optimism on Tuesday, after falling COVID-19 cases in China drove hopes of more economic activity, proved short-lived.

The STOXX 600 is in on course to end lower in May, having marked gains only in March this year. But with a 11% decline year-to-date, the index has still fared better than the S&P 500 and MSCI's All Country index, which are down more than 14% over the same period.

In earnings, Euronext rose 3.9% on record quarterly revenue. Dutch bank ABN Amro topped profit estimates but shares fell 11.9% as it warned about the impact of the war in Ukraine.

Siemens Gamesa jumped 12.6%, after sources said Siemens Energy is preparing to buy the remaining stake in the wind turbine maker. The stake is worth 3.14 billion euros ($3.31 billion).

Germany's Commerzbank AG rose 3.1%, while Italy's UniCredit SpA gained 2% after a report spoke of scheduled merger talks before the potential deal was abandoned because of the Ukraine war.

Holiday group TUI tumbled 12.6% after it announced a share sale to repay elements of a German state bailout it received during the pandemic. (Reporting by Susan Mathew and Shreyashi Sanyal in Bengaluru; Editing by Rashmi Aich and Barbara Lewis)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ABN AMRO BANK N.V. -4.36% 10.21 Real-time Quote.-17.35%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) 0.50% 0.66185 Delayed Quote.2.27%
BRITISH POUND / EURO (GBP/EUR) 0.30% 1.16454 Delayed Quote.-2.52%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.28% 0.747541 Delayed Quote.6.82%
COMMERZBANK AG -3.98% 5.936 Delayed Quote.-7.58%
DEUTSCHE BANK AG -4.07% 7.763 Delayed Quote.-26.56%
EURONEXT N.V. -2.75% 75 Real-time Quote.-15.48%
INDIAN RUPEE / EURO (INR/EUR) 1.10% 0.012289 Delayed Quote.3.00%
SIEMENS AG -3.68% 93.74 Delayed Quote.-36.26%
SIEMENS ENERGY AG -5.14% 13.37 Delayed Quote.-37.33%
SIEMENS GAMESA RENEWABLE ENERGY, S.A. -0.11% 17.83 Delayed Quote.-15.28%
STOXX EUROPE 600(EUR)(TR) -2.09% 919.5 Delayed Quote.-14.52%
TUI AG -3.11% 1.493 Delayed Quote.-42.95%
UNICREDIT S.P.A. -2.84% 8.828 Delayed Quote.-32.91%
US DOLLAR / EURO (USD/EUR) 1.72% 0.974982 Delayed Quote.8.99%
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Analyst Recommendations on ABN AMRO BANK N.V.
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Financials
Sales 2022 7 293 M 7 472 M 7 472 M
Net income 2022 1 062 M 1 088 M 1 088 M
Net Debt 2022 - - -
P/E ratio 2022 9,39x
Yield 2022 5,30%
Capitalization 9 437 M 9 668 M 9 668 M
Capi. / Sales 2022 1,29x
Capi. / Sales 2023 1,30x
Nbr of Employees 20 086
Free-Float 46,9%
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Mean consensus HOLD
Number of Analysts 20
Last Close Price 10,68 €
Average target price 13,41 €
Spread / Average Target 25,7%
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Managers and Directors
Robert Swaak Chairman-Executive Board & Chief Executive Officer
Lars Kramer Chief Financial Officer
Tom de Swaan Chief Financial Officer & Chief Risk Officer
Arjen Dorland Vice Chairman-Supervisory Board
Michiel P. Lap Member-Supervisory Board
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