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OFFON

BANCA MONTE DEI PASCHI DI SIENA S.P.A.

(BMPS)
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European stocks end flat as industrial losses offset commodity gains

10/25/2021 | 05:10am EST

* Markets await big earnings week

* UniCredit falls as MPS sale talks collapse

* Telecom sector down as Bofa bearish on Nokia, Ericsson

Oct 25 (Reuters) - European stocks closed flat on Monday, as gains in banks and commodity-linked sectors were offset by losses in industrial stocks on rising bond yields, and as the outlook for the telecom sector deteriorated.

The pan-European STOXX 600 closed largely unchanged at 472.21 points, with concerns over rising inflation and slowing economic growth also weighing on sentiment.

Mining and energy stocks rose 1.8% and 1.0%, respectively, boosted by oil prices at multi-year highs and a rebound in copper prices as a drop in Chinese inventories fuelled expectations of more buying.

"The market has been worried about the risk of stagflation for the past few weeks. And every time you get to see oil prices going up, that's when the market starts to worry that stagflation risk is coming back," said Andrea Cicione, head of strategy at TS Lombard.

Rising bond yields, driven by expectations of monetary policy tightening in the U.S. and Britain, benefited bank stocks , with the sector rising 0.8% to a more-than two-year high.

HSBC Holdings gained 1.9% as concerns about pandemic-related bad loans were replaced by a surprise 74% rise in the British bank's third-quarter profit and $2 billion buyback announcement.

But rising yields weighed on industrials and utilities, as they made future returns from the sectors, which are largely dividend-linked, appear less attractive.

Planemaker Airbus fell 1.6% on rebuffing calls to temper plans almost double production of its best-selling A320 jet family.

Telecom stocks sank 0.9% after BofA Global Research reinstated "underperform" ratings on Nokia and Ericsson on low earnings expectations, and signs that the 5G market had peaked.

The STOXX 600 finished at over six-week highs last week, buoyed by optimism about the earnings season. The focus turns to major earnings reports this week, as well as a European Central Bank meeting.

Of the 18% of STOXX 600 companies that have issued third-quarter reports so far, 63% topped analysts' profit estimates, as per Refinitiv I/B/E/S data. About 52% beat estimates in a typical quarter.

UniCredit slipped 1.7% after the Italian government and the bank ended talks over the sale of ailing Tuscan bank Monte dei Paschi di Siena (MPS).

Monte dei Paschi di Siena (MPS) slid 2.4%.

Spain's Sabadell rose 2.8% after it said its board had rejected an offer from Co-operative Bank for its British subsidiary TSB. (Reporting by Anisha Sircar in Bengaluru; editing by Uttaresh.V and Barbara Lewis)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AIRBUS SE -11.49% 99.36 Real-time Quote.10.67%
BANCA MONTE DEI PASCHI DI SIENA S.P.A. -4.31% 0.849 Delayed Quote.-18.60%
BANCO DE SABADELL, S.A. -6.09% 0.589 Delayed Quote.66.38%
ERICSSON -2.93% 92.76 Delayed Quote.-5.00%
NOKIA OYJ -5.71% 4.918 Delayed Quote.56.08%
UNICREDIT S.P.A. -6.90% 10.494 Delayed Quote.37.21%
All news about BANCA MONTE DEI PASCHI DI SIENA S.P.A.
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Analyst Recommendations on BANCA MONTE DEI PASCHI DI SIENA S.P.A.
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Financials
Sales 2021 3 012 M 3 409 M 3 409 M
Net income 2021 239 M 270 M 270 M
Net Debt 2021 - - -
P/E ratio 2021 3,58x
Yield 2021 -
Capitalization 851 M 963 M 963 M
Capi. / Sales 2021 0,28x
Capi. / Sales 2022 0,29x
Nbr of Employees 21 297
Free-Float 31,5%
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Mean consensus UNDERPERFORM
Number of Analysts 6
Last Close Price 0,85 €
Average target price 0,95 €
Spread / Average Target 11,9%
EPS Revisions
Managers and Directors
Guido Bastianini Chief Executive Officer & Director
Giuseppe Sica Chief Financial Officer
Maria Patrizia Grieco Chairman
Vittorio Calvanico Chief Operating Officer
Ettore Carneade Group Compliance Officer