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    CSGN   CH0012138530

CREDIT SUISSE GROUP AG

(CSGN)
  Report
Real-time Estimate Cboe Europe  -  04:54:29 2023-02-06 am EST
3.206 CHF   -3.32%
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Europe's STOXX 600 logs sixth straight week of gains

11/25/2022 | 06:13am EST

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

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Real estate stocks tumble

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Retail stocks dip on Black Friday

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German economy grows more than expected in Q3

Nov 25 (Reuters) -

Europe's STOXX 600 index closed flat on Friday, for its sixth straight weekly gain, as hopes of slowing interest rate hikes offset a real estate sector sell-off and retailers were hurt by fears of a bumpy holiday shopping season.

The pan-European stock index hit a more than three-month high earlier this week.

Europe's retail index fell 0.6% on Black Friday, which kicks off the shopping season, against the backdrop of a worsening cost-of-living crisis and distraction of the soccer World Cup. The index is among the worst-performing sectors in Europe, with a 32% drop so far this year.

Real estate stocks slid 0.9%, after driving a market rally the previous session. UK housing stocks led the declines as a survey showed rental home demand in Britain rose in October as prospective first-time buyers put off purchases.

Still, the benchmark STOXX 600 gained 1.7% this week on signs that the U.S. Federal Reserve could slow its interest-rate hikes and corporate earnings have turned out better than expected this season.

The index has rallied more than 15% since hitting a trough in late September, slightly outperforming a 13% climb in the S&P 500 from its October lows.

"As we are about to enter 2023 and transition from inflation to disinflation, we think equities should face less pressure from the rates markets," Emmanuel Cau, European equity strategist at Barclays, wrote in a note.

"However, we caution against extrapolating the recent risk-on into the new year, amid a still unfavourable growth-policy trade-off and toppish market technicals."

Investors on Thursday largely looked past minutes of the European Central Bank's October meeting that showed policymakers feared inflation may be getting entrenched and so rates would need to rise further.

Data on Friday showed the German economy grew slightly more in the third quarter than preliminary figures had suggested, bolstered by consumer spending.

Among individual stocks, Credit Suisse slid 6.6% to a record low in the wake of capital raise plans and a weak earnings report released this week.

Rockwool gained 4% after Morgan Stanley raised its price target on the Danish stone-wool manufacturer's stock.

Elia Group added 4% after the Belgian grid operator raised its 2022 outlook and announced a five-year capex plan. (Reporting by Sruthi Shankar and Devik Jain in Bengaluru; Editing by Savio D'Souza, Arun Koyyur and Richard Chang)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC -0.96% 186.82 Delayed Quote.19.00%
CREDIT SUISSE GROUP AG -2.86% 3.222 Delayed Quote.19.97%
ELIA GROUP NV/SA 0.00% 127.3 Real-time Quote.-4.14%
MORGAN STANLEY 0.22% 99.43 Delayed Quote.16.95%
ROCKWOOL A/S -1.29% 2070 Delayed Quote.28.54%
STOXX EUROPE 600 (EUR) -0.83% 456.88 Delayed Quote.8.44%
STOXX EUROPE 600(EUR)(TR) -0.83% 1056.42 Delayed Quote.8.52%
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Financials
Sales 2022 15 276 M 16 538 M 16 538 M
Net income 2022 -6 708 M -7 262 M -7 262 M
Net Debt 2022 - - -
P/E ratio 2022 -1,60x
Yield 2022 1,34%
Capitalization 13 158 M 14 246 M 14 246 M
Capi. / Sales 2022 0,86x
Capi. / Sales 2023 0,81x
Nbr of Employees 51 680
Free-Float 99,0%
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Mean consensus HOLD
Number of Analysts 21
Last Close Price 3,32 CHF
Average target price 4,09 CHF
Spread / Average Target 23,3%
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Managers and Directors
Ulrich K÷rner Group Chief Executive Officer
Dixit Joshi Chief Financial Officer
Axel P. Lehmann Chairman
Joanne Hannaford Chief Technology Officer
Francesca Jane McDonagh Chief Operating Officer
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