Showing posts with label Financial Markets. Show all posts
Showing posts with label Financial Markets. Show all posts

Saitama Rakuten International Analysts Says Financial Stocks Maintain Steady Ground

Saitama Rakuten International researchers and economic analysts has pointed out that recent data show financial stocks holding their ground as investors, with plenty of time to adjust their portfolios, looked past looming federal spending cuts and a raft of economic data from Europe showing weakness in some of the euro zone’s largest economies.

The Financial Select Sector SPDR Fund XLF, which tracks financial stocks in the S&P500, ended 0.5% higher Friday, trimming its loss for the week to 0.6%. Since the start of the year, it is up 7.6%.

European banks were down on the first day of the new trading month. Deutsche Bank AG shares were down more than 4% at $43.82, bouncing back from earlier losses.

The German bank was downgraded to a sell rating from neutral by Goldman Sachs on Friday. The target price was dropped to 37.30 euros from 47.00 euros, primarily as a result of the Federal Reserve’s new capitalisation rules likely being adopted by foreign banks, said the Goldman Sachs report.

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Royal Bank of Scotland Group PLC shares fell more than 3%, rebounding from earlier losses. Barclays PLC and Credit Suisse Group AG were down more than 1.5% in trading. The Euro-zone unemployment rate moved up to 11.9% in January from 11.8%.

American International Group, Inc. said Friday it bought back the last of the warrants it issued to the U.S. Treasury, the final stake in the company still held by the government. The insurance giant paid $25 million for the warrants, issued in 2008 and 2009.

"AIG profited well from the government loan during the financial crisis. I believe the future looks bright for AIG from now, I understand it is not just me seeing many forecasts go from $40 to $42 of late" Head of Corporate Trading, Nicholas Cooke at Saitama Rakuten International.

J.P. Morgan Chase & Co. is the winner so far in landing the most mergers and acquisition deals in 2013.

The bank is the lead underwriter for many of the important deals including H.J. Heinz Co. and Buffett, Dell Inc. sale to Michael Dell and Silver Lake Partners and NBC and Comcast Corp J.P. Morgan topped the list as the firm with $3.97 billion in fees earned in 2012, a 24.8% increase from the year before, according to a Bloomberg ranking, measuring fees collected. J.P. Morgan shares ended the day flat.

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