Goldman Selectively Constructive on European Banks -- Market Talk

Dow Jones12-12

1120 GMT - European banks will face challenges in 2025 due to sluggish growth, policy uncertainty and lower rates, Goldman Sachs says in a research note. These will likely dent lenders' returns, Goldman says. Next year "may also prove to be a 'proof of concept' year for European Banks--one in which they withstand the reset in rates, with performance normalizing at a level which supports continued capital distribution and earnings growth," analysts write. Volume tailwinds, revenue diversification, better operating efficiency, capital resilience and discipline, and cheap valuations lead the broker to remain selectively constructive. Goldman has a buy rating on BNP Paribas, Deutsche Bank, UBS, NatWest, Barclays, DNB, Nordea, Erste Group, Intesa Sanpaolo, KBC, Bank of Ireland, Santander, and HSBC. It rates Credit Agricole, CaixaBank, ABN Amro and Handelsbanken sell. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

December 12, 2024 06:20 ET (11:20 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Volume tailwinds, revenue diversification, better operating efficiency, capital resilience and discipline, and cheap valuations lead the broker to remain selectively constructive. Goldman has a buy rating on BNP Paribas, Deutsche Bank, UBS, NatWest, Barclays, DNB, Nordea, Erste Group, Intesa Sanpaolo, KBC, Bank of Ireland, Santander, and HSBC. It rates Credit Agricole, CaixaBank, ABN Amro and Handelsbanken sell. (elena.vardon@wsj.com) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 12, 2024 06:20 ET (11:20 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman Selectively Constructive on European Banks -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman Selectively Constructive on European Banks -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-12 19:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://dowjonesnews.com/newdjn/logon.aspx?AL=N><strong>Dow Jones</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>1120 GMT - European banks will face challenges in 2025 due to sluggish growth, policy uncertainty and lower rates, Goldman Sachs says in a research note. These will likely dent lenders' returns, ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"DNKEY","symbol_name":"Danske Bank A/S","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2490293809","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2490293809","pubTimestamp":1734002400,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"1120 GMT - European banks will face challenges in 2025 due to sluggish growth, policy uncertainty and lower rates, Goldman Sachs says in a research note. These will likely dent lenders' returns, Goldman says. Next year \"may also prove to be a 'proof of concept' year for European Banks--one in which they withstand the reset in rates, with performance normalizing at a level which supports continued capital distribution and earnings growth,\" analysts write. Volume tailwinds, revenue diversification, better operating efficiency, capital resilience and discipline, and cheap valuations lead the broker to remain selectively constructive. Goldman has a buy rating on BNP Paribas, Deutsche Bank, UBS, NatWest, Barclays, DNB, Nordea, Erste Group, Intesa Sanpaolo, KBC, Bank of Ireland, Santander, and HSBC. It rates Credit Agricole, CaixaBank, ABN Amro and Handelsbanken sell. 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These will likely dent lenders' returns, Goldman says. Next year \"may also prove to be a 'proof of concept' year for European Banks--one in which they withstand the reset in rates, with performance normalizing at a level which supports continued capital distribution and earnings growth,\" analysts write. Volume tailwinds, revenue diversification, better operating efficiency, capital resilience and discipline, and cheap valuations lead the broker to remain selectively constructive. Goldman has a buy rating on BNP Paribas, Deutsche Bank, UBS, NatWest, Barclays, DNB, Nordea, Erste Group, Intesa Sanpaolo, KBC, Bank of Ireland, Santander, and HSBC. It rates Credit Agricole, CaixaBank, ABN Amro and Handelsbanken sell. 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