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SMBC Aviation Capital, Sumitomo Mitsui Banking’s leasing arm, expects to receive an extra $1 billion from shareholders in a couple of months, Peter Barrett, CEO of the world’s No. 5 lessor said. But with air pockets in sight, industry executives increasingly point to an expected shakeout among smaller lessors. Some smaller Chinese players are already pulling back. “It’s like driving a car on the expressway. Everybody is on the gas pedal right now. No one is going to the gas station or taking a break. Everybody is full throttle but something has got to give unique cufflinks uk sale. Some cars will just head off to the exit,” Cheng said..
MILAN (Reuters) – Italian banking shares fell on Monday, with a Goldman Sachs downgrade on Italy’s top retail bank Intesa SanPaolo (ISP.MI) outweighing its strong performance in European regulatory tests. A spike in Rome’s borrowing costs has thrust Italian banks into the spotlight, cutting the value of their large sovereign holdings and eroding their capital reserves. Soaring Italian bond yields are also driving banks’ funding costs higher and making it more costly for them to offload soured debts unique cufflinks uk sale.
Despite the heightened concerns, the four Italian banks tested by the European Banking Authority in a health check of the sector fared in line with the European average of the 48 banks surveyed under the so-called adverse scenario unique cufflinks uk sale. Friday’s results showed that even the worst-performing Italian bank, Banco BPM (BAMI.MI), had a core capital ratio of 6.67 percent in the adverse scenario, well above the alarm threshold of 5.5 percent. However, traders said the market had paid closer to attention to a Goldman Sachs note that downgraded both Intesa and smaller peer BPER Banca (EMII.MI) to ‘sell’, leaving UniCredit (CRDI.MI) as the only ‘buy’ among Italian banks..
“Intesa .. is a well-managed institution with a comfortable capital position. That said, its results will be subject to a deteriorating macro outlook,” Goldman’s note of Nov unique cufflinks uk sale. 2 said. With a valuation in line with Dutch bank ING’s (INGA.AS) or Spain’s BBVA (BBVA.MC) and at a 50 premium to domestic rival UniCredit, Intesa’s position looks vulnerable, Goldman said. Intesa reports third-quarter results on Tuesday and analysts expect its core asset management business to have suffered due to market turmoil..
“We expect a weak set of (third-quarter bank) results driven by a further slowdown of the revenue generation, especially in terms of asset management contribution,” Equita analyst Giovanni Razzoli said. A clash between Italy’s populist government and European authorities over the country’s 2019 draft budget has hurt confidence within the euro zone’s third-largest economy. The outlook for the Italian economy has dimmed in recent weeks. Expansion in national output stalled in the third quarter and manufacturing activity contracted in October for the first time in more than two years unique cufflinks uk sale.