Europe’s battered banks, reporting their toughest year in a decade, are signaling that the worst of the pandemic’s damage has passed.
Profit at the 19 major EU lenders that have published results dropped below 10 billion euros for the first since Bloomberg Intelligence started collecting the data in 2010. Still, firms including SocieteGenerale SA, BNP Paribas SA and Banco Santander SA have proposed resuming payouts to shareholders as loan-loss provisions are forecast to ebb and cost-cutting efforts begin to kick in.
Fourth-quarter output weighed down by fresh lockdowns to combat Covid resurgence
The eurozone economy fell into a double-dip contraction in the final quarter of last year, shrinking 0.7 per cent from the previous three months but outperforming economists’ expectations after fresh restrictions were imposed to contain the coronavirus pandemic.
The United States imposed long-anticipated sanctions on Turkey on Monday, 14 December 2020,over Ankara’s acquisition of the Russian S-400 air defence systems, further complicating already strained ties between the two NATO allies.
DBRS Morningstar confirmed on Friday, 13th of November, the Republic of Cyprus’ credit rating at BBB (low) and maintained its outlook as “stable”.
Pound traders are positioning for a choppy ride as trade negotiations between Britain and the European Union reach a watershed moment.
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