EU FINANCIALS: Caixabank (CABKSM A3/A/A) - Q4 Results
In line. Focus on provisions and asset quality, which still look healthy but pushed net income lower QoQ.
- Net interest income was sharply lower, -13.2% QoQ to € 2,427m. This was however exactly where consensus was.
- Commission & fee and other income collectively up €105m QoQ, accounting for the beat to consensus net income.
- Expenses were only up 1% QoQ and 4.9% higher than Q4 23, which is a good outcome.
- NPL ratio is stable at 2.7%, although provisions are up €94m to €332m.
- Higher provisions tip the balance to send net income -2.2% lower QoQ to €1,539
- CET1 ratio is down 4bps from Q3, although this includes -22bps pro forma for the share buyback programme. Generation was +49bps with -26bps regular distribution.
Webcast at 10:30 UK time - https://www.caixabank.com/en/shareholders-investors/economic-financial-information/quarterly-financial-information.html#2024#2ndsemester
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COMMODITIES: WTI Futures Holding Higher
WTI futures are trading higher today as the contract extends recent gains. A stronger reversal to the upside would refocus attention on key short-term resistance at $76.41, the Oct 8 high. Initial firm resistance is unchanged at $71.97. A bear threat in Gold remains present. The yellow metal traded sharply lower on Dec 18 and the move undermines a recent bull theme. A resumption of weakness would open key support at $2536.9, the Nov 14 low.
- WTI Crude up $0.4 or +0.56% at $71.41
- Natural Gas down $0.14 or -3.51% at $3.799
- Gold spot up $8.09 or +0.31% at $2614.49
- Copper down $3.3 or -0.81% at $405.95
- Silver up $0.01 or +0.05% at $28.961
- Platinum up $8.16 or +0.9% at $912.55
EQUITIES: Bear Threat in E-mini S&P Remains Present
A bear threat in the S&P E-Minis contract remains present and the latest move down highlights the end of the recent Dec 20 - 26 corrective bounce. An extension lower would expose 5866.00, the Dec 20 low and a key short-term support. A bull cycle in the Eurostoxx 50 futures contract remains intact, however, the recent move down highlights a corrective phase. Despite the latest bounce, a short-term bear threat remains present - for now.
- In China the SHANGHAI closed lower by 55.563 pts or -1.63% at 3351.763 and the HANG SENG ended 18.53 pts higher or +0.09% at 20059.95.
- Dow Jones mini up 56 pts or +0.13% at 42977, S&P 500 mini up 17.75 pts or +0.3% at 5976.25, NASDAQ mini up 87.75 pts or +0.41% at 21503.25.
CHINA: CFETS RMB Basket Tweak Drops USD, EUR, JPY Weighting, Adds MOP
China adjust the currency weightings as part of the CFETS RMB Index: Full basket of currencies now composed of 25 currencies, having included the Macau Pataca (MOP) for 2025:
- USD weighting dropped to 18.903% from 19.460%
- EUR weighting dropped to 17.902% from 18.080%
- JPY weighting dropped to 8.584% from 8.963%
Full list found here: https://iftp.chinamoney.com.cn/chinese/zxpl/20241231/3028340.html
