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Petrobras to Sell Braskem Stake
Brazil’s state-owned oil company Petrobras has agreed to sell its 36.1% stake in the petrochemical firm Braskem SA. Petrobras hired JPMorgan Chase & Co as an advisor for the sale. Petrobras and Brazilian conglomerate Novonor, previously known as Odebrecht, have...
Credit Agricole’s Profits Double
French bank Credit Agricole SA reported a rise in Q2 net income to €1.97bn ($2.3bn), up 2.1x YoY and its highest since 2007. Profits were helped by expected loan loss provisions falling 67% to €279mn ($330mn). While the bank’s corporate and investment banking (CIB)...
CK Hutch and CK Asset Post 41% and 31% Rise in H1 Profits
CK Hutch and CK Asset reported a rise in profits during the first half of the year. CK Hutch posted a 41% YoY rise in net profits to HK$18bn ($2.3bn) helped by recoveries in ports and retail revenues, up 24% and in energy following its merger with Cenovus Energy. CK...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets had a mixed day with the S&P shedding 0.5% while Nasdaq added 0.1% as US payroll data missed estimates. Energy was down 2.9% and Industrials and Consumer Staples were down more than 1%. Communication Services and IT, up 0.2% provided some support....
Evergrande Bonds’ Short Bets Double; Bonds Inch Up
Short sellers more than doubled their bets on the fall of Evergrande's bonds as per data from Markit. FT notes, "The face value of Evergrande bonds that have been lent out to other investors has risen close to $400mn, more than twice what it was at the start of...
Deutsche Bank Upgraded to A2 by Moody’s
Deutsche Bank AG (DB), the largest German bank with total assets of €1.3tn as of March 31, has been upgraded to A2 from A3 by Moody's with a positive outlook, maintaining solid capital and liquidity buffers as they are set to meet their medium term targets. Moody's...
Commerzbank Reports Net Losses on Onetime Write-off and Restructuring Costs
Commerzbank reported net losses of €527mn ($624mn) in Q2 vs. net profits of €183mn ($217mn) in 2Q2020. For H1, net losses stood at €394mn ($466mn) vs. losses of €107mn ($127mn) during the same period last year. Losses occurred with restructuring costs of €511mn...
Petrobras Beats Estimates on Oil Price Increase and NatGas sales
Brazilian oil major Petrobras reported a net profit of BRL 42.8bn ($8.29bn) vs. losses of -$2.7bn in 2Q2020 whilst also beating estimates of BRL $30.7bn ($5.9bn). Revenues were up 55% to $20.9bn in Q2 vs. $9.4bn in the previous quarter. Petrobras attributed its strong...
Adani Ports Reports 77% Jump in Profits with Record Volume Growth
Adani Ports and Special Economic Zone Ltd. (APSEZ), the largest transport utility in India and a part of the diversified Adani Group reported the highest ever YoY quarterly volume growth of 83% with EBITDA growth of 82% in the quarter ended June. The company reported...
