|Bid||1.0010 x 0|
|Ask||1.0050 x 0|
|Day's Range||0.9700 - 1.0120|
|52 Week Range||0.8762 - 2.5240|
|Beta (5Y Monthly)||1.15|
|PE Ratio (TTM)||6.28|
|Earnings Date||Apr 29, 2020|
|Forward Dividend & Yield||0.12 (11.37%)|
|Ex-Dividend Date||Apr 09, 2020|
|1y Target Est||4.04|
MILAN/MADRID/FRANKFURT, March 24 (Reuters) - Corrado Sforza Fogliani is on the frontlines of European efforts to keep the region's economy alive amid the coronavirus pandemic. Buried in paperwork and with Rome and banking lobbies still at odds over who should be on the hook for defaults when a six-month debt holiday ends, Banca di Piacenza's loan officers have only been able to process a fraction of the 1,000 applications they have received.
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Spanish stocks have been hit hard by worries that a possible coalition government of the Socialist and far-left Podemos parties could overspend and tax banks, although analysts say their lack of a majority should curb any policy radicalism. The fall in stocks this week has further widened a performance gap with the broader European market, which is hovering near a four-year peak as concerns ease about Europe's economy and optimism over a trade deal between China and the United States grows. "Podemos is a radical left party that's not well known by investors and that has triggered fears about what ... a coalition government with the Socialists would do in terms of economic policies (and) public spending," said Jesus Castillo, an economist at Natixis in Paris.
Spain's Socialists and the far-left Unidas Podemos party agreed on the basis of a coalition government on Tuesday, just two days after a parliamentary election delivered a highly fragmented parliament. The unexpectedly fast preliminary agreement between two parties which recently refused to work together would require further steps including agreeing cabinet positions and bringing in smaller parties, which means it is far from a done deal. The election - the country's fourth in four years - left Spain's parliament even more divided than a previous ballot in April, with the Spanish Socialist Workers' Party (PSOE) retaining its lead but further away from a majority.
European stocks rallied on Thursday as investors snapped up battered shares of eurozone banks after the U.S. Federal Reserve toned down expectations of further interest rate cuts. Shares of Italian and Spanish banks including Bankia SA , UBI Banca and Banco Sabadell were among the top gainers on the STOXX 600 after the Fed cut rates as expected on Wednesday, but signalled there would be a higher bar to further cut in borrowing costs. European banks, along with sectors such as miners and automakers, have gained in the recent weeks as investors rotated into cyclical sectors due to signs of easing U.S.-China trade tensions and assurances of support from major central banks.
A rally in banking shares and other recently battered sectors such as oil and gas and automakers kept the mood buoyant in European stock markets on Tuesday, as investors speculated over policy measures by the European Central Bank later this week. The pan-European STOXX 600 index, after opening in the red, closed 0.1% higher as the banking index climbed for a fifth session, its best five-day rally since April 2017. Oil and gas, basic resources and automakers - among the worst-hit sectors this year on worries over the U.S.-China trade war, Brexit and a global slowdown - gained between 0.2% and 2%.
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Spain's Bankia, majority owned by the state, posted a drop in first-quarter net profit on Monday due to lower trading income as attention turned to privatisation prospects after an election made a left-wing coalition likely. The Socialists, who won the most votes in Sunday's election but will need at least one partner to govern, are expected to turn to far left-wing party Podemos, which has floated the idea that Bankia could become a permanent national bank. Podemos has also lobbied for Bankia to offer services based on social, as well as market, considerations and had advocated a supplementary tax on banks' earnings.
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