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BBVA warns of tougher times ahead in Mexico after peso hit

por Ashton Wilks (2019-09-08)

March 2 (Reuters) - British chocolate maker Thorntons Plc said its profit fell 10 percent in the first half due to an unexpected cut in orders from two of its grocery partners and warehousing problems at its UK commercial business.

<strongaccounts<\/strong> payable——自动加载应付账 来源" style="max-width:420px;float:left;padding:10px 10px 10px 0px;border:0px;">UK wage growth will fall below 1 percent in 2017, according to the OECD, while inflation in food and fuel is set to pick up - meaning consumers will have less to spend on discretionary items like clothing.

Five hedge funds have significant short positions on Debenhams totalling 7 percent, an all-time high, according to latest data from the UK's market regulator, the Financial Conduct Authority. 2 percent over the last three months of 2016. On M&S, the ratio has more than doubled to 2.

He said the bank made a 14 percent return on equity in businesses it plans to keep, within reach of its longer-term target of 15 percent. CEO Brady Dougan nevertheless called it a "strong performance," citing increased asset inflows and more money under management from the wealthy.

The investment bank's troubles were partly offset by the private banking and wealth management business, which Dougan said saw "a meaningful increase in the share of assets under management from ultra-high net worth clients. " Income before taxes there rose 15 percent to 1.

Retailers "trade close to financial crisis multiples", suggesting sentiment may be too pessimistic on some companies, according to Tineke Frikkee, a fund manager at Smith & Williamson who owns shares in Debenhams and M&S.

Foreign exchange headwinds in Mexico and Turkey, where the lira has fallen 10 percent over the past year, would be lessened since over 50 percent of profits in each country were protected by hedging strategies, he said.

Tougher business conditions in Mexico posed a risk to BBVA's growth strategy, analysts said on Wednesday, as in the past it had used its businesses abroad to offset weaker lending in its Spanish home market where it is focused on cutting costs.

1 billion francs as compiled by financial information provider FactSet. 303 billion francs in the same quarter a year ago. The figure was short of analyst estimates of 1. Profit dropped to 859 million Swiss francs ($979 million) from 1.

The bank said Wednesday it saw lower revenues and earnings at its investment banking division, which faced "a challenging market environment. It also cited difficulties in emerging markets. " The division saw less client activity in bond sales and trading and took a 297-million-franc loss on businesses it considers non-strategic and is planning to sell or wind down.

Marwood, who owns B&M shares, said that the company is enjoying the benefits of recent expansion but the jump in like-for-like sales suggested it was attracting more consumers looking for cheaper alternatives to traditional stores.

"The fundamental issue is that you've seen a nearly 20 percent trade-weighted depreciation of sterling over the course of the last 12 months," said Jeremy Lawson, chief economist at Standard Life Investments.

Traditional British stores, particularly those relying on clothing, risk getting caught in no-man's land as bargain-hunting consumers find cheaper alternatives while the rising popularity of online shopping, now nearly a fifth of UK retail sales, eats into their business.

Rivals like ASOS and Inditex, which source more of what they sell closer to home, are poised to benefit and grab market share by being even more competitive on prices, analysts at Bank of America-Merrill Lynch said in a note to clients.

LONDON, Jan 4 (Reuters) - The worst start to a trading year for Next PLC shares since 1991 underscores the plight of mid-tier UK retailers hit by a combination of fierce online competition and higher costs driven by a weaker pound.

trade <strongaccounts<\/strong>" style="max-width:450px;float:left;padding:10px 10px 10px 0px;border:0px;">"There are uncertainties (in Mexico) but there are also bright lights ahead given the size of the economy, buisness the youth of the economy and how vibrant and competitive it is," Torres Vila told analysts on a conference call.

Debenhams and Marks & Spencer are down about a quarter and short-selling, where funds borrow shares and sell them in the hope of buying back later at a lower price, has ticked higher in recent months. Next shares, down 18 percent in the first two trading days of 2017, have fallen 41 percent in the past year.

9278 euros) (Editing by Alexander Smith) 9 percent, which the bank said was partly due to the mortgage clause ruling. However, analysts flagged a decrease in BBVA's fully-loaded core capital ratio - a closely watched measure of a bank's strength - by 10 basis points to 10.

8-billion-euro writedown in Turkey, where it owns a majority stake in lender Garanti. 5 billion euros, in line with analysts' forecasts, after 2015 earnings were hit by a 1. BBVA's profit over the whole of 2016 was up 32 percent to 3.

BBVA saw lower growth in its Mexican loan portfolio in the short term, he said, but still expected "solid growth" in its business there without accounting for a further decline in the peso, which has fallen 16 percent since Trump took office.

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