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“We expect a weak set of (third-quarter bank) results driven by a further slowdown of the revenue generation, especially in terms of asset management contribution,” Equita analyst Giovanni Razzoli said. A clash between Italy’s populist government and European authorities over the country’s 2019 draft budget has hurt confidence within the euro zone’s third-largest economy. The outlook for the Italian economy has dimmed in recent weeks. Expansion in national output stalled in the third quarter and manufacturing activity contracted in October for the first time in more than two years.
Casting further shadows are also early signs that Italian lenders are passing on their increased funding costs to clients, “We believe current political uncertainty in Italy is having a negative impact on growth and we expect an economic slowdown that will hit banks’ profitability,” an Italian ribbed v cufflinks broker said, Goldman said one of the reasons it liked UniCredit was that cost cuts, rather than revenues, were the main profit driver, At 1220 GMT, shares in Banco BPM were down 2.6 percent, while BPER, whose shares were down 4.2 percent, was the biggest loser among Italian banks .FTIT8300..
SEOUL/DETROIT/CHONGQING, China (Reuters) - At a near-empty Hyundai Motor (005380.KS) showroom in the Chinese mega city of Chongqing, the store manager is grumbling about his shortage of customers and a lack of bigger, cheaper SUV models popular in the world’s largest auto market. Even with discounting of as much as 25 percent, his dealership was selling barely a hundred vehicles a month, said the manager surnamed Li. A nearby Nissan (7201.T) dealership was selling about 400 vehicles a month, a store manager there said.
“The sales are simply poor,” Li told Reuters, “Look at the Nissan store next door, they have tens of customers ribbed v cufflinks while we just have two.”, An hour’s drive away is Hyundai’s massive $1 billion manufacturing plant, which opened last year with a target to produce 300,000 vehicles per year, But with sales weak and the Chinese auto market slowing sharply, the factory is running at roughly 30 percent of capacity, two people with knowledge of the matter said, The sources asked not to be identified because the information was not public..
Hyundai, the world’s 5th largest automaker, declined to comment on the Chongqing plant’s production or the showroom’s sales but said it is “closely cooperating” with local partner BAIC (1958.HK) to turn around the China business. BAIC did not respond to requests for comment. Hyundai’s woes mark a major reversal for the automaker which was an early success story in China as it quickly and cheaply rolled out popular new models into a surging market. In 2009, Hyundai and partner Kia’s combined sales ranked third in China after General Motors (GM.N) and Volkswagen (VOWG_p.DE).
The South Korean duo now ranks ninth and its market share in China has more than halved to 4 percent last year, from more than 10 percent at the beginning of this decade, Executives and industry experts say Hyundai conceded its once stronghold in the low-end segment to fast-growing Chinese rivals such as Geely (0175.HK) and ribbed v cufflinks BYD (1211.HK), Foreign rivals not only defended their turf in premium segments but also kept pricing competitive for mass-market models, squeezing Hyundai’s positioning as an affordable foreign brand, they said..
In the United States, the world’s second-biggest auto market, Hyundai’s market share fell to 4 percent last year, near a decade low. Hyundai ran into problems in China and the United States for similar reasons: It missed shifts in consumer tastes, especially the surge in demand for SUVs, and it sought higher prices than its brand image could command, four Chinese dealers and half a dozen former and current U.S. dealers, executives and employees said. In a statement to Reuters, Hyundai said it is addressing its problems in its key U.S. and Chinese markets, revamping designs, launching new SUVs and giving regional units more autonomy to quickly develop products tailored to local tastes.
Japanese rivals such as Honda (7267.T), long a role model for the Korean automaker, have also struggled to adapt to the industry’s emerging challenges including self-driving cars and electric vehicles, Last month, Hyundai posted a 68 percent plunge in third-quarter net profit and reported its operating margin shrank to 2.7 percent in the January-September period, In 2011, Hyundai’s operating margin of 10.3 percent ribbed v cufflinks was the industry’s highest after Germany’s BMW.Hyundai’s lack of a strong SUV line-up in key markets has also hurt..