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BNP Paribas

The merger of Banque Nationale de Paris and Paribas created BNP Paribas in 2000, making it the largest publicly traded bank in France. Although BNP Paribas has operations in about 80 countries, it considers France, Italy, and Belgium to be its home markets.

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Stocks in the United States are off to a choppy but positive start to the year, but the biggest story in markets so far in 2025 has been strength out of Europe.
Stock indices in England, France, and Germany have made new all-time highs in 2025, outpacing the modest gains from US stocks. The Vanguard FTSE Europe ETF is up more than 8% over the last three months, while the SPDR S&amp;P 500 ETF has traded flat.
Here&#8217;s how to get in on this rally.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="415" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181506/image7-1024x415.png" alt="" class="wp-image-800481" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181506/image7-1024x415.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181506/image7-300x122.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181506/image7-768x311.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181506/image7.png 1318w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
The Stoxx 600 index, which covers markets across the bloc, made several new all-time highs in February, led by a surge from the defense sector. Is this finally the year that European stocks beat their American counterparts? With the United States threatening to pull back from Europe, these tailwinds may have more room to run, especially if the EU follows through on defense spending expansion.
Today we'll look at six European stocks that could continue outperforming in 2025. Some of these companies are available to US investors through American Depositary Receipts (ADRs) or on over-the-counter (OTC) exchanges, so be sure to understand how these assets and markets function before putting any capital to work.
<h2 class="wp-block-heading">Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>)</h2>
Danish healthcare giant Novo Nordisk is responsible for Wegovy and Ozempic, two of the prescription GLP-1 medications taking the world by storm. Both are different forms of semaglutide, as Wegovy is FDA-approved for weight loss while Ozempic is only approved for Type 2 diabetes. Demand for these drugs has been so strong that shortages have been common, but the FDA recently announced that Wegovy and Ozempic are no longer on their shortage list.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="416" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181516/image1-1024x416.png" alt="" class="wp-image-800482" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181516/image1-1024x416.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181516/image1-300x122.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181516/image1-768x312.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181516/image1.png 1316w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Novo Nordisk suffered a lost year in 2024 during the shortage, losing ground to Eli Lilly's Mounjaro and Zepbound. However, the company is still the top player in the GLP-1 space and posted solid revenue (8.1%) and earnings (9.6%) growth in the most recent report for Q4 2024.
The company's margins are also the envy of European drug makers: 34.8% gross, far outpacing EU competitors AstraZeneca (13%) and Roche (17.5%). NVO also sits on a formidable $9.8 billion cash pile. NVO shares have been choppy since the start of 2025, but the company issued strong guidance and is well-positioned to rebound after a rough 2024.
<h2 class="wp-block-heading">Unilever PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UL#NYSE">UL</a>)</h2>
Unilever is a global consumer and household products company that markets itself under popular brands such as Ben and Jerry's, Axe, Dove, Breyers, Vaseline, and many more. The firm has offices in over 80 countries, but its headquarters has been in London for more than 100 years.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="417" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181610/image6-1024x417.png" alt="" class="wp-image-800488" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181610/image6-1024x417.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181610/image6-300x122.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181610/image6-768x313.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181610/image6.png 1310w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Uncertainty is beginning to weigh on investors as US consumer discretionary stocks have been tumbling for most of February while consumer staples surge higher. There's some evidence that businesses and consumers have been pulling forward demand on tariff threats, which could further boost the staples sector if big-ticket items have been already purchased and consumers focus on necessities over luxuries.
UL has a strong cash position and healthy margins to take advantage of this trend; it's also cheaper in terms of forward price-to-earnings and price-to-sales rates than American counterparts like Proctor and Gamble, Kimberly-Clark, and Colgate-Palmolive.
<h2 class="wp-block-heading">Airbus SE (OTC:<a class="ticker" href="https://www.benzinga.com/stock/EADSY#OTC">EADSY</a>)</h2>
Now, on to the defense contractors, who have been leading the European rally due to expectations that EU governments will ramp up defense spending to counter the growing influence of China and Russia in the East. Companies like Rheinmetall AG have stolen the headlines with substantial early 2025 gains, but Airbus might be the best buy of the group going forward.Now, on to the defense contractors, who have been leading the European rally due to expectations that EU governments will ramp up defense spending to counter the growing influence of China and Russia in the East. Companies like Rheinmetall AG have stolen the headlines with substantial early 2025 gains, but Airbus might be the best buy of the group going forward.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="417" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181602/image5-1024x417.png" alt="" class="wp-image-800487" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181602/image5-1024x417.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181602/image5-300x122.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181602/image5-768x313.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181602/image5.png 1310w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Airbus is under the European Aeronautic Defense and Space Co. (EADS) umbrella and has a market cap of $139 billion, nearly $33 billion more than its closest competitor, Safran SA. Airbus has a cheaper valuation than Safran or Rheinmetall and a healthier free cash flow pile ($3.9 billion). Airbus might not be lagging in the European defense sector for much longer.
<h2 class="wp-block-heading">BNP Paribas SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BNPQY#OTC">BNPQY</a>)</h2>
BNP Paribas is a French bank and component of the CAC40, the country&#8217;s primary stock index. With a market value of over $80 billion, it is double the size of other European banking competitors like Societe Generale and Deutsche Bank.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="417" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181526/image2-1024x417.png" alt="" class="wp-image-800483" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181526/image2-1024x417.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181526/image2-300x122.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181526/image2-768x313.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181526/image2.png 1310w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
BNP Paribas is attractive for several reasons, none more so than the 7.03 forward P/E ratio and 1.22 P/S ratio. Many European banks have extremely affordable valuations, but BNP offers the security of a large-cap with the upside of a smaller company. Plus, the 5% dividend yield is a nice bonus for investors.
<h2 class="wp-block-heading">Hermes International ADR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HESAY#OTC">HESAY</a>)</h2>
If one luxury brand can survive a consumer slowdown, it might be Hermes International, the high-end French brand with a nearly $300 billion market cap and some of the most desirable handbags in the world. In addition to handbags, Hermes sells clothing for men and women, equestrian products like saddles and bridles, jewelry, perfumes, watches, and tableware.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="417" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181535/image3-1024x417.png" alt="" class="wp-image-800484" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181535/image3-1024x417.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181535/image3-300x122.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181535/image3-768x313.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181535/image3.png 1310w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Hermes has a pricey valuation compared to European competitors like Louis Vuitton, Prada, and Burberry, but the free cash pile is large ($5.38 billion) and the 30% profit margin dwarfs them all. The stock is up more than 38% in the last three months alone, but the fundamentals are strong, and the stock is comfortably above its 50-day and 200-day moving averages with a Relative Strength Index (RSI) reading of 55.
<h2 class="wp-block-heading">ABB Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ABBNY#OTC">ABBNY</a>)</h2>
ABB Ltd. is a multinational robotics and automation solutions company incorporated in Switzerland and Sweden. The company has several divisions of interest to the defense and aeronautics sector, such as Electrification, Process Automation, and Robotics and Discrete Automation. The stock has a market cap of just under $102 billion and pays a 1.7% dividend yield.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="414" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181543/image4-1024x414.png" alt="" class="wp-image-800485" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181543/image4-1024x414.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181543/image4-300x121.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181543/image4-768x311.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181543/image4.png 1305w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
ABB Ltd. currently sits on a $4.2 billion cash pile and a forward P/E ratio of 22.6, with a profit margin of 11.9%. The stock has been range-bound since spring 2024 and recently dipped down to its 50-day moving average. If the 50-day proves to be a support level, the next leg higher for ABBNY shares could be right around the corner.

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6 Stocks to Buy as European Markets Soar

HSBC Holdings plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSBC#NYSE">HSBC</a>) shares are trading higher after the company inked a deal with BNP Paribas (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BNPQY#OTC">BNPQY</a>) to sell its private banking <a href="https://group.bnpparibas/en/press-release/bnp-paribas-signs-an-agreement-with-hsbc-for-the-acquisition-of-their-private-banking-activities-in-germany" target="_blank" rel="noreferrer noopener">activities</a> in Germany. The financial details were not disclosed.
HSBC&#8217;s Private Banking activities in Germany present a significant opportunity for BNP Paribas, which aims to tap into the strong growth potential in wealth management, particularly with Mittelstand (German SMEs) and German Entrepreneurs and Families.
BNP Paribas Wealth Management plans to leverage its integrated business model to provide comprehensive services, including investment and corporate banking and asset management.
This deal aims to position BNP Paribas Wealth Management among the top players in Germany, boosting its assets under management to over €40 billion.
The transaction is expected to close in the second half of 2025, pending the necessary regulatory approvals.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39692275/visa-and-hsbc-partner-to-propel-zing-apps-global-expansion-and-enhanced-currency-services" rel="noreferrer noopener">Visa And HSBC Partner To Propel Zing App&#8217;s Global Expansion And Enhanced Currency Services</a>
Vincent Lecomte,&nbsp;CEO of BNP&nbsp;Paribas Wealth Management, said, &#8220;This acquisition is a new crucial step in positioning BNP&nbsp;Paribas Wealth Management among the leading players in Germany, where we believe our model is best suited to serve the long-term needs of entrepreneurial clients, leveraging on the strong franchises of the Group to both address their personal and corporate needs.&#8221;
Last month, HSBC stated that it aims to double its British wealth assets to £100 billion (around $131 billion) within five years, focusing on the &#8216;mass affluent<a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40548331/hsbc-targets-to-double-wealth-business-assets-to-131b-in-uk-report" rel="noreferrer noopener">&#8216; market for higher fee income</a>.
In July, HSBC disclosed that it plans to slow hiring and limit expenses&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/07/39597887/hsbc-slows-hiring-cuts-costs-as-europes-largest-bank-prepares-for-new-ceo" rel="noreferrer noopener">under the outgoing CEO</a>.
Investors can gain exposure to the stock via&nbsp;Avantis International Large Cap Value ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVIV#NYSE">AVIV</a>) and&nbsp;Dimensional International Value ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFIV#NYSE">DFIV</a>).
Price Action: HSBC shares are up 1.13% at $44.67 premarket at the last check Monday.
Image: Shutterstock/ sylv1rob1
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40714323/hsbc-faces-renewed-regulatory-scrutiny-over-data-practices-and-risk-management-report" target="_blank" rel="noreferrer noopener">HSBC Faces Renewed Regulatory Scrutiny Over Data Practices And Risk Management: Report</a></li>
</ul>

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HSBC Sells German Private Banking Business To BNP Paribas

South Korea extended its short-selling ban on Thursday in an attempt to crack down on <a href="https://www.benzinga.com/markets/equities/23/12/36385316/naked-short-selling-crackdown-hsbc-and-bnp-paribas-hit-with-fines-in-south-korea">illegal &#8220;naked shorting&#8221; practices</a>.
What Happened: South Korea announced it would extend its ban on short selling to the first quarter of 2025, <a href="https://fortune.com/asia/2024/06/13/illegal-short-selling-trades-life-in-prison-south-korea/">per</a> Fortune.
&#8220;The ban on short selling will be extended until March 30, 2025, to establish an electronic system to prevent naked short-selling and relieve concerns about such practices hindering fair pricing in the securities market,&#8221; the Financial Services Commission (FSC) <a href="https://www.reuters.com/world/asia-pacific/south-korea-extend-short-selling-ban-now-2024-06-13/#:~:text=%22The%20ban%20on%20short%2Dselling,stock%20market%20closed%20on%20Thursday.">said</a>.
The decision came after prominent firms, including HSBC Holdings PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSBC#NYSE">HSBC</a>) and BNP Paribas ADR (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/BNPQY#OTCQX">BNPQY</a>), were fined by South Korea in a crackdown on naked short selling.
In a statement on Thursday, the South Korean government said they would penalize illegal short-selling practices with life imprisonment and harsher fines. Penalties could reach six times the amount of the profit from unlawful short selling, according to Fortune.
Why it Matters: Short selling, most commonly used by institutional investors, is a way to bet that a company&#8217;s share price will depreciate. Naked short selling is a financial practice that involves selling a security without first borrowing it or ensuring it can be borrowed. 
Short selling is not illegal in the U.S., but naked short-selling <a href="https://www.benzinga.com/money/what-is-naked-short-selling">can carry fines</a> or criminal charges, in extreme cases.
Short selling achieved attention in the U.S. following the short squeeze of GameStop Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) in 2021. At its peak, GameStop had a short float of over 100%. Investors on the Reddit community r/Wallstreetbets targeted other highly shorted stocks, including AMC Entertainment Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>) and KOSS Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KOSS#NASDAQ">KOSS</a>).
South Korea&#8217;s decision comes amid continued criticism of institutional short-selling practices by investors, particularly those in retail circles. 
GameStop received renewed attention in 2024 after investor Roaring Kitty <a href="https://www.benzinga.com/general/education/24/05/38793704/who-is-roaring-kitty-why-does-his-return-to-social-media-matter-for-gamestop-stock">returned to social media</a> and revealed <a href="https://www.benzinga.com/markets/equities/24/06/39128926/roaring-kitty-reveals-massive-gme-position-on-reddit-including-65m-call-options-is-he-bringing-c">a large position</a> in the company.
Kohls Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KSS#NYSE">KSS</a>), Beyond Meat Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BYND#NASDAQ">BYND</a>) and Spirit Airlines Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) are among the most shorted American companies in 2024, <a href="https://www.benzinga.com/short-interest/most-shorted">according to Benzinga</a>.
Also Read: <a href="https://www.benzinga.com/markets/equities/24/04/38337541/trump-media-technology-group-alleges-naked-short-selling-seeks-nasdaqs-intervention">Trump Media &amp; Technology Group Allege Naked Short Selling, Seek Nasdaq&#8217;s Intervention (Update-2)</a>

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European financial markets are under pressure as investors react to the results of the European Parliament elections <a href="https://www.benzinga.com/news/24/06/39248545/frances-emmanuel-macrons-call-for-snap-election-following-eu-election-setback-spooked-market-says-ex">held over the weekend</a>.
The elections, which determined the 720 members of the block&#8217;s parliament, have led to notable shifts in political <a href="https://www.benzinga.com/topic/europe">power across several key countries.</a>
What Happened: A market-friendly coalition composed of the center-right European People's Party (EPP), the center-left Socialists and Democrats (S&amp;D), and the liberal Renew group retain the majority of seats.
But far-right parties made substantial gains.
In both France and Germany, far-right parties emerged as significant contenders, securing first and second preferences among voters, respectively.
In France, Marine Le Pen&#8216;s far-right National Rally party garnered 31.4% of the votes, more than doubling the results of President Macron&#8217;s centrist alliance. 
In a surprising move, President Emmanuel Macron called for snap elections on Sunday night. These elections, set for June 30 and July 7, come just before France hosts the Olympic Games from July 26 to Aug. 11.
In Germany, Chancellor Olaf Scholz&#8216;s Social Democratic Party (SPD) faced its worst performance in an election, securing only 14% of the votes and falling to third place behind the far-right Alternative for Germany (AfD), which received 16%.
In Italy, the far-right Brothers of Italy party, led by Prime Minister Giorgia Meloni, solidified its position by obtaining 29% of the votes. This result doubled the party&#8217;s performance in the 2019 European Parliamentary elections and surpassed its 2022 national election results.
Why it Matters: Europe is at a crucial juncture, requiring strong cohesion among member countries on key issues such as the green transition, technological development to bridge the gap with the United States and China, and support for Ukraine.
Although the current coalition holds a majority, the shift in power towards the right could lead to significant challenges. If far-right parties unify their propositions, they could form a strong opposition, potentially complicating the passage of critical legislation. 
On a national level, France&#8217;s snap election announcement adds to the uncertainty, with Marine Le Pen&#8217;s party showing increased strength over President Macron&#8217;s centrist party. In Germany, the major defeat of the ruling party could lead to calls for snap elections, further complicating the political landscape.
Market reactions: The euro, as tracked by the Invesco CurrencyShares Euro Currency Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXE#NYSE">FXE</a>), fell by 0.5% against the US dollar at 08:30 a.m. in New York. 
Coupled with Friday&#8217;s 0.8% loss, this marks the worst two-day performance since March 2023. European stocks, broadly tracked by the iShares MSCI Eurozone ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EZU#NYSE">EZU</a>), were down 0.8%.
French equities, as tracked by the iShares MSCI France Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>), were the worst performers of the day, down 1.5%, reflecting the political risks associated with the snap elections, with major banks such as Societe Generale (OTCPK: SCGLY) and BNP Paribas (OTCPK: BNPQY) plummeting 7.8% and 4.9%, respectively.
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39230693/blowout-may-jobs-data-closes-the-door-on-a-july-rate-cut-6-economists-make-best-gue">Blowout May Jobs Data &#8216;Closes The Door On A July Rate Cut&#8217;: 6 Economists Make Best Guesses On Fed&#8217;s Next Move</a>
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Macron's Snap Election Gamble Shocks European Markets: Euro Eyes Worst 2-Day Performance In 15 Months

Eurozones&#8217; leading bank, BNP Paribas (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BNPQY#OTC">BNPQY</a>), disclosed that it plans to boost its cost-cutting plan by €400 million ($437 <a href="https://invest.bnpparibas/en/document/confirmation-of-the-net-income-trajectory" target="_blank" rel="noreferrer noopener">million</a>).
The bank raised its cumulated savings target to €2.7 billion for the 2022-to-2025 period.
The additional cost cuts will primarily derived from automation, lower purchases, a cheaper way of running premises, and better so-called &#8220;mutualization&#8221; of tasks between outsourced employees, as per Reuters.
BNP Paribas reiterated a steady growth trajectory in net income, with 2024 net income expected to be higher than 2023 Distributable Net Income.
The bank also reaffirmed ROTE of 11.5% to 12% in 2025 and 12% in 2026. This, combined with a 60% payout ratio, is anticipated to return about €20 billion to its shareholders from 2024-2026.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/01/36448223/bnp-paribas-faces-the-music-reportedly-settles-case-over-swiss-franc-loan" rel="noreferrer noopener">BNP Paribas Faces the Music &#8211; Reportedly Settles Case Over Swiss Franc Loan</a>
This month, the bank launched a share buyback program of up to €1.055 billion for <a href="https://invest.bnpparibas/en/document/bnp-paribas-launches-a-share-buyback-programme-of-eur-1-055-billion" target="_blank" rel="noreferrer noopener">2024</a>.
In January 2024, BNP Paribas reported fourth-quarter FY24 revenues of €10.898 billion (vs. €10.885 billion a year ago) and net income decline of 50.1% Y/Y to €1.069 <a href="https://invest.bnpparibas/en/document/4q23-pr" target="_blank" rel="noreferrer noopener">billion</a>.
Price Action: BNPQY shares traded higher by 3.03% at $33.62 on Wednesday.
Photo via Wikimedia Commons

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BNP Paribas Doubles Down On Cost Cuts: €400M Boost To Fuel Shareholder Returns

European stocks embarked on a vigorous rally following the European Central Bank&#8217;s (ECB) latest interest-rate announcement on Thursday. The ECB took a significant step by raising interest rates for the tenth consecutive time, pushing the main refinancing operations rate to a 22-year high of 4.5%, while the deposit facility rate <a href="https://www.benzinga.com/topic/european-central-bank">reached a new record at 4%.</a>
However, the Frankfurt-based institution&#8217;s statement delivered a surprising twist. It signaled that the current interest rate levels might be sufficient to bring inflation back to its target. 
Additionally, the ECB revised down its estimates for both underlying inflation and growth. 
David Goebel, associate director of investment strategy at wealth manager Evelyn Partners, remarked that this could be the last move in their current hiking cycle. Peter Praet, the former ECB Chief Economist, who now serves as a member of Market News&#8217;s Connect Advisory Board, indicated that rate cuts might be on the table for discussion as early as the December Policy meeting.
The market&#8217;s interpretation of the ECB statement and Governor Lagarde&#8217;s press conference was clear: the ECB might have reached the end of its interest rate hiking cycle, which had commenced in July 2022.
This revelation had an immediate impact on the currency market, as the euro experienced downward pressure. The euro-dollar exchange rate dipped below 1.07, hitting lows not seen since mid-March.
Conversely, the stock market was a sea of green, with relief sweeping through investors who believed that the cost of borrowing would not rise further from its current levels.
<h2 class="wp-block-heading">European Indices Rally As ECB Tightening Ends</h2>
<ul>
<li>The pan-european Euro Stoxx 50 index, as tracked by SPDR DJ Euro STOXX 50 ETF&nbsp;&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>), surged 1.6% marking its most robust session in September. </li>
<li>The UK FTSE 100 Index, monitored through iShares MSCI United Kingdom ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWU#NYSE">EWU</a>), rallied an impressive 2.2%, poised to achieve its best session since early November 2022. </li>
<li>Italy&#8217;s FTSE MIB index, tracked by the iShares MSCI Italy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWI#NYSE">EWI</a>), climbed 1.5%, registering its best session since the end of July 2023. </li>
<li>The French CAC 40 Index, as reflected by the iShares MSCI France ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>), recorded a 1.6% gain, its most significant daily increase since early May 2023. </li>
<li>The Germany DAX 30 Index, monitored through the iShares MSCI Germany Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWG#NYSE">EWG</a>), posted a respectable 1.2% gain.</li>
</ul>
Chart: Euro STOXX 50 Performance Heatmap On Thursday September 14, 2023
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="595" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/14120833/tradingview-stock-market-heatmap-2023-09-14_18.07.53_db5be-1024x595.png" alt="" class="wp-image-106261" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/14120833/tradingview-stock-market-heatmap-2023-09-14_18.07.53_db5be-1024x595.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/14120833/tradingview-stock-market-heatmap-2023-09-14_18.07.53_db5be-300x174.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/14120833/tradingview-stock-market-heatmap-2023-09-14_18.07.53_db5be-768x446.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/14120833/tradingview-stock-market-heatmap-2023-09-14_18.07.53_db5be-1536x892.png 1536w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/14120833/tradingview-stock-market-heatmap-2023-09-14_18.07.53_db5be.png 1859w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Positive economic news from both the United States and China added fuel to the fire. Retail sales in the U.S. surpassed expectations for August, while Chinese authorities reduced the reserve requirement ratio to enhance liquidity in the banking sector.
This news gave an additional boost to European companies that heavily rely on exports. The luxury sector rallied, with the heavyweight LVMH-Moet Hennessy Louis Vuitton (OTCPK: LVMHF) surging by 2.2%. European banks also saw significant gains, with French giant BNP Paribas (OTCPK: BNPQY) leading the pack with a 3.2% increase.
In the United Kingdom, materials and energy stocks were the driving force behind the stock market&#8217;s ascent. Anglo American plc (OTCPK: NGLOY) recorded an impressive gain of over 8%, while Rio Tinto plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) came close with nearly a 5% increase.
Read now: <a href="https://www.benzinga.com/news/large-cap/23/09/34584211/inflation-surges-consumer-demand-ignites-reflation-trade-top-5-etfs-dominating-thursdays-market">Inflation Surges, Consumer Demand Ignites Reflation Trade: Top 5 ETFs Dominating Thursday&#8217;s Market</a>

Markets

LVMHF

NGLOY

European Stocks Rally As ECB Throws In Towel On Rate Hikes

JP Morgan analyst Delphine Lee downgrades BNP Paribas (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BNPQY#OTC">BNPQY</a>) from Overweight to Neutral.

Downgrades

Analyst Ratings

JP Morgan Downgrades BNP Paribas to Neutral

Deutsche Bank downgrades BNP Paribas (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BNPQY#OTC">BNPQY</a>) from Buy to Hold.

Deutsche Bank Downgrades BNP Paribas to Hold

Barclays analyst Omar Fall upgrades BNP Paribas (OTC:<a class="ticker" href="/stock/BNPQY#OTC">BNPQY</a>) from Underweight to Equal-Weight.

Upgrades

Barclays Upgrades BNP Paribas to Equal-Weight

Offerings

First Hawaiian Announces 20M Secondary Common Stock Offering By An Affiliate of BNP Paribas

BNP Paribas To Pay $90M For Attempted Currency Manipulation

Analyst Color

S&P Cuts BNP Paribas Rating To A+ From AA-; Outlook Negative

BNP Paribas SA (OTC: <a class="ticker" href="/stock/bnpqy#OTC">BNPQY</a>) reported a drop in its second-quarter net profit.

BNP Paribas's quarterly net profit dropped 13% to 1.85 billion euros ($2.26 billion), versus EUR2.13 billion, in the year-ago period. However, analysts were expecting a net profit of EUR1.74 billion. 

Its revenue declined 8% to EUR10.10 billion.

BNP Paribas shares closed at $18.87 yesterday.

Earnings

BNP Paribas Q2 Net Profit Down 13%

BNP Paribas
announces that Everett Schenk, Chief Executive Officer for BNP
Paribas' North American Corporate and Investment Banking ("CIB")
activities, will be retiring effective September 30, 2012 after over
23 years with the Bank and 14 years at the head of the Bank in North
America. Jean-Yves Fillion, who is currently Head of BNP Paribas
Fortis CIB, will succeed Everett as CEO for BNP Paribas' North
American CIB activities (*).

Headquartered in New York, BNP Paribas North America has locations in all of the major financial centers of the United States and Canada. The Bank serves a world-class client base of multi-national corporates and mid-cap companies, as well as major issuers and institutional investors. BNP Paribas CIB in North America relies on strong, established global franchises in order to provide a broad range of solutions to its clientele for financing and expanding their businesses, managing their risks and assets and servicing their operational needs. In addition, through its two dynamic financial institutions Bank of the West and First Hawaiian Bank, BNP Paribas serves individuals and mid-market corporates in the western United States and Hawaii.

Everett Schenk Retires After 14 Years at the Helm of BNP

French Politicians Studying Vickers, Volcker Plans on Banks, Plan to Keep Univeral Bank Model

BNP Paribas SA (OTC: <a class="ticker" href="/stock/bnpqy#OTC">BNPQY</a>) posted a 10% rise in its first-quarter net profit. 

BNP Paribas' quarterly net profit climbed to EUR2.87 billion, from EUR2.62 billion in the year-ago period, beating analysts' estimates of EUR2.5 billion. 

BNP Paribas' revenue dropped 15% to EUR9.89 billion.

BNP Paribas shares closed at $18.98 yesterday.

BNP Paribas Q1 Net Profit Up 10%

US stock futures are higher this morning. Futures on the Dow Jones Industrial Average jumped 48 points to 11,870.00 and futures on the S&amp;P 500 stock index rose 6.70 points to 1,218.40. Nasdaq 100 futures surged 9.50 points to 2,232.75.

US stocks closed higher on Thursday, with the Dow Jones industrial average gaining 0.38% to 11,868.81, the broader Standard &amp; Poor's 500 index surging 0.32% to 1,215.75 and the NASDAQ composite index rising 0.07% to 2,541.01. 

The consumer-price index for November will be released at 8:30 a.m. ET. 

Shares of Research In Motion Limited (NASDAQ: <a class="ticker" href="/stock/rimm#NASDAQ">RIMM</a>) dipped about 9% in pre-market trading after the company reported a sharp decline in its FQ3 earnings, and issued a downbeat view for the current period. 

Darden Restaurants Inc (NYSE: <a class="ticker" href="/stock/dri#NYSE">DRI</a>) is projected to report its FQ2 earnings at $0.42 per share on sales of $1.83 billion. 

Adobe Systems Incorporated (NASDAQ: <a class="ticker" href="/stock/adbe#NASDAQ">ADBE</a>) reported a 35% decline in its Q4 earnings. 

Shares of Zynga Inc will begin trading on Friday. Zynga priced its initial public offering at $10 per share.

Fitch Ratings cut the long-term issuer default ratings and viability ratings of Barclays PLC (NYSE: <a class="ticker" href="/stock/bcs#NYSE">BCS</a>), Bank of America Corp (NYSE: <a class="ticker" href="/stock/bac#NYSE">BAC</a>), Credit Suisse AG (NYSE: <a class="ticker" href="/stock/cs#NYSE">CS</a>), Deutsche Bank AG (NYSE: <a class="ticker" href="/stock/db#NYSE">DB</a>), BNP Paribas (OTC: <a class="ticker" href="/stock/bnpqy#OTC">BNPQY</a>) and Goldman Sachs Group Inc (NYSE: <a class="ticker" href="/stock/gs#NYSE">GS</a>). Fitch also lowered the viability ratings of Morgan Stanley (NYSE: <a class="ticker" href="/stock/ms#NYSE">MS</a>) and Societe Generale (OTC: <a class="ticker" href="/stock/scglf#OTC">SCGLF</a>).

Asian markets ended mostly higher, with Japan's Nikkei Stock Average surging 0.2446%, Australia's S&amp;P/ASX 200 moving up 0.50% and China's Shanghai Composite gaining 2.02%. Hong Kong's Hang Seng Index rose 1.4343% and India's Sensex dipped 2.18%.

European markets were mostly higher today. The STOXX Europe 600 Index has gained 0.13%, London's FTSE 100 Index moved up 0.49%, German DAX 30 index rose 0.07% and France CAC 40 index dropped 0.25%.

Futures

Pre-Market Outlook

ADBE

RIMM

SCGLF

US Stock Futures Up; RIM Shares Drop In Pre-Market

Some of the stocks that may grab investor focus today are:

Research In Motion Limited (NASDAQ: <a class="ticker" href="/stock/rimm#NASDAQ">RIMM</a>) reported a sharp decline in its FQ3 earnings, and issued a downbeat view for the current period. RIMM shares dipped 7.60% to $13.98 in the after-hours trading session. 

Adobe Systems Incorporated (NASDAQ: <a class="ticker" href="/stock/adbe#NASDAQ">ADBE</a>) reported a 35% decline in its Q4 earnings. Adobe's quarterly earnings came in at $0.67 per share, excluding items, on sales of $1.15 billion. However, analysts were expecting earnings of $0.60 per share on sales of $1.09 billion. ADBE shares surged 5.56% to $27.93 in after-hours trading.

Wall Street expects Darden Restaurants Inc (NYSE: <a class="ticker" href="/stock/dri#NYSE">DRI</a>) to report its FQ2 earnings at $0.42 per share on sales of $1.83 billion. DRI shares fell 0.11% to $43.69 in the after-hours trading session.

Fitch Ratings cut the long-term issuer default ratings and viability ratings of Barclays PLC (NYSE: <a class="ticker" href="/stock/bcs#NYSE">BCS</a>), Bank of America Corp (NYSE: <a class="ticker" href="/stock/bac#NYSE">BAC</a>), Credit Suisse AG (NYSE: <a class="ticker" href="/stock/cs#NYSE">CS</a>), Deutsche Bank AG (NYSE: <a class="ticker" href="/stock/db#NYSE">DB</a>), BNP Paribas (OTC: <a class="ticker" href="/stock/bnpqy#OTC">BNPQY</a>) and Goldman Sachs Group Inc (NYSE: <a class="ticker" href="/stock/gs#NYSE">GS</a>). Fitch also lowered the viability ratings of Morgan Stanley (NYSE: <a class="ticker" href="/stock/ms#NYSE">MS</a>) and Societe Generale (OTC: <a class="ticker" href="/stock/scglf#OTC">SCGLF</a>).

Salesforce.com Inc (NYSE: <a class="ticker" href="/stock/crm#NYSE">CRM</a>) announced its plans to buy Rypple for an undisclosed sum. The transaction is likely to close by the end of April 2012. CRM shares gained 0.46% to $107.20 in after-hours trading.

<a href="http://www.benzinga.com/trading-ideas">Trading Ideas.</a>

Stocks To Watch For December 16

CRARF

S&P: Exposure To Italian Sovereign Debt Material For BNP Paribas, Credit Agricole

S&P Cuts BNP Paribas L/T Rating To AA- From AA

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