When a stock experiences a golden cross technical event, good things could be on the horizon. How should investors react?
Higher loan-loss provisions at Spain's BBVA and a rise in costs in some emerging markets overshadowed higher than expected third-quarter earnings, sending its shares lower on Friday. Higher lending income and profits in Mexico, its main market, helped the country's second-biggest lender by market value to post a 31% rise in quarterly net profit to 1.84 billion euros ($1.83 billion), above the 1.55 billion forecasts by analysts in a Reuters poll. Loan-loss provisions rose 51% year-on-year to 940 million euros, at a time when lenders are globally setting aside more cash against a potential deterioration of the macroeconomic environment.
Spain's BBVA has raised its sustainable finance target to 300 billion euros ($291 billion) for the period between 2018 and 2025 from a current goal of 200 billion euros, the lender's chairman, Carlos Torres, said on Wednesday. The decision comes during a global energy market crisis and mounting pressure on financial institutions to stop funding fossil fuel industries. Last week, BBVA said it would work with oil and gas clients in its credit portfolio with the aim to reduce their global carbon emissions by 30% by 2030.