HALISTER: OPEC Cuts Extension Key Factor for Oil Price Recovery: Eni CEO

OPEC Cuts Extension Key Factor for Oil Price Recovery: Eni CEO

(Bloomberg) -- “If OPEC continues to maintain the production cut we can hope that prices can grow,” Eni CEO Claudio Descalzi says in interview in Rome
  • “Inventories are still quite high”

Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
ENI IM (Eni SpA)

People
Claudio Descalzi (Eni SpA)

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UUID: 7947283

HALISTER1: U.S. ECO PREVIEW: PPI, Jobless Claims Due in 5 Minutes

U.S. ECO PREVIEW: PPI, Jobless Claims Due in 5 Minutes

(Bloomberg) -- Following are forecasts for today’s U.S. economic releases as compiled by Bloomberg News:
  • PPI 0% m/m; range -0.2% to 0.3% (60 estimates)
  • Core PPI 0.2% m/m; range 0% to 0.3% (52 estimates)
  • Ex trade PPI 0.2% m/m; range 0.1% to 0.2% (8 estimates)
  • PPI 2.4% y/y; range 2.2% to 2.6% (20 estimates)
  • Core PPI 1.8% y/y; range 1.2% to 1.9% (19 estimates)
    • "Energy prices likely kept the headline contained in March": Bloomberg Intelligence
    • The PPI has been on the rise since September
    • In a prelude to today’s report, the government on Wednesday reported the March import price index declined for the first time since November--
  • Initial Claims 245k; range 235k to 257k (43 estimates)
  • Cont. Claims 2024k; range 2000k to 2045k (6 estimates)
    • April data seen returning to recent trend
    • "Jobless claims were volatile in March, largely due to storm-related disruptions": Bloomberg Intelligence
    • In the week ended April 1, claims dropped by 25,000 to a five-week low of 234,000

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER: Wells Fargo 1Q Provision For Credit Losses Misses Est.

Wells Fargo 1Q Provision For Credit Losses Misses Est.

(Bloomberg) -- Wells Fargo 1Q provision for credit losses $605m, est. $909.2m
  • 1Q EPS $1.00
  • 1Q mortgage non-interest income $1.23b
  • 1Q rev. $22.0b
  • 1Q net interest margin 2.87%, est. 2.89%
  • 1Q net interest income $12.3b
  • 1Q non-interest expenses $13.8b
  • 1Q net charge-offs $805m, est. $883.6m
  • 1Q non-performing assets $10.7b
  • Loans $958.4b
  • 1Q total avg. deposits $1.30t
  • 1Q efficiency ratio 62.7%
  • 1Q return on assets 1.15%
  • 1Q ROE 11.5%
  • 1Q common equity Tier 1 ratio 11.2%, est. 10.67% (range 10.5%-10.9%)
NOTE:
  • 14 buys, 14 holds, 7 sells before today
  • Call 10am (NY time), 866-872-5161
Statement

Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
WFC US (Wells Fargo & Co)

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UUID: 7947283

HALISTER: Citigroup 1Q EPS Beats Highest Estimate

Citigroup 1Q EPS Beats Highest Estimate

(Bloomberg) -- Citigroup 1Q EPS $1.35 vs est. $1.24 (range $1.20-$1.29); includes ~8c gain from episodic items in corporate/other segment.
  • Corporate/other rev. of $1.2b includes ~$750m of gains on asset sales, which more than offset ~$300m charge related to exit of U.S. mortgage servicing operations
  • 1Q fixed income markets rev. $3.62b vs est. $3.52b (Bloomberg survey of 10 ests.)
  • 1Q equity markets trading rev. $769m vs est. $774.1m (Bloomberg survey of 10 ests.)
  • 1Q investment banking rev. $1.21b vs est. $1.17b (Bloomberg survey of 8 ests.)
  • 1Q total rev. $18.1b, up 3% y/y driven by growth in Institutional Clients Group and Global Consumer Banking; also cites progress in Equities, U.S. Cards and Mexico
  • Utilized ~$800m in deferred tax assets
  • 1Q expenses $10.5b vs $10.1b q/q
  • Cost of credit $1.7b vs $1.8b q/q
  • CET1 ratio 12.8% vs 12.5% q/q
  • BV/shr $75.86 vs $74.51 q/q
  • ROE 7.4% vs 6.2% q/q
  • Loans $629b, up 2% y/y
  • Bought back 30m shares in 1Q
  • Conference call at 11:30am, 866-516-9582, pw 32140614
  • NOTE: Earlier, JPMorgan Surpasses Analysts’ Estimates as Trading Revenue Rises
  • NOTE: April 12, PREVIEW BANKS 1Q: Will NIM Gains Offset Stalled Lending?
Statement

Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
C US (Citigroup Inc)

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UUID: 7947283