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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Royal Bank of Scotland Group    RBS   GB00B7T77214

ROYAL BANK OF SCOTLAND GROUP (RBS)
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EUROPE MARKETS: European Stocks Rebound From Ukraine-led Selloff

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03/04/2014 | 06:07pm CEST

By Sara Sjolin, MarketWatch

LONDON (MarketWatch) -- European stock markets partly rebounded after a sharp prior-day selloff on Tuesday after tensions between Russia and Ukraine appeared to ease as Russian troops reportedly were called back to their bases and President Vladimir Putin stressed he wouldn't use military force yet.

The Stoxx Europe 600 index rallied 2.1% to close at 337.15, partly recovering from a 2.3% slide on Monday.

The sharp decline on Monday came after the crisis in Ukraine intensified over the weekend, as Russian President Vladimir Putin got parliamentary approval to launch a military intervention on the country's southwestern neighbor.

The move was condemned by western powers and U.S. President Barack Obama warned Russia could face costly sanctions unless it ends its occupation of Ukraine's Crimean region. On a visit to Kiev on Tuesday, U.S. Secretary of State John Kerry called the Russian moves in Crimea an "invasion" and urged Russia to talk to the Ukrainian government. Additionally, president of the European Council, Herman Van Rompuy, has scheduled an extraordinary meeting for EU leaders on Thursday to discuss the situation in the country.

Tensions appeared to ease on Tuesday, however, after Russian troops sent on surprise military exercises in western and central Russia reportedly were ordered to return to their bases. The drills began last Wednesday, and some of them were near the Ukraine border, which triggered some concerns that Russia was building up for a massive incursion.

Putin said in a televised press conference that he sees "no need yet" to send troops to Ukraine, but that the use of military forces remains an option in an "extreme case." The Russian President also stressed that Ukrainian parliament's move to oust former leader Viktor Yanukovych was "unconstitutional" and that the ousted president is still the legitimate head of Ukraine. Read: Putin: U.S. treats foreigners like lab rats

The combination of calling back troops and Putin's comments took some heat out of the crisis, spurring optimism in the stock market, with both European indexes and U.S. stocks rising.

Russia's MICEX index jumped 5.3% to 1,356.54, after tanking 11% on Monday.

Peter Garnry, head of equity strategy at Saxo Bank, said in a note that political and economic risks shouldn't deter investors from moving into Russian equities and that the country's stocks are looking "ridiculously cheap" at the moment.

"This song [of staying out of Russian equities] has been playing out for years now and while there is some truth to that, equities can become so cheap that you have to act despite a crisis and negative news headlines," he said.

Garnry pointed to two reasons for buying instead of selling. First, a war in Ukraine is likely to become too expensive for the parties involved and a diplomatic solution can therefore be expected. And second, Russia has a positive economic outlook with estimates for real GDP growth of 2% and 2.5% in 2014 and 2015 respectively. The best way to gain exposure to the "oversold" Russian equities is through the db x-trackers MSCI Russia Capped Index UCITS ETF , rather than by selecting individual stocks, he said.

Among other country-specific indexes in Europe, France's CAC 40 index gained 2.5% to 4,395.90, while Germany's DAX 30 index put on 2.5% to 9,589.15. The U.K.'s FTSE 100 index rose 1.7% to 6,823.77.

Shares of Ashtead Group PLC jumped 13% in London after the equipment-rental company reported a 54% rise in third-quarter pretax profit.

Shares of Glencore Xstrata PLC (GLCNF) put on 1.7% after the miner said it swung to a full-year loss, but that its closely watched adjusted earnings before interest and taxes rose 34%.

Banks were also rising after being hit hard in Monday's market rout. Shares of Société Générale SA advanced 3.4% in Paris, Commerzbank AG rose 4.9% in Frankfurt and Royal Bank of Scotland Group PLC (>> Royal Bank of Scotland Group plc) climbed 2.5% in London.

More must-reads from MarketWatch:

Gold falls on hopes of easing tensions over Ukraine

NFL mulls new plan to tinker with the most useless play in sports

Shaky debt, shady deals threaten China investors

Stocks mentioned in the article : Royal Bank of Scotland Group plc
Stocks mentioned in the article
ChangeLast1st jan.
ASHTEAD GROUP -7.97% 2186 Delayed Quote.19.08%
CAC 40 -1.38% 5375.14 Real-time Quote.3.56%
COMMERZBANK -1.72% 8.727 Delayed Quote.-28.95%
DAX -1.78% 12605.37 Delayed Quote.-0.65%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.-5.90%
GLENCORE -1.94% 373 Delayed Quote.-2.23%
SOCIÉTÉ GÉNÉRALE -1.44% 36.03 Real-time Quote.-14.25%
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Financials ( GBP)
Sales 2018 12 912 M
EBIT 2018 5 039 M
Net income 2018 898 M
Debt 2018 -
Yield 2018 2,68%
P/E ratio 2018 34,46
P/E ratio 2019 12,60
Capi. / Sales 2018 2,37x
Capi. / Sales 2019 2,32x
Capitalization 30 610 M
Chart ROYAL BANK OF SCOTLAND GRO
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Royal Bank of Scotland Gro Technical Analysis Chart | RBS | GB00B7T77214 | 4-Traders
Technical analysis trends ROYAL BANK OF SCOTLAND GRO
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 3,04  GBP
Spread / Average Target 20%
EPS Revisions
Managers
NameTitle
Ross Maxwell McEwan Chief Executive Officer & Executive Director
Howard John Davies Chairman
Mark Bailie Chief Operating Officer
Brendan R. Nelson Independent Non-Executive Director
Sheila Valerie Noakes Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
ROYAL BANK OF SCOTLAND GROUP-8.45%40 582
JP MORGAN CHASE & COMPANY0.90%367 375
INDUSTRIAL AND COMMERCIAL BANK OF CHINA-8.06%308 280
BANK OF AMERICA-0.81%296 880
WELLS FARGO-9.38%267 911
CHINA CONSTRUCTION BANK CORPORATION-5.86%262 973