Market Spotlight: Mizuho Misses Profit Forecast Estimates

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Mizuho Warns About Russia-Ukraine ImpactShares Japan’s third-largest lender, Mizuho, ​​is sitting on strong support today after the release of Q1 earnings yesterday. The group noted a 56% drop in net profits, which fell back to 51.4 billion yen. The group cited significant downside risks of Russian-Ukrainian violence as the main driver behind the declining performance. CEO Masahiro Kihara said during the revenue call: “We have solid results, the Russian-Ukrainian conflict and other factors, uncertainties are increasing. We will maintain a sense of high vigilance and strive for steady business operations.” in March 2023 it was under analysts ’estimates. Mizuho gave guidance of 540 billion for the whole year, less than the 563.6 billion yen that the market was looking for. However, the figure still marks an increase over the previous year with Mizuho noting that it expects bad borrowing costs to fall by more than half during the period.Technical ViewsMizuhoShares in Mizuho have formed a large downward triangular pattern over the lower correction of around 168 highs. . With trend line resistance dominating above, the stock is sitting on a strong support at the 1518.5 level, whose break will open the way for a deeper move down to the 1438 level. On the upside, 1606 remains the key resistance to breaking bulls.

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