DIRS.INFO The most relevant business & tech news

☆ Chinese market participants are in a state of 'capitulation': Amundi
▼ + stars: | 2024-01-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChinese market participants are in a state of 'capitulation': AmundiFlorian Neto, Amundi's Head of Investment HK and Taiwan, says consumption packages and tax breaks are needed to restore domestic confidence in the Chinese market.

Persons: Amundi Florian Neto, Amundi's Organizations: Investment HK Locations: Taiwan

☆ Exclusive: European fund giant Amundi dips toe back into Turkey's lira
▼ + stars: | 2023-11-28 | by ( Marc Jones | ) www.reuters.com time to read: +4 min

A logo of Amundi is seen outside the company headquarters in Paris, France, February 3, 2023. "We have started to cover our underweight in Turkish lira a few weeks ago," Strigo told Reuters, referring to the process of taking a more positive view on the currency. Amundi, while the first major fund to formally declare its shift, is not alone in testing the waters, according to other foreign investors and bankers. "It is probably the easiest way for now," Strigo said about the use of FX forwards to express that balance. With the bank having lifted rates to 40% from 8.5% since June, Amundi thinks another hike next month could finish the job.

Persons: Sarah Meyssonnier, Sergei Strigo, Amundi's, Strigo, Tayyip Erdogan, Amundi, Goldman Sachs, Erdogan, sceptics, Central Bank Governor Hafize Gaye Erkan, Marc Jones, Karin Strohecker, Jonathan Spicer, Susan Fenton Organizations: REUTERS, Reuters, Investment, JPMorgan, FX, Graphics, Central Bank Governor, Reuters Graphics Reuters, Thomson Locations: Paris, France, Turkey, Turkish, New York, London, Istanbul

☆ Exclusive: European fund giant Amundi dipping toe back into Turkey's lira
▼ + stars: | 2023-11-28 | by ( Marc Jones | ) www.reuters.com time to read: +1 min

A logo of Amundi is seen outside the company headquarters in Paris, France, February 3, 2023. REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsLONDON, Nov 28 (Reuters) - Amundi, Europe's largest asset manager, has started dipping its toe back into the Turkish lira it says having been impressed by the country's turnaround efforts since its mid-year elections. "We have started to cover our underweight in Turkish lira a few weeks ago," Sergei Strigo, Amundi's co-Head of Emerging Markets Fixed Income, told Reuters, referring to the process of taking a more positive view on the currency. "We are not yet ready to increase the allocation (in the lira) but it is definitely on our radar screen." Additional reporting by Karin Strohecker in London and Jonathan Spicer in Istanbul; editing by Elisa MartinuzziOur Standards: The Thomson Reuters Trust Principles.

Persons: Sarah Meyssonnier, Sergei Strigo, Amundi's, Strigo, Karin Strohecker, Jonathan Spicer, Elisa Martinuzzi Organizations: REUTERS, Reuters, Thomson Locations: Paris, France, Turkey, London, Istanbul

Amundi signed a 10-year distribution accord in 2017 when it bought UniCredit's Pioneer Investments for 3.6 billion euros. Credit Agricole CEO Philippe Brassac told reporters this month it was no secret UniCredit was looking at ways "to optimise" the accord with Amundi. Orcel, sources have said, is unhappy with the amount of Amundi funds the accord binds UniCredit to place with customers. UniCredit had 134 billion euros in AUM from fund and portfolio management as of Sept. 30. If their relationship ended after 2027, it would still take UniCredit time to replace Amundi funds with other products.

Persons: Sarah Meyssonnier, Amundi, Andrea Orcel, UniCredit, Philippe Brassac, Brassac, Orcel, Azimut, Valentina Za, Mathieu Rosemain, Silvia Aloisi, Alexander Smith Organizations: REUTERS, Reuters, Investments, Agricole, Credit, Amundi, Thomson Locations: Paris, France, MILAN, Italy, Italian, Milan

Electronic boards showing stock information are pictured at the stock market, in Dubai, United Arab Emirates, November 5, 2020. "Such an escalation could lead to increased oil prices, concerns about oil supply, and the potential for a global economic downturn." In the unlikely event the United States sends troops into the Middle East, Belote expected a $20 jump in oil prices, "if not more". "Israel has better relations with other Arab countries compared to then," JP Morgan private bank strategist Madison Faller said in a note, "and global oil supply is not as concentrated." Reuters Graphics5/ TECH JITTERSWhat's good for oil stocks can be bad for big tech.

Persons: Abdel Hadi Ramahi, Hamza Meddeb, Malcolm H, Brent Belote, Belote, JP, Madison Faller, Nadia Martin Wiggen, Alessia Berardi, Amundi's Berardi, Trevor Greetham, Morgan Stanley, Jeff, London's Greetham, Naomi Rovnick, Nell Mackenzie, Marc Jones, Dhara Ranasinghe, Sharon Singleton Organizations: United Arab Emirates, REUTERS, Kerr Carnegie Middle East Center, Oil, JP Morgan, Svelland, Reuters Graphics Reuters, U.S, Reuters, Swiss, Royal, Aegon, Deutsche Bank, Aerospace, Thomson Locations: Dubai, United Arab, Israel, Gaza, Beirut, IRAN, Iran, U.S, United States, Arab, Turkey, Ukraine, Egypt, Jordan, Iraq, Saudi Arabia, Qatar, Bahrain, Suez, London

Israeli assets and the shekel remain under pressure and oil and gold prices are marginally higher than last week. World Markets Impact From MidEast Attacks WanesBlackRock chart on its Geopolitical Risk IndicatorNOWHERE TO RUN TO... Last updated shortly before the weekend events in Israel, BlackRock's Geopolitical Risk Indicator - which attempts to capture market attention to political risks - had indeed crept up to six month highs. Releasing its World Economic Outlook on Tuesday, the International Monetary Fund warned that more volatile commodity prices were a possible reflection of both greater climate and geopolitical risk. And yet hand wringing about geopolitical risk in different corners of the globe can also deflect from rising political risks in core economies - not the least in the United States.

Persons: Brendan McDermid, Vincent Mortier, Anna Rosenberg, Kristina Hooper reckons, Hooper, that's, It's, Amundi's Rosenberg, Pierre, Olivier Gourinchas, Gourinchas, Josie Kao Organizations: New York Stock Exchange, REUTERS, West Bank, International Monetary Fund, IMF, Treasury, Reuters, Thomson Locations: New York City, U.S, Israel, Gaza, Iran, United States, Saudi Arabia, Russia, China, Taiwan, Ukraine

How the $13 trillion economy's slowdown will affect other emerging markets is still an unanswered question for investors. "Lower for longer Chinese growth is shaping a new regime of investments," Amundi's head of emerging markets Yerlan Syzdykov told Reuters. The World Bank trimmed its 2024 China growth forecast to 4.4% from 4.8%. 6/DEVELOPING REFORMThe World Bank, IMF and other multilateral development banks are under pressure to boost lending to poorer countries to fund development and tackle climate change. China and other large emerging economies have long demanded a greater say in the global financial architecture, which is still dominated by parameters set out by the 1944 Bretton Woods meeting, where the IMF and World Bank were established.

Persons: Abdelhak, Joseph Cuthbertson, Syzdykov, Anna Gelpern, Gregory Smith, Smith, Mehmet Simsek, Tayyip Erdogan, Erdogan, drubbing, Timothy Ash, Jorgelina, Rosario, Rachel Savage, Marc Jones, Karin Strohecker, Christina Fincher Organizations: International Monetary Fund, World Bank, Palais des, REUTERS, Federal Reserve, International Monetary, PineBridge Investments, Reuters, Bank, Ukraine, U.S, Kyiv, Paris Club, IMF, American, London, G Investments, JPMorgan, Egypt IMF, Fitch, Reuters Graphics Reuters, Finance, BlueBay Asset Management, Thomson Locations: Palais, Palais des Congres, Marrakech, Morocco, Argentina, Pakistan, Kenya, Egypt, CHINA, China, UKRAINE, Ukraine, Zambia, Sri Lanka, Ghana, Georgetown, Nigeria, TURKEY, Ankara, New York, Washington, London, Woods

☆ These bonds offer high yields for taking on hurricane and other disaster risks
▼ + stars: | 2023-09-15 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Hurricane Lee is just the latest in what is expected to be an above-normal hurricane season this year. To help potentially pay for damages borne of these extreme weather events, companies in the insurance industry sell catastrophe bonds. There is just over $38 billion in outstanding cat bonds on the market right now, and she thinks it could push over $40 billion by the end of the year. How cat bonds work Cat bonds pay the issuer when a predefined disaster risk is realized, known as an attachment point. Investing in cat bonds While catastrophe bonds mainly target institutional investors, Amundi's Pioneer Cat Bond Fund has A shares available for retail investors.

Persons: Hurricane Lee, Corey Anger, Guy Carpenter, Artemis, Anger, Steve Evans, Amundi's, Morningstar Organizations: National Oceanic, Atmospheric Administration, GC Securities, Treasury, AAA, World Bank, Cat Bond, Artemis Deal Locations: United States, U.S

Inditex shares have risen around 64% over the past 12 months as the world's biggest clothing retailer successfully passed cost increases on to shoppers and reported record profit margins. But after several U.S. retailers including Macy's and Foot Locker warned of weak consumer spending, fears of an economic slowdown have come back into focus. "I think companies will be more disciplined and will reduce pricing where they think they can gain volumes," said Fabio Di Giansante, portfolio manager at Amundi, which holds shares in Inditex. In the six months to July last year, Inditex's sales increased by 25% and profits climbed by 41% - but that was in comparison with a period marked by COVID-19 lockdowns around the world. According to Bernstein analysts, Inditex's key rival H&M (HMb.ST), set to report third-quarter sales on Friday, has pushed through more price increases than peers over the past year.

Persons: Inditex, Locker, Inditex's, Fabio Di Giansante, Geoffroy De Mendez, De Mendez, Bershka, Massimo Dutti, Bernstein, Amundi's Di Giansante, Helen Reid, Corina Pons, Emelia Sithole Organizations: Macy's, Inditex . Bank of America, Thomson Locations: MADRID, Zara, Amundi, Inditex ., U.S, London, Madrid

PARIS, July 28 (Reuters) - Amundi (AMUN.PA), Europe's biggest fund manager, posted better-than-expected quarterly net inflows on Friday as investors' appetite for risk-averse products underpinned a 1.9% yearly growth in assets under management. This beat the analyst consensus compiled by the company, which predicted a decrease of 1.1 billion euros in three-month period ending in June. Baudson also said that the reopening of China's economy started to have a positive effect on net inflows stemming from its joint venture with Bank of China, leading to "very slightly positive" net inflows in the second quarter. Amundi's second-quarter earnings also beat expectations, with adjusted net income totaling 320 million euros, up 19% from a year earlier. ($1 = 0.9098 euros)Reporting by Mathieu Rosemain; Editing by Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

Persons: Valerie Baudson, Baudson, Amundi's, Mathieu Rosemain, Conor Humphries Organizations: Europe's, Bank of, Thomson Locations: Bank of China

☆ European equity investors hunt for big returns in small places
▼ + stars: | 2023-06-15 | by ( Lucy Raitano | ) www.reuters.com time to read: +5 min

The MSCI Europe SMID index of European small to mid-cap firms (.MIEU000D0PEU) is trading near 2008 lows versus the wider market in terms of valuations, including both price/earnings and price-to-book ratios. The bank's small cap basket is invested across sectors, or 'sector neutral', to make it "less prone to the ups and downs of cyclical acceleration and deceleration." But M&A remains a supportive theme, said Amundi's Matti, as big players seeking external growth can look to the small cap sector for niche expertise to add to their portfolios. "When people are trying to find alpha to add to their portfolio, small caps tend to be the place to look at," said Matti. "Ultimately, they (small caps) are a rich hunting ground for long-term investors."

Persons: Dash, Emmanuel Cau, Amundi, Cristina Matti, Amundi's Matti, Matti, Graham Secker, Morgan Stanley, ”, Bernie Ahkong, Morgan Stanley's Secker, Thomas McGarrity, Lucy Raitano, Susan Fenton Organizations: Barclays, Energy, Reuters Graphics, O’Connor, Alpha, UBS Asset Management, Data, RBC Wealth Management, Thomson Locations: Europe, Amundi

Low and stable inflation is good for markets and the economy, so central banks had to show their seriousness on inflation, Tannenbaum added. Central banks softened rate rises with communication that was mindful of instability risks, showing reassuring "humility", said Perkins. "The bank resolution framework created after the great financial crisis," said Francesco Papadia, senior fellow at Bruegel and former ECB director general for market operations, "is proving difficult to implement." Reuters Graphics4/ UNITED WE STANDAfter CS's rescue, the Fed and other big central banks supported market liquidity with dollar swap lines. Amundi's Pradhan said the "case by case" central bank responses to individual lenders failing in March exposed the lack of a coordinated bank resolution system.

☆ China-driven growth seen helping emerging assets despite bank worries
▼ + stars: | 2023-03-30 | by ( Duncan Miriri | ) www.reuters.com time to read: +4 min

LONDON, March 30 (Reuters) - Stronger Chinese-led emerging markets growth will likely buffer the stocks, bonds and currencies of many developing nations as markets in the United States and Europe are whipped around by banking turmoil. "The growth premium in favour of emerging markets driven by China is clearly even more confirmed," Alessia Berardi, head of emerging markets (EM) research at Amundi, Europe's biggest asset manager, told Reuters. Analysts expect high interest rates, inflation and stress among some financial institutions to dampen growth in developed markets like the United States. "We prefer income in emerging markets debt with central banks closer to turning to cuts than developed markets, even with potential currency risks," it said in a research note. Local EM bonds have seen a return of 3.3% in the month-to-date (.JGEGDCM), compared to a 3.1% gain in U.S. 10-year Treasuries.

A year from Russia's invasion of Ukraine, fracturing geopolitics seems to be rolling back world trade links and financial interdependence at speed. But global financial conditions - and the strength of the U.S. dollar as a proxy for that - may be playing a bigger part than the more dramatic political narrative lets on. "A stronger dollar tends to go hand in hand with tighter global financial conditions and more subdued supply chain activity." Compensating somewhat for dollar exchange rate strength over the decade were historically low real dollar borrowing rates. There's little doubt that the pandemic and the geopolitics surrounding Ukraine and Taiwan have been major potential disruptions to world trade by themselves.

☆ Italian fund buys stake in asset manager Anima in play on bank M&A
▼ + stars: | 2023-02-15 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

The 109 million euro ($116 million) stakebuilding strengthens the grip of Italian investors on a company in which France's Amundi (AMUN.PA) - Europe's biggest asset manager - has also taken a stake. Amundi has a strong presence in Italy having spent 3.6 billion euros in 2017 to buy peer Pioneer from UniCredit (CRDI.MI). Formerly backed by the state and focused on promoting national champions, private equity fund Fondo Strategico Italiano (FSI) targeted a stake of up to 9%. Amundi acquired its Anima stake a month after Amundi's owner, French bank Credit Agricole (CAGR.PA), bought 9.2% of Banco BPM, becoming its single largest investor. Of Anima's 177 billion euros of assets under management, some 100 billion euros are invested in Italian government bonds.

☆ Europe's stellar stocks and bonds rally has gone too far - Amundi
▼ + stars: | 2023-01-25 | by ( Naomi Rovnick | ) www.reuters.com time to read: +3 min

REUTERS/Benoit Tessier/IllustrationLONDON, Jan 25 (Reuters) - A blazing rally in European stocks and government bonds has gone too far, the chief investment officer of the region's largest asset manager said on Wednesday, warning that markets are ignoring the possibility of euro zone rates going as high as 4%. MSCI's broad index of European shares outside the UK (.dMIEU00000PUS) is up 8.8% so far in January. "We could expect a consolidation of 15% to 20% from current levels," on European equity indices, Mortier said. "These kinds of processes are very powerful and work well until something breaks, and that's why we don't want to participate [in the rally]," Mortier said. Continued ECB rate rises after the U.S. Federal Reserve pauses its hiking cycle could see the dollar weaken further, he said.

☆ Analysis: Investors look to emerging markets as planets align for end of dollar bull market
▼ + stars: | 2022-12-06 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +5 min

NEW YORK, Dec 6 (Reuters) - As the U.S. dollar tumbles from multi-decade highs, some investors are betting emerging market currencies will be big winners from a sustained reversal in the greenback. Signs of a broader turn in dollar sentiment are visible in the buck’s 8% decline against a basket of developed market currencies from its September highs. "The planets are lining up for a dollar bear market," said Paresh Upadhyaya, director of fixed income and currency strategy at Amundi US. Emerging market currencies have outperformed their developed market counterparts this year, with MSCI's index of emerging market currencies down 5% year-to-date, while the dollar's G10 peers have lost nearly twice as much. Conversely, tightening by central banks around the world also risks sparking a global recession, a scenario some believe could hurt emerging market currencies and help the dollar.

LONDON, Nov 11 (Reuters) - Defusing this year's single biggest shock to the world economy could catalyze a rebound in global markets many investors feel is overdue - but may also raise other uncomfortable conundrums. Murmurs about some endgame in the 9-month-old Russian invasion of Ukraine - suggestions of anything from 'talks about talks' to some negotiated ceasefire - have swirled in media over the past week. All were watched as intently by global investors as much as politicians or military strategists. Western sanctions slapped on Moscow seeded an energy and food price explosion that compounded and elongated the post-pandemic inflation spike around the world. US Geopolitical RiskUS inflation, Fed rates and marketsThe opinions expressed here are those of the author, a columnist for Reuters.

☆ Analysis: European retailers are on investors' naughty lists this Christmas
▼ + stars: | 2022-10-28 | by ( Joice Alves | ) www.reuters.com time to read: +5 min

On stock markets, the European retail sector (.SXRP) has lost 40% of its value so far this year, more than twice the hit on the broader regional share index (.STOXX). Yet, JPMorgan and other strategists say the worst is yet to come for consumers and retailers alike. European retailersSURGING COSTSHigher energy bills and wages and elevated freight and fabric prices have pushed up costs for euro zone companies by more than 40% this year, according to Eurostat data. "A lot of these retailers are running with elevated inventory levels, in order to clear that you'd expect a lot more promotions and discounting. "Our exposure to retailers has remained highly selective all year," he said, adding that he prefers discount retailers, which could benefit from consumers trading down.

Search resuls for: "Amundi's"

19 mentions found