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☆ Spanish economy minister explains why he's opposed to BBVA's hostile takeover bid of Sabadell
▼ + stars: | 2024-05-10 | 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 EmailSpanish economy minister explains why he's opposed to BBVA's hostile takeover bid of SabadellCarlos Cuerpo, Spain's economy, trade and business minister, explains why the Spanish government opposes BBVA's hostile takeover bid of Banco Sabadell. Cuerpo also weighs in on the status of a European capital markets union.

Persons: he's, Sabadell Carlos Cuerpo, Cuerpo Organizations: Sabadell, Banco Sabadell

☆ A rare hostile takeover bid in Europe's banking sector has shocked markets
▼ + stars: | 2024-05-09 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

A logo outside the Banco Sabadell SA offices at the Banc Sabadell Tower in Barcelona, Spain, on Wednesday, May 1, 2024. Spanish bank BBVA caught markets by surprise on Thursday after it announced a rare hostile takeover bid for domestic rival Banco Sabadell, with one investment firm describing the situation as "very strange." The move comes shortly after a separate 12 billion euro ($12.87 billion) takeover offer from BBVA to Sabadell's board was rejected earlier in the week. BBVA said its takeover offer has the same financial terms as the merger offered to Sabadell's board. Shares of BBVA fell 6% at around midday London time on Thursday, while Sabadell's stock price rose more than 3%.

Persons: Carlos Torres Vila Organizations: Banco Sabadell SA, BBVA, Banco Sabadell, Banco Locations: Banc, Barcelona, Spain, Spanish

☆ Spain's BBVA announces $13 billion hostile takeover bid for Sabadell
▼ + stars: | 2024-05-09 | by ( ) www.cnbc.com time to read: +1 min

The headquarters of the Spanish bank BBVA are seen in Madrid, Spain. Spanish bank BBVA on Thursday presented a 12.23 billion euro ($13.11 billion) takeover bid for rival Sabadell directly to shareholders, even though Sabadell's board this week already rejected the proposal on the same terms. BBVA's decision follows Sabadell's board on Monday saying the unsolicited bid significantly undervalued the bank's potential and growth prospects. BBVA, Spain's second-biggest bank by market value after Santander, offered an exchange ratio of 1 newly issued BBVA share for every 4.83 Sabadell shares, a premium of 30% over April 29 closing prices. Spanish banks have been looking for ways to increase revenue as a boost from high interest rates begins to fade.

Persons: Carlos Torres Vila Organizations: BBVA, Sabadell, Banco, Hostile, UBI Banca, Spain's, Santander Locations: Spanish, Madrid, Spain

☆ Banco BPM CEO: Italy experiencing best post-Covid growth in Europe
▼ + stars: | 2024-05-08 | 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 EmailBanco BPM CEO: Italy experiencing best post-Covid growth in EuropeGiuseppe Castagna, the chief executive officer at Banco BPM, speaks to CNBC Class ahead of the 2024 Influence Relevance & Growth Conference at the SDA Bocconi School of Management in Milan.

Persons: Europe Giuseppe Castagna Organizations: Banco BPM, CNBC, SDA Bocconi School of Management Locations: Italy, Europe, Milan

☆ Spanish bank Sabadell rejects $12.9 billion BBVA merger proposal
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: +3 min

Sabadell's board rejected a merger proposal by larger rival BBVA for a 12 billion euro ($12.93 billion) all-share merger, the Spanish lender said on Monday. Last week, BBVA had offered an exchange ratio of one newly issued BBVA share for every 4.83 Sabadell shares, a premium of 30% over April 29 closing prices. Since the indicative offer was announced by BBVA, Sabadell have risen 8.8% while shares in BBVA have fallen 9.7%. Taking into account Monday's closing share price, the premium would just be equivalent to 7.8%, valuing Sabadell at around 11 billion euros. The combined entity would also overtake Caixabank as the biggest domestic lender in Spain with over 625 billion euros in assets in the country, compared with Caixabank's just over 574 billion euros.

Persons: Sabadell's, Carlos Torres, Caixabank, Caixabank's Organizations: BBVA, Banco Sabadell, Sabadell, Santander Locations: Spanish, Madrid, Spain, Sabadell

☆ Druckenmiller says he bought five Argentinian stocks, praises Javier Milei's policies
▼ + stars: | 2024-05-07 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

"The only free market leader in the world right now, bizarrely, is in Argentina of all places," Druckenmiller said. Milei took office in December, promising economic reforms after Argentina was hit hard by inflation. I bought all of them, we did some work on them, I increased my positions," Druckenmiller said. ARGT 1D mountain The Global X MSCI Argentina ETF rose on Tuesday morning. The Global X MSCI Argentina ETF (ARGT) , which includes many of the stocks listed above, rose more than 1% in premarket trading Tuesday.

Persons: Stanley Druckenmiller, Druckenmiller, Javier Milei, Milei, Soros, Duquesne, it's Organizations: Economic, Duquesne Family, Grupo, Arcos, Banco BBVA Argentina, Mercadolibre, Grupo Financiero Galicia, Banco Locations: Argentina, Davos, U.S, Americas

☆ European stocks set to open higher, reflecting wider optimism in global markets
▼ + stars: | 2024-05-07 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a positive start to trading Tuesday as traders look ahead to a busy day of earnings reports in the region. BP, S4 Capital, Siemens Healthineers, Deutsche Post, Infineon, Bouygues, UBS, Adecco, Banco de Sabadell and Unicredit are among the companies reporting earnings Tuesday. Overnight, U.S. stock futures flickered near the flatline Monday evening after the Dow Jones Industrial Average wrapped its fourth positive day in a row. Asia-Pacific markets climbed overnight, extending gains from the previous session and buoyed by gains on Wall Street.

Organizations: S4 Capital, Siemens Healthineers, Deutsche Post, Infineon, Bouygues, UBS, Adecco, Banco de Sabadell, Dow Jones Locations: Asia, Pacific

☆ Rep. Henry Cuellar's indictment has the GOP comparing him to George Santos. Here's what to know about the Texas Democrat's bribery scandal.
▼ + stars: | 2024-05-06 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +5 min

The growing scandal is drawing some comparisons on the right to George Santos. AdvertisementRep. Henry Cuellar is in the midst of a growing bribery scandal involving Azerbaijan and a Mexican bank. Cuellar is the third sitting lawmaker to be indicted this Congress, following former Republican Rep. George Santos of New York and Democratic Sen. Bob Menendez of New York. AdvertisementThe George Santos comparisonIt's only been a few days, but so far, Democrats have largely held off on calling for Cuellar to resign. Former Rep. George Santos at the State of the Union in March.

Persons: Henry Cuellar, George Santos, —, Cuellar, Democratic Sen, Bob Menendez, Santos, Cuellar's, Jessica Cisneros, Alexandria Ocasio, Cortez, Bernie Sanders, That's, Hakeem Jeffries, Matt McClain, Getty Images Santos, don't, Donald Trump, Joe Biden Organizations: Democratic, Service, Justice, Texas Democrat, Republican Rep, George Santos of New, New, State Oil Company, Banco Azteca, Democrat, National Rifle Association, Rep, FBI, Republicans, State, Union, Washington, Getty Images, Botox Locations: Henry Cuellar of Texas, Azerbaijan, Mexican, George Santos of, George Santos of New York, New York, Texas, Azerbaijan Republic, Alexandria

☆ Only 2 stocks in Europe have beaten estimates for 5 quarters and rallied each time
▼ + stars: | 2024-05-01 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Only two European stocks have positively surprised markets every quarter for the past five quarters, according to analysis by CNBC Pro. CNBC Pro screened for stocks that report EPS figures and have analysts' estimates available on FactSet. Most recently, on Feb. 5, the company beat earnings estimates by 6.1% and shares rallied more than 8% in the following session. Four quarters ago, the stock rallied by 12.8% in a single session following earnings. Many banking stocks, such as France's Societe Generale , Spain's Banco de Sabadell , Germany's Commerzbank and Sweden's Swedbank , beat earnings-per-share estimates over the past five quarters.

Persons: UniCredit, Germany's, Sweden's Organizations: CNBC Pro, Portugal's Banco Comercial Portugues, Generale, Spain's, Sabadell, Deutsche Bank, CNBC Locations: Europe, Milan

☆ The US dollar is strengthening. Here’s what’s driving the rally and what it means for Americans
▼ + stars: | 2024-04-21 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

What does the dollar rally mean internationally? The US Commerce Department releases March figures on new orders for durable goods. The US Commerce Department releases its first estimate of first-quarter gross domestic product. The US Labor Department reports the number of new applications for unemployment benefits in the week ended April 20. The US Commerce Department releases March figures on household spending, income and the Fed’s preferred inflation gauge.

Persons: it’s, Michelle Bowman, Bell, Claudio Irigoyen, It’s, Samantha Delouya, ”, eMarketer, Ross Benes, Wall, Read, Lockheed Martin, Raymond James, Northrop Organizations: Washington CNN, Federal Reserve, Bank of America, Netflix, Verizon, Truist, Albertsons, The Chicago Fed, Visa, Tesla, Pepsico, Novartis, UPS, Lockheed, Banco Santander, Spotify, General Motors, Halliburton, Global, US Commerce Department, Meta, IBM, Boeing, Chipotle, Hilton, Ford, Hasbro, Whirlpool, Wyndham, Microsoft, Mobile, Caterpillar, Comcast, Intel, P Global, Honeywell, Gilead, Northrop Grumman, Valero, Capital, Nasdaq, Southwest Airlines, American Airlines, Citizens Financial, US Labor Department, National Association of Realtors, Bank of Japan, Exxon Mobil, Chevron, HCA Healthcare, Colgate, Palmolive, Phillips, Charter Communications, University of Michigan Locations: Europe, Japan, China, Roku

☆ A Wall Street firm wants to collect a $4 million breakup fee from a banker who never started his job. Judges will soon rule if that's legal.
▼ + stars: | 2024-04-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Jefferies included a $4 million break-up fee in an offer letter to a banker. The Wall Street bank is demanding payment after Dean Decker stayed with Credit Suisse after signing. AdvertisementA Wall Street bank inserted a $4 million break-up fee into an offer letter and demanded the payment after the employee backed out. "In fact, the only winner was Decker — both Jefferies and Credit Suisse were gamed (pun intended.)" It's worth noting that Credit Suisse agreed to cover Decker's legal costs and any damages, meaning UBS is on the hook following a merger of the two Swiss banks last year.

Persons: Jefferies, Dean Decker, —, Decker, Decker —, UBS didn't Organizations: Credit Suisse, Service, Bloomberg, Jefferies, Suisse, UBS, Banco Santander, Business Locations: California, Spanish

☆ Prada dresses Caitlin Clark on WNBA draft night
▼ + stars: | 2024-04-16 | by ( Jacqui Palumbo | ) edition.cnn.com time to read: +3 min

And while Caitlin Clark, the NCAA’s all-time leading scorer across men’s and women’s basketball, was snapped up as the No. Sarah Stier/Getty ImagesIn previous years, dress codes at the draft had tended to lean toward daytime suiting and dresses, but on Monday night it was clear that the stakes had been raised. Sarah Stier/Getty ImagesRickea Jackson in a playful, high-low pantsuit. Sarah Stier/Getty ImagesPrada’s move to dress Clark is likely a sign of luxury brands’ further expansion into the sport. Designer brands now jump at the chance because they know this will be publicized, styled, and shown to millions.”Ahead of the draft, Clark called her collaboration with Prada “pretty special,” in a red-carpet interview (though, technically, said carpet was orange-colored) with the WNBA.

Persons: Caitlin Clark, Prada, Clark, Sarah Stier, Stanford’s Cameron Brink, Tennessee’s Rickea Jackson, Carolina’s Kamilla Cardoso, LSU’s Angel Reese, Angel Reese, Rickea Jackson, ’, — Clark, Cardoso, Reese, Jazmine Motley, Maddox, DeWanna Bonner, Alyssa Thomas, ”, “ It’s Organizations: CNN, Indiana Fever, Iowa Hawkeyes, Los Angeles Sparks, Brink, Banco, Chicago Sky, NBA, NCAA, WNBA Locations: men’s, LA, Bronx

“There are,’’ the Bank of England warns, “more consequences from falling prices than meets the eye.’’What could be so bad about lower prices? It is only now emerging from decades of falling prices that began with the collapse of its property and financial markets in the early 1990s. Mainly because falling prices tend to discourage consumers from spending. Why buy now, after all, if you can purchase what you want — cars, furniture, appliances, vacations — at a lower price later? If consumers were to pull back, en masse, to await lower prices, businesses would face intense pressure to cut prices even more to try to jump-start sales.

Persons: they're, that's, what's, Joe Biden's, ’ ’ Lisa Cook, “, United States hasn’t, Tom Krisher Organizations: WASHINGTON, Federal Reserve's Board of Governors, Bank of England, United, España, Unemployed, Bank of Japan, Fed, Bank for International, AP Locations: America, United States, Japan, Spanish, Detroit

☆ This Morningstar 5-star rated high-yield fund seeks to 'stand out by not fitting in'
▼ + stars: | 2024-02-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Their Corporate Credit Fund, which trades under the ticker BCAAX for retail investors, largely focuses on high-yield bonds. The fund currently holds a little over 70% in high-yield bonds, 10% in cash and about 18% in investment-grade bonds. Another inefficiency the managers exploit is the area between low investment-grade bonds and the higher-rated high-yield market, Zox said. Investment-grade portfolio managers are shying away from the lower rated end of the investment-grade market, and high-yield managers are sticking with the higher rated end of the high-yield market, he explained. "We find better values in the lower rated part of the investment-grade market than the higher rated part of the high-yield market," Zox said.

Persons: John McClain, Bill Zox, aren't, Morningstar, McClain, BCAAX, Franklin Templeton, Zox, We're, they're, Wells, it's Organizations: Brandywine Global, Credit Fund, ICE, U.S, SEC, Morningstar, Brandywine, JPMorgan, Citi, Banco Popular, Investment, — Vector, Vector Group Locations: Brandywine, Diamond, Columbus , Ohio, Puerto Rican, Wells Fargo

☆ Sebastian Pinera: Former Chilean president has died in a helicopter crash, says his office
▼ + stars: | 2024-02-06 | by ( Anneclaire Stapleton | Tara John | ) edition.cnn.com time to read: +3 min

CNN —Former Chilean President Sebastian Pinera has died in a helicopter crash in Chile. At the time of the crash, there was widespread rainfall in the area, but it is unclear if the weather caused the crash. Pinera, who was 74 years old, was Chile’s president from 2010 to 2014 and again from 2018 to 2022. The unrest led then-outgoing President Pinera to agree to a popular vote about the need to change the constitution inherited from the dictatorship. “I met President Pinera several years ago.

Persons: CNN —, Sebastian Pinera, of Interior Carolina Tohá, Pinera, Gabriel Boric, “, ”, Pinera’s, Michelle Bachelet, ” Boric, Luis Lacalle Pou, Javier Milei Organizations: CNN, CNN — Former Chilean, Chilean, of Interior, Harvard University, Forbes, Banco Locations: Chile, Ríos, Chilean, United States, San Jose, Uruguay, Argentina

It may be just electioneering: López Obrador leaves office in September, and he really wants his party’s candidate, former Mexico City mayor Claudia Sheinbaum, to win the presidential elections. López Obrador has made other unfulfilled promises in the past, like pledging Mexico would have a health care system “better than in Denmark." But the cost of what López Obrador is proposing for pensions is striking. The other half of Mexicans, who work under the table in the ‘informal’ economy, have no pension program at all. It seems unlikely to be achieved, so why would López Obrador propose it?

Persons: —, Andrés Manuel López Obrador, López Obrador, Claudia Sheinbaum, “ It's, Morena, ”, Gabriela Siller, It's, he'll, “ López Obrador, Claudia, Sheinbaum, Viri Ríos Organizations: MEXICO CITY, Mexico City, Morena, Nuevo Leon, Banco Base, López Obrador doesn’t, National Guard Locations: MEXICO, Mexico, Denmark, Morena

☆ We have three main businesses which gives us a lot of stability and diversification, says Santander's Ana Botin
▼ + stars: | 2024-02-01 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

We have three main businesses which gives us a lot of stability and diversification, says Santander's Ana BotinBanco Santander's Executive Chair Ana Botin joins 'Mad Money' host Jim Cramer to talk quarterly earnings, the global banking sector and more.

Persons: Santander's Ana Botin, Ana Botin, Jim Cramer Organizations: Santander's Ana Botin Banco

☆ Santander Q4 profit at record high on Europe, Brazil lending income
▼ + stars: | 2024-01-31 | by ( ) www.cnbc.com time to read: +2 min

Strong lending income in Europe and Brazil helped Spain's Santander offset a loss in Argentina and post a record high profit for the last quarter of 2023, beating forecasts. Net profit for the quarter rose 28% year-on-year to 2.93 billion euros, above analysts' expectations for 2.64 billion euros, thanks to a 34% gain in net profit in Europe. For the whole of 2023, net profit rose 15% to a record 11.08 billion euros as revenues rose 10.5%. In Brazil, NII rose 12.3% against the same quarter of 2022 and 7.6% from the third quarter. Santander booked a loss of 20 million euros in Argentina, which accounted for 3% of the bank's total profit for 2023.

Persons: Ana Botin, NII Organizations: Banco Santander, Spain's Santander, Santander, BBVA Locations: London, Europe, Brazil, Argentina, America, Spain, South America

☆ 10 of our stocks report earnings next week. Here's what we want to see from each
▼ + stars: | 2024-01-27 | by ( Zev Fima | ) www.cnbc.com time to read: +16 min

All three major averages posted gains for the third consecutive week, lifted by solid quarterly earnings and positive economic data. Earnings season ramps up next week, with five of the Super Six mega-cap stocks delivering results. Employment numbers are the most important economic data, with Friday's January nonfarm payrolls report carrying the most weight. The January ISM Manufacturing report on Thursday and December's factory orders report Friday are expected to show the sector still in contraction mode. But earnings and commentary this week from peer Sartorious made us encouraged about a return to growth in 2024.

Persons: nonfarm, December's, Sartorious, We've, Stanley Black, Decker, We're, We'd, Royal Philips, Crane, Woodward, ServisFirst, Cadence Bancorporation, CADE, Johnson, Phillips, Avery Dennison, Columbus McKinnon, Robinson, SIRI, Cardinal Health, Parker, DOV, Pitney Bowes, Ferrari N.V, CSW, COLM, W.W, Grainger, Dwight Co, Jim Cramer's, Jim Cramer, Jim, Tim Cook, Justin Sullivan Organizations: Gross, Procter, Gamble, Gillette, Super, Consumer, JPM Healthcare, Amazon, Microsoft, Honeywell, Aerospace, Solutions, Apple Watch, Masimo, Vision Pro, Franklin Resources, Resource Partners, Bank of Marin Bancorp, Bank7 Corp, Pacific Premier Bancorp Inc, Provident Financial Holdings, Dynex, Cliffs Inc, Nucor Corp, Whirlpool Corp, F5 Networks, Capital Southwest Corp, Harbors Investment Corp, Crane Co, Payne, Equity, Heartland Financial, Cadence, FinWise Bancorp, Five Star Bancorp, PotlatchDeltic Corporation, Sanmina Corporation, Pfizer, General Motors Corp, United Parcel Service, JetBlue Airways Corporation, Smith Corp, Marathon Petroleum Corp, HCA Healthcare, Oshkosh Corporation, SYSCO Corp, Danaher Corp, Johnson Controls, M.D.C . Holdings, Commvault Systems Inc, Hope Bancorp, Hubbell Incorporated, Malibu Boats, Polaris Industries, Inc, Camden National Corp, Cambridge Bancorp, Microsoft Corp, Starbucks Corp, Devices, Electronic Arts Inc, Juniper Networks, Stryker Corp, Lending, Canadian, Canadian Pacific Kansas City Limited, Mondelez, Chubb Corporation, Modine Manufacturing, Partners, Management, Hawaiian Holdings, Manhattan Associates, Unum Group, UNM, Axos, Enova, Boston Properties, Boeing Co, Novo Nordisk, Mastercard Inc, Roper Technologies, Boston Scientific Corporation, MarketAxess Holdings, Fisher, Aptiv PLC, Hess Corp, Nasdaq, United Microelectronics Corp, Rockwell Automation, Teva Pharmaceutical Industries, Ltd, Avery, Avery Dennison Corp, Extreme Networks, Otis Worldwide Corporation, OTIS, Columbus, Columbus McKinnon Corp, Central Pacific Financial Corp, Brinker International, Fortive Corporation, Qualcomm, Technology, Metlife, Hanover Insurance, Barn Holdings, CONMED Corporation, DLH Holdings Corp, Meritage Homes Corporation, Honeywell International, Eaton Corp, Altria, Royal Caribbean Cruises Ltd, Merck, Co, Enterprise Products Partners, Dorian LPG, SiriusXM Holdings, Cardinal, Hannifin Corporation, Allegheny Technologies Incorporated, Tractor Supply Company, Trane Technologies, Dover Corp, Huntington Ingalls Industries, Brunswick Corporation, Dickinson, Canada Goose Holdings, Kirby Corp, WEC Energy Group, WestRock Company, Allegro MicroSystems, Ball Corporation, Broadridge Financial, BrightSphere Investment Group, CMS Energy Corp, Lancaster Colony Corp, Rogers Communications Inc, Sanofi, Apple, Atlassian Corporation, United States Steel Corp, Corp, Adtalem Global, Homes, DXC Technology Company, Eastman Chemical Company, Gen, Post Holdings, America, Columbia Sportswear Company, Exxon Mobil Corp, Chevron Corporation, Myers Squibb Co, CIGNA Corp, Regeneron Pharmaceuticals, Charter Communications, AON, Cboe, Dwight, Banco Santander, Jim Cramer's Charitable, CNBC, Apple Vision, Getty Locations: China, East, United States, Europe, Cleveland, Alexandria, California, Corning, Canadian Pacific, Teradyne, TER, Novo, Hanover, PBI, Skechers U.S.A, Bristol, Chile

☆ Fintech Clara launches payment account in Brazil eyeing $1 bln in transactions
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, Nov 28 (Reuters) - Latin American fintech Clara has launched a payment account in Brazil that it expects will help it reach 6 billion reais ($1.23 billion) in transactions in 2024, the firm said on Tuesday, as it eyes growth in the region's largest economy. Clara, which also provides corporate cards and expense management solutions, said the new product would allow clients in Brazil to expand their payment methods, adding bank slips and express wire transfers (TEDs) to its traditional credit card. Clara announced in August it was moving its headquarters from Mexico to Brazil after obtaining a central bank license to operate as a payment institution there, allowing it to launch the so-called 'Clara Conta'. Clara's credit card already accounts for annual transactions of over a 1 billion reais in Brazil alone, and the company says operations have been doubling in size every six months. ($1 = 4.8964 reais)Reporting by Gabriel Araujo; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Clara, Clara Conta, Gabriel Araujo, Sonali Paul Organizations: SAO PAULO, Banco, Thomson Locations: Brazil, Mexico, Colombia

Still, the queen conch is one of many vulnerable species not included on Mexico's national endangered species list. In the meantime, species like the queen conch have lacked federal environmental protection and moved steadily toward extinction. Political Cartoons View All 1267 ImagesOfficials accept proposals to list species only during set periods for public comment. In particular, Mexico lists 535 species as endangered, its worst risk rating, whereas IUCN lists nearly 1,500 species in Mexico as either endangered or critically endangered. If a species is included on Mexico’s list in any category, all commercial uses of that species are banned.

Persons: Alejandro Olivera, ” Olivera, It's, Olivera, Angélica Cervantes Maldonado, Rodrigo Jorge, Jorge Organizations: MEXICO CITY, —, Center for Biological Diversity, Fish, Wildlife Service, National Autonomous University, U.S . National Oceanic, Atmospheric Administration, The International Union for Conservation of, IUCN, UNESCO Locations: MEXICO, Banco Chinchorro, Belize, Mexico, Mexican, La Paz, of California, The U.S, elkhorn, Caribbean, Ecuador, Madagascar, Brazil, Saudi Arabia, Gulf of California

☆ Argentina’s market rallied sharply on a historic election. How investors can play it
▼ + stars: | 2023-11-26 | by ( Fred Imbert | ) www.cnbc.com time to read: +3 min

Argentina last week held a historic election in which libertarian candidate Javier Milei came out victorious, sending the country's stock market surging. The Merval , Argentina's stock market benchmark, rallied 42% for the week. The trade Trading in Argentine stocks has historically been a volatile endeavor. That said, there are ways for investors in the U.S. to get exposure to the Argentine market if they think stocks can rise during Milei's presidency. Other U.S.-listed Argentine stocks include oil name YPF — which surged nearly 57% last week — and Banco BBVA Argentina , which is up 34% in 2023.

Persons: Javier Milei, Milei, Diego Pereira, –, Jorge Morgenstern, GlobalX Organizations: JPMorgan, Senate, HSBC, Argentine, Banco BBVA Argentina Locations: Argentina, Argentine, U.S, . U.S

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

Milei's dollar plans, however, put pressure on the embattled peso currency, which is held in check by strict capital controls. The official exchange rate is near 350 per dollar, but dollars trade well over twice that in popular parallel markets. Milei said in the run-up to the election he wanted to ditch the peso altogether in favour of the dollar. Milei had also heavily criticised China and Brazil in the runup to the elections, two of Argentina's main trading partners. China said on Tuesday it would be a "serious mistake" if Milei opted to cut ties between the two countries.

Persons: dollarization, Javier Milei, Miel, Milei, Morgan Stanley's, Viktor Szabo, Banks, Banks Grupo Supervielle, Marc Jones, Elizabeth Howcroft, Mayur Kamdar, Karin Strohecker, Bernadette Baum, Emelia Organizations: Argentina, Abrdn, U.S ., Banks Grupo, Banco, Banco BBVA Argentina, Grupo Financiero, Thomson Locations: BUENOS AIRES, MERV, London, Argentina, U.S, Grupo Financiero Galicia, China, Brazil

☆ Argentine ETF trading surges after election, led by small investors
▼ + stars: | 2023-11-20 | by ( Suzanne Mcgee | ) www.reuters.com time to read: +2 min

The Global X MSCI Argentina ETF , which offers exposure to a basket of the country's most liquid stocks, soared more than 13% on Monday and hit its highest level since September. While the South American country's markets are closed on Monday for a local holiday, U.S.-listed shares of Argentinian companies also surged in U.S. trading. The gains for the ETF came through large amounts of small trades, Todd Sohn, an ETF analyst at Strategas in New York, said. By mid-morning, the value of trading in the ETF had topped $11 million, compared with average of about $1 million a day throughout 2023. "These small country funds are ideal vehicles for small day traders who jump on events" like Sunday's presidential election in Argentina, Sohn said.

Persons: Agustin Marcarian, Argentina's Javier Milei, Todd Sohn, Sohn, Suzanne McGee, Megan Davies, Andrew Heavens Organizations: REUTERS, Argentina ETF, Management, Inc, U.S, Banco, Grupo Financiero, Thomson Locations: Buenos Aires, Argentina, American, New York, ARGT, Grupo Financiero Galicia

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