DIRS.INFO The most relevant business & tech news

☆ Investors deliver harshest punishment for earnings warnings in 16 years
▼ + stars: | 2023-10-27 | by ( Lucy Raitano | ) www.reuters.com time to read: +4 min

Barclays (BARC.L), a big UK lender, fell as much as 8% after signalling major cost cuts because of weakness on its home turf. Mark Denham, head of European equities at Carmignac, said high quality companies with high valuations tend to be very vulnerable if they miss earnings. According to Kasper Elmgreen, CIO at Nordea Asset Management, the fact that the economy is now starting to slow is one factor behind investors' harsh treatment of earnings disappointments. Amid the volatility, some investors see a buying opportunity in overly punished stocks. It is an example of a highly valued stock being extra punished for the environment," Denham said.

Persons: Morgan Stanley, Angelo Meda, Mark Denham, Denham, Kasper Elmgreen, Elmgreen, Fabio Di Giansante, Carmignac's Denham, Danilo Masoni, Alun John, Joice Alves, Amanda Cooper, Hugh Lawson Organizations: Sanofi, Barclays, Banor SIM, Siemens Energy, Volkswagen, Volvo, Asset Management, Euroland Equity, pharma, Thomson Locations: Milan, Swiss, London

A coffee machine featuring Novo Nordisk logo is seen at the company headquarters in Copenhagen, Denmark, February 5, 2020. REUTERS/Jacob Gronholt-Pedersen/File Photo Acquire Licensing RightsLONDON, Sept 1 (Reuters) - Danish drugmaker Novo Nordisk briefly unseated LVMH (LVMH.PA) as Europe's most valuable listed company in intraday trading on Friday, ending the French luxury group's 2-1/2 year-long reign at the top. At 0843 GMT, Novo Nordisk (NOVOb.CO) had a market capitalisation of $421 billion including unlisted stock, according to Refinitiv data and company disclosures of its share count. By 1031 GMT, Novo Nordisk shares were up 1% while LVMH shares were down 0.4%. LVMH shares have fallen 13.8% from an all-time high hit in April, underperforming Europe's broader STOXX 600 which is down around 1.9% in the same time frame.

Persons: Jacob Gronholt, Pedersen, LVMH, Ozempic, Wegovy, Novo's, Louis Vuitton, Marcel Stotzel, Stotzel, Eli Lilly, Axelle Pinon, Mounjaro, Novo, Carmignac's Pinon, Hennessy, Tiffany, Fiona Cincotta, Hermes, Samuel Indyk, Amanda Cooper, Catherine Evans Organizations: Novo Nordisk, REUTERS, Nestle, Dior, Fidelity European Fund, Fidelity European Trust, Barclays, Index, Financiere, Thomson Locations: Copenhagen, Denmark, Danish, LVMH, United States, China, Covid

☆ Investors manoeuvre, warily, for long-shot BOJ policy move
▼ + stars: | 2023-07-27 | by ( Kevin Buckland | ) www.reuters.com time to read: +5 min

SLOWLY, STEADILYBOJ sources say the central bank is leaning towards keeping its yield control policy unchanged as policymakers wait for data to affirm wages and inflation will keep rising. The benchmark 10-year JGB yield also retreated to 0.445% from as high as 0.485%. "We don't short the JGB market. In part, it's an expensive thing to do - as you know, the Bank of Japan owns 110% of the 10-year JGB market," he said. "Nobody's calling for them to hike aggressively, just bringing some function back to the JGB market, allowing themselves to step away because the data has given them an opportunity to do so.

Persons: Jimmy Lim, Lim, Kazuo Ueda, Nigel Foo, Haruhiko Kuroda, Jim Leaviss, Leaviss, Michael Michaelides, Ales Koutny, James Athey, Athey, Kevin Buckland, Ankur Banerjee, Summer Zhen, Alun John, Divya Chowdhury, Harry Robertson, Vidya Ranganathan, Edmund Klamann Organizations: Bank of Japan, Management, ING, Investors, G Investments, Vanguard, Thomson Locations: TOKYO, Singapore, FSI, abrdn

☆ This veteran investor's funds have been outperforming since 2006. Here are his top investing tips
▼ + stars: | 2023-06-20 | by ( Weizhen Tan | ) www.cnbc.com time to read: +6 min

Those are the qualities that outperforming portfolio manager Jordan Cvetanovski has looked for in stocks for the past nearly 20 years. Since its inception in 2022 to May 31, his Pella Global Generations Fund has delivered nearly 20%, outperforming its benchmark — the MSCI ACWI (the MSCI's flagship global stock index) — by 7%. As an investor, Cvetanovski, who is based in Sydney, Australia, said he invests only in his own 34-stock fund, the Pella Global Generations Fund. Investing 'won't be as simple as it was' Cvetanovski said his method of investing has stayed "exactly the same" through the years. Following sustainability criteria is one of Pella Global Generations Fund's objectives.

Persons: Jordan Cvetanovski, I've, …, Carmignac, Cvetanovski, IQVIA, there's, Tesla, EVs Organizations: CNBC Pro, Pengana International, Pengana Capital Group, Fund, Generations Fund, Pella Funds, 3i, Adobe, McLennan, Novo Nordisk, UnitedHealth Locations: Pella, Sydney, Australia, China, U.S, Europe

LONDON, June 15 (Reuters) - Hawkish central banks have sent a resounding "no" to markets betting recession would force rate cuts soon, leaving money managers scrambling for direction as the second half of the year approaches. "Markets have been wrong not only in their interpretation of the data but of the central bank reaction," he added. "Even though inflation is coming down, you are still getting that phase were the central banks think they need to talk hawkishly about this." Canada last week restarted rate hikes, Australia has come off a pause and Norway may have to accelerate hikes next week. BofA now expects two 25 bps interest rate hikes from the Fed this year, JPMorgan sees only one more and Morgan Stanley sees none.

Persons: Jason Simpson, Shorter, BofA, Morgan Stanley, Mark Nash, Nash, Kaspar Hense, Michael Michaelides, Shamik, BoE, they're, Dhar, Naomi Rovnick, Dhara Ranasinghe, Conor Humphries Organizations: U.S . Federal Reserve, European Central Bank, Bank of England, State, Bank of Japan, Treasury, JPMorgan, BlueBay Asset Management, BNY Mellon Investment Management, Thomson Locations: U.S, Canada, Australia, Norway, Shamik Dhar

REUTERS/Ralph OrlowskiSINGAPORE, May 19 (Reuters) - Global shares rose to a one-month high and the dollar trounced major currencies on Friday as markets reflected increased hopes for a deal over the U.S. debt ceiling that could avoid a calamitous default. The moves came after Democratic negotiators told President Joe Biden they were making "steady progress" on a deal to lift the U.S. debt ceiling and avoid a default by the world's largest economy, whose currency and Treasury debt markets underpin global trade and investment. "It's a high risk but low probability event," said Kevin Thozet, investment committee member at European fund manager Carmignac, said of the debt ceiling. Debt ceiling relief complicates the outlook for U.S. government bonds, where yields broadly track Federal Reserve interest rates, as fading recession risk could prompt the world's most influential central bank to keep monetary policy tight as inflation remains high. Elsewhere in markets, Japan's Nikkei 225 (.N225) hit its highest since 1990, reflecting debt ceiling optimism as well as the fact global investors are returning to Japan as its economy and corporate governance improve.

That means portfolio managers are having to factor a stronger yen into global stock selection in way they have not for years, with some even anticipating mergers and acquisitions as the Japanese market revs up. "The trigger for the revaluation of the Japanese markets is higher rates and then a stronger yen. Japan's insurers and pension funds alone hold $1.84 trillion in foreign assets, Deutsche Bank calculates, greater than the size of South Korea's economy. "Policy normalisation could turn back the clock for Japanese investors," Deutsche Bank strategists said in a note. Carmignac, like many global investors, has maintained an underweight position towards Japanese stocks but, Leroux said, it was looking to raise this to neutral.

[1/2] European Central Bank (ECB) President Christine Lagarde speaks during a news conference following the ECB's monetary policy meeting in Frankfurt, Germany March 16, 2023. Reuters Graphics Reuters GraphicsPresident Christine Lagarde noted it was impossible to determine the future rate path amid "completely elevated" uncertainty stemming from market ructions. "Given financial instability risks, there's growing uncertainty on future ECB actions beyond this pre-signalled rate hike," said Daniele Antonucci, chief economist and macro strategist at Quintet Private Bank. Piet Christiansen, chief analyst at Danske Bank, said he was sticking to a call for a 4% peak ECB rate. "Unless this turns into a macroeconomic crisis then we are ripe for a sell-off and a repricing of rate hike expectations," he said.

LONDON, March 15 (Reuters) - Central banks juggling inflation and financial stability mandates are prompting the wildest swings in bedrock government bonds for over a decade and a surge in volatility that may end up causing problems of its own. "The Fed and other central bankers have lost the luxury of focusing singularly on the fight against inflation," said Manulife Investment Management's Frances Donald. If the history of banking crashes and related credit crunches show them to be deflationary anyway, then many argue a central bank pause now may be the wisest choice. "The Fed is now fighting inflation as well as potential financial contagion," Lombard Odier Chief Investment Officer Stéphane Monier said. The first sign of regional bank stock calm on Tuesday, alongside the sticky core inflation readings for February, prompted a build-back of some bets for one last hike from each central bank.

CASE FOR A SWIFT RETREAT1/ ENERGY PRICESTumbling energy prices are pulling down headline inflation. U.S. inflation rose 6.4% in January, the smallest rise since October 2021, from a 9.1% high last June. Instead, corporate profits have accounted for the lion's share of domestic euro zone price pressures since 2021, ECB data shows. A recent IMF study going back to the 1960s found that only in a small minority of cases where wages and inflation rose together for several quarters did sustained inflation result. The chief executive of Gunvor, a top oil trader, sees oil prices rising in the second half of 2023 on renewed Chinese demand.

☆ Europe's luxury stocks have room to rise, but becoming costly
▼ + stars: | 2023-01-31 | by ( Lucy Raitano | ) www.reuters.com time to read: +5 min

REUTERS/Sarah Meyssonnier/FilesLONDON, Jan 31 (Reuters) - Europe's glittering luxury companies, the region's top stock-market performers in 2023, may see yet more gains driven by a rebound in Chinese spending, but for some the sector is starting to look expensive. An index of European luxury goods retailers (.dMIEU0TA00PUS) has rallied around 18% so far this year, outperforming the wider pan-European STOXX 600 (.STOXX), which is up 6.2% in the same time frame. But the fact that luxury goods companies are not as cheap as they once were is a "concern/point of attention", said Kasper Elmgreen, Head of Equities at Amundi, Europe's largest asset manager. Jelena Sokolova, senior equity analyst at Morningstar, said that China reopening is the key issue for European luxury stocks this year, and is already at least 50% priced in. These shares have more room to run higher as Chinese consumers hit the shops again and luxury companies flex their pricing power.

☆ Tricky to time ECB bond sales, economist says
▼ + stars: | 2022-11-30 | 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 EmailTricky to time ECB bond sales, economist saysRaphaël Gallardo, chief economist at Carmignac, said it is very tricky for the ECB to time when to sell European bonds.

☆ Carmignac UK: We are seeing demand for alternative investments to mitigate risk
▼ + stars: | 2022-11-16 | 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 EmailCarmignac UK: We are seeing demand for alternative investments to mitigate riskMaxime Carmignac, managing director at Carmignac UK, discusses the fixed income asset class, volatility in financial markets, and ESG investing.

[1/2] Brazil's former President and presidential candidate Luiz Inacio Lula da Silva and Sao Paulo Governor candidate Fernando Haddad react at an election night gathering on the day of the Brazilian presidential election run-off, in Sao Paulo, Brazil, October 30, 2022. Defeated President Jair Bolsonaro had not made public remarks more than 17 hours after the race was called. Some of his key allies have recognized publicly that Lula had won the race, easing concerns of contested election results. "There will be no transition problem, even if Bolsonaro reacts badly, most of his allies have already recognized Lula's victory". Francisco Levy, chief strategist at Empiricus Investimentos, said a favorable international reaction to Lula may help markets on the short term.

LONDON, Oct 24 (Reuters) - Investors welcomed Rishi Sunak as Britain's new prime minister on Monday, but they're likely to give him little leeway to diverge from spending restraint and tax rises after his predecessor shook their faith in the Conservative party's management of the economy. Register now for FREE unlimited access to Reuters.com RegisterOutgoing Prime Minister Liz Truss's month and a half in power caused chaos in British financial markets. Yet Donovan said the mayhem of the last month means Sunak will have next to no room to make bold choices, lest he risk the market's wrath. And I don't think that the incoming prime minister has that." "The settling down of the situation in the UK means what is happening in politics is now more of an idiosyncratic thing just affecting UK markets, and in the UK too what global markets are doing will become more and more important."

Search resuls for: "Carmignac"

15 mentions found