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Many investors think that will only happen if interest rates go to levels just too high for investors to pass up. "You wonder whether they have left it too late" said Mikhail Volodchenko at one of Europe's largest fund managers AXA IM. Reuters Graphics4/LOCAL PROBLEMSIn contrast to the dollar bonds, Turkey's 'local' lira-denominated bonds have had a shocker. Even if the lira is taken out of the equation the bonds are still down around 13% since Erdogan's election win. Reuters Graphics($1 = 0.8920 euros)Reporting by Marc Jones and Canan Sevgili Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Tayyip Erdogan, Erdogan, Mehmet Şimşek, Hafize Gaye Erkan, Mikhail Volodchenko, Enver Erkan, Yatirim, Treasuries, COVID, Wednesday Erdogan, Simon Lue, Fong, Vontobel, Turkey's, Jeff, Michael Metcalfe, Metcalfe, Marc Jones, Shri Navaratnam Organizations: LONDON, AXA, Reuters, JPMorgan EMBI Global, NATO, Investment, Wednesday, United Arab Emirates, JPMorgan GBI, Street Global Markets, Reuters Graphics, Thomson Locations: Central, Turkish, Nigeria, Argentina, Turkey, U.S, Arab, Swiss, Lira

SAO PAULO, July 18 (Reuters) - An alternative investment vehicle controlled by French insurer AXA (AXAF.PA) said on Tuesday it will inject $49 million into reforestation projects in Brazil led by local startup Mombak. Mombak, which is also backed by Bain Capital, will lead projects to reforest over 10,000 hectares of degraded pastureland, generating up to 6 million carbon credits. "We are building the largest carbon removal projects in the world," Mombak co-founder Peter Fernandez said in an interview. "The single largest opportunity that humanity has to do reforestation is in Brazil." "We would like to significantly scale up our deployment in Brazil and other Amazon basin countries."

Persons: Mombak, Peter Fernandez, Fernandez, Adam Gibbon, Gabriel Araujo, Brad Haynes, Josie Kao Organizations: SAO PAULO, AXA, AXA IM Alts, Bain Capital, Greenpeace, Reuters, Thomson Locations: Brazil

☆ Byju’s virtue-signalling is late but valuable
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

India’s once-most valuable startup is luring big talent even after its auditor Deloitte resigned and three investors including Prosus (PRX.AS) quit the company’s board. His experience navigating government departments will be handy as the Ministry of Corporate Affairs ordered an inspection of Byju’s books per Bloomberg. It also could shore up Byju’s hopes of raising cash from new investors to meet creditor demands for early repayment of a $1.2 billion loan. Prosus for example thinks the company is only worth $5.1 billion, down from a peak valuation of $22 billion. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Rajnish Kumar, Mohandas Pai, India’s, Kumar, Pai, Byju Raveendran, Divya Gokulnath, Pranav Kiran, Una Galani, Thomas Shum Organizations: Reuters, State Bank of India, Infosys, Deloitte, Ministry of Corporate Affairs, Bloomberg, Twitter, Thomson Locations: Bengaluru

☆ Cathay Pacific’s recovery finds its wings
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, July 14 (Reuters Breakingviews) - Cathay Pacific (0293.HK) is regaining its mojo. The return to profitability for the $7 billion airline, which expects earnings of as much as HK$4.5 billion, is well-timed. Dividends owed on the preference shares are due to rise from 3% to 5% in August and would continue to rise to as much as 9%. Buying back the shares, as the company plans to do within the next 12 months, will avoid the higher coupons. But as Cathay aims to return to 100% of pre-pandemic capacity by the end of 2024, confidence is returning to Hong Kong’s skies.

Persons: Ronald Lam, Thomas Shum, Una Galani, Pranav Kiran Organizations: Reuters, Cathay, HK, Hong, Pilots, Twitter, Thomson Locations: HONG KONG, HK, Hong Kong, Chengdu, Hong

☆ Shelved port deal will test Temasek’s private push
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, July 13 (Reuters Breakingviews) - Temasek is having a bad weather week. The Singaporean investor’s wholly owned port operator PSA International is shelving plans to sell its 20% stake in CK Hutchison’s (0001.HK) port business, per Bloomberg. PSA was seeking $4 billion for its stake, a touch less than what it paid. This week, Temasek itself reported a 5.2% drop in the net value of its portfolio to $285 billion in the 12 months to the end of March, as public markets remain weak. The world’s 10th-largest sovereign investor has 53% of its portfolio parked in unlisted assets, double the level a decade ago.

Persons: CK Hutchison’s, Li Ka, China's Cosco, Breakingviews, Daga, Una Galani, Thomas Shum Organizations: Reuters, Temasek, CK, Bloomberg, Twitter, Thomson Locations: SINGAPORE, HK, Hong Kong, Singapore, China

☆ Cora strengthens Carrefour’s inflation defences
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 13 (Reuters Breakingviews) - Carrefour’s (CARR.PA) 1 billion euros acquisition of smaller rival Cora could be seen as a consequence of the French group’s ability to navigate rocketing inflation. It will give the combined company a near 23% share of the fragmented and competitive French market, consolidating Carrefour’s leadership on its home turf. Five years ago, Carrefour and Casino had begun tentative talks for a possible merger that ultimately collapsed. If anything, Cora’s acquisition will make Carrefour a more attractive target. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Cora, Daniel Kretinsky, Xavier Niel ., Pierre Briançon, Aimee Donnellan, Streisand Neto Organizations: Reuters, Carrefour, Casino, Twitter, Thomson Locations: French, France

☆ Exxon’s carbon-capture deal is pale shade of green
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

The oil titan’s $4.9 billion all-stock deal for Denbury (DEN.N) unveiled on Thursday provides a financially and strategically judicious way to capture and move carbon dioxide. The $89.75 a share is also lower than where Denbury was trading before Bloomberg reported news of a possible deal in October. Denbury says that 28% of it is “blue oil” that produces negative scope 3 emissions. Showcasing an evolving mindset while helping extract more oil is just the pale green hue that suits Exxon. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Darren Woods, Denbury, Robert Cyran, Jeffrey Goldfarb, Sharon Lam Organizations: YORK, Reuters, Exxon Mobil, Exxon, Denbury, Bloomberg, Twitter, Thomson

☆ EU claims win in Illumina battle, may yet lose war
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

The $30 billion genetic test maker faces a record European Union fine of 432 million euros ($476 million) for closing the $8 billion deal in 2021, ahead of regulatory approval. Absent the fact that it would have breached its own 10% of revenues cap for fines, the EU would have charged Illumina 570 million euros, according to an EU official. Even so, while the transatlantic merger saga has already seen the departure of Illumina’s chief executive and chairman, Brussels may yet win the battle and lose the war. Separately, Illumina has launched proceedings over whether the EU has the jurisdiction to opine – if it wins, then its new fine could get overturned. With U.S. courts ruling in favour of Microsoft (MSFT.O) over its Activision Blizzard (ATVI.O) deal, the Illumina saga may yet have further twists.

Persons: shouldn’t, Illumina, Rebecca Christie, George Hay, Oliver Taslic Organizations: Reuters, European, EU, U.S, Microsoft, Activision, Twitter, Thomson Locations: BRUSSELS, Brussels, China

☆ Domino’s Uber delivery is an extra topping
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, July 12 (Reuters Breakingviews) - Domino’s Pizza (DPZ.N) wants to stuff more pie holes. The pizza chain announced on Wednesday that customers will be able to make delivery orders through Uber Eats, sending Domino’s shares up 10% in late morning trade. At first blush that may seem an admission that Domino’s own delivery app is sputtering. The agreement with Uber Technologies (UBER.N) is exclusive in the United States at least until 2024, and it extends Domino’s reach internationally as well. By partnering with Uber, Domino’s has a better chance of getting a bigger slice of the delivery market.

Persons: Uber, Dara Khosrowshahi, that’s, Domino’s, Jennifer Saba, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Uber Technologies, Twitter, Thomson Locations: United States, China

☆ AXA’s XL cleanup would be logical, if belated
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

The boss of $66 billion AXA (AXAF.PA) bought XL Group back in 2018 to beef up its position insuring against storms and other catastrophes. AXA XL’s reinsurance arm, about 10% of group revenues, also drove pricing up 7% last year. Based on AIG’s (AIG.N) recent sale of its reinsurance arm Validus Re, which was done at 1.4 times book value, XL’s reinsurance unit might be valued at around $2.8 billion. The extra cash may help placate investors that never much liked the deal, given that the contribution to earnings from XL should now be more stable. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Thomas Buberl, Aimee Donnellan, George Hay, Oliver Taslic Organizations: Reuters, AXA, XL Group, XL, Twitter, Thomson Locations: U.S, China

☆ Swiss Re nominates new chairman after Ermotti goes to UBS
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, July 12 (Reuters) - The insurer Swiss Re (SRENH.S) said on Wednesday that it planned to promote its deputy chairman Jacques de Vaucleroy to the role of permanent chairman of the board after his predecessor Sergio Ermotti resigned to lead UBS. The reshuffle is part of the continuing fallout from Swiss authorities' rescue of Credit Suisse in a shotgun merger with UBS and new management at the helm. De Vaucleroy, a Belgian previously with management roles at the French insurer AXA (AXAF.PA) and the Dutch bank ING (INGA.AS), has been acting as chairman since Ermotti left the chairmanship in April. Following the board's nomination, de Vaucleroy will stand for election as chairman in April at the company's annual general meeting. Reporting by Tom Sims and Oliver Hirt Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Jacques de Vaucleroy, Sergio Ermotti, De Vaucleroy, Ermotti, Vaucleroy, Tom Sims, Oliver Hirt, Miranda Murray Organizations: Swiss, UBS, Credit Suisse, AXA, ING, Swiss Re, Thomson Locations: FRANKFURT, Belgian, Dutch

NEW YORK/LONDON, July 11 (Reuters) - One of the world's top insurers is mulling offloading its property reinsurance business in a bid to cut its exposure to natural disasters like hurricanes, according to three people familiar with the matter. Prices for U.S. property catastrophe reinsurance rose by as much as 50% at a key July 1 renewal date, broker Gallagher Re said in a recent report. AXA has been trying to reduce the exposure of its AXA XL property and casualty (P&C) division - which houses XL Re - in an effort to make earnings more predictable. This has caused the reinsurance business to shrink, with revenues dropping by nearly a third last year to $3.2 billion, according to AXA's 2022 accounts. In May, American International Group (AIG.N) agreed the sale of its reinsurance arm Validus Re for roughly $3 billion, or about 1.4 times the unit's book value.

Persons: Reinsurers, Hurricane Ian, Gallagher Re, David French, Pablo Mayo, Amy, Jo Crowley, Carolyn Cohn, Echo Wang, Silvia Aloisi, John O'Donnell, Conor Humphries Organizations: AXA SA, XL, Covea, AXA, AXA XL, American International, Fidelis Insurance Holdings, Reuters, Hamilton Insurance, Pablo Mayo Cerqueiro, Thomson Locations: Bermuda, New York, London, Paris

☆ World Bank names CEOs to help bring private funds to climate, development finance
▼ + stars: | 2023-07-10 | by ( David Lawder | ) www.reuters.com time to read: +2 min

WASHINGTON, July 10 (Reuters) - The World Bank on Monday named 15 chief executive officers including financiers and asset managers to a group launched by the lender's president, Ajay Banga, aiming to marshal more private capital to combat climate change and boost investment in developing countries. Banga announced the initiative at a global finance summit in Paris last month alongside Mark Carney, the U.N. special envoy on climate action, and Shriti Vadera, chair of Prudential Plc (PRU.L). The World Bank and the CEOs will work "to develop, test, implement and ultimately scale financing structures that can most effectively mobilize private capital," Carney said in a statement. He said in a statement that the Private Investment Lab CEOs were a "crucial piece of the puzzle" to devise ways to pull more private sector investment into the intertwined challenges of poverty, climate and fragility. Reporting by David Lawder; Editing by Will Dunham and David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Ajay Banga, Joe Biden, King Charles . Banga, Mark Carney, Shriti Vadera, Carney, Thomas Buberl, Larry Fink, BlackRock, Noel Quinn, Hendrik du Toit, Jessica Tan, Sim Tshabalala, Bill Winters, Dilhan, Mark Gallogly, Banga, David Lawder, Will Dunham, David Gregorio Our Organizations: Bank, Investment, U.S, Prudential Plc, World Bank, AXA, HSBC, Shemara, Mitsubishi UFJ Financial, Ping An, Royal Philips, Standard Bank, Standard Chartered, Sustainable Energy, Tata Sons, Temasek, Cairns, Mastercard, Private Investment, Thomson Locations: Britain, Paris, Macquarie, Banga

☆ Insurers’ net-zero club looks easy to shun
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 5 (Reuters Breakingviews) - Global insurers are looking to re-write the rules to salvage their net-zero club. The once 30-strong U.N.-backed Net-Zero Insurance Alliance (NZIA) unveiled ambitious decarbonisation targets in January, but now has only 12 companies left, including Italy’s Generali (GASI.MI) and Britain’s Aviva (AV.L). As a result, the club may effectively allow insurers to postpone that deadline. But the move may simply raise more questions around NZIA’s raison d’être: insurers may be better off simply publishing their own path to decarbonisation. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Italy’s, Pamela Barbaglia, Neil Unmack, Oliver Taslic Organizations: Reuters, Global, Zero Insurance, Britain’s Aviva, Allianz, AXA, Tokio, Republican, Glasgow Financial Alliance, Twitter, KKR, Thomson Locations: May, Ukraine, China

☆ Exclusive: Insurers look to ease UN climate alliance rules after member exodus - sources
▼ + stars: | 2023-07-04 | by ( Tommy Wilkes | ) www.reuters.com time to read: +5 min

The U.N.-convened Net-Zero Insurance Alliance (NZIA) is set to remove a six-month deadline for members to publish greenhouse gas emissions targets alongside other changes to make membership less prescriptive, the sources said. The hope is to "steady the ship" and create space for ex-members to consider returning later, they said. The changes under discussion have not been finalised, the sources said, and it's not clear how the alliance would deal with insurers that drag their feet in publishing targets. Remaining members believe the NZIA still has a valuable role, and point to methodologies it developed for assessing and reporting on underwriting-linked emissions. France's AXA, which chaired the NZIA before quitting in May, last week published its first emissions goals for its insurance portfolio.

Persons: Italy's, Peter Bosshard, Bosshard, Canada's Beneva, Tommy Reggiori Wilkes, Greg Roumeliotis, Simon Jessop, Emelia, David Evans Organizations: Zero Insurance Alliance, United, Zero Insurance, AXA, Tokio, Republican, Glasgow Financial Alliance, Aviva, Alliance, Insurance Australia Group, France's AXA, Thomson Locations: United Nations, London, United States, U.S

McKinsey says generative AI could add $7.3 trillion in value to the world economy each year and believes half of today's work activities could be automated between 2030 and 2060. The latest Bank of America survey in June showed 29% of global investors don't expect AI to increase profits or jobs. "There's a lot of focus on the risks that generative AI can bring. He sounded confident over the capacity of some professional information and data providers, which own proprietary data, to integrate generative AI into their products. Cristina Matti, small and midcaps portfolio manager at Amundi, said indiscriminate investing was not an option for investors seeking AI exposure.

Persons: Gilles Guibout, UK's Pearson, Chegg, Pearson, Thomas McGarrity, Andrea Scauri, Scauri, Capgemini, Cristina Matti, Danilo Masoni, Lucy Raitano, Chizu Organizations: Nvidia, McKinsey, AXA Investment, Bank of America, Microsoft, RBC Wealth Management, Accenture, Thomson Locations: MILAN, Europe, United States, Paris, Lemanik, Amundi

☆ Credit Agricole's CACEIS registers in France as crypto custody services provider
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

PARIS, June 22 (Reuters) - CACEIS, the asset servicing business owned by Credit Agricole (CAGR.PA) and Santander (SAN.MC), has registered with France's markets regulator AMF to provide custody services for digital assets, such as cryptocurrencies. The company registered as a digital asset service provider (DASP) on June 20, according AMF's website, adding a major traditional financial services group to the growing number of crypto companies registered by the French watchdog. France has been supportive of the nascent industry and was the first major European country to grant registration to the world's biggest cryptocurrency exchange, Binance. CACEIS had 4.1 trillion euros ($4.51 trillion) in assets under custody at end of last year, according to its website. Credit Agricole SA is its majority owner with a 69.5% stake, while Santander holds a 30.5% of the group.

Persons: Mathieu Rosemain, Jane Merriman Organizations: Credit Agricole, Santander, AMF, Binance, Societe Generale, AXA, CACEIS, Credit Agricole SA, Thomson Locations: France

☆ Pro Talks: This fund manager is betting big on the aging theme, including one 'huge' opportunity
▼ + stars: | 2023-06-20 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +1 min

The world's population is getting older — and it's creating significant investment opportunities, according to Pacific Asset Management's Dani Saurymper. Join CNBC's Arabile Gumede as he discusses with Saurymper how to play the long-term aging theme on Pro Talks . Join CNBC Pro Talks on Wednesday, June 21, at 12 p.m. BST / 7 p.m. SGT / 7 a.m. Learn more from our previous Pro Talks: Tesla vs. BYD: Here's why one fund manager prefers the Buffett-backed automaker Nvidia's stock could rise fivefold in 10 years on A.I. trend, says fund manager Thinking of buying tech stocks?

Persons: Dani Saurymper, Saurymper, Goldman Sachs Organizations: Longevity, AstraZeneca, Pets, Pacific Asset Management, AXA Investment Managers, Barclays Investment Bank, Bank of America Locations: U.S, A.I

☆ Green alliance crisis is more than just a US drama
▼ + stars: | 2023-06-19 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +4 min

Back in March the Net-Zero Insurance Alliance (NZIA) boasted 30 members, representing about 15% of global premium volume. Now the NZIA, a key financial forum for insurers to set decarbonisation targets and a part of the Glasgow Financial Alliance for Net Zero (GFANZ), has shrunk to just 13 companies. Even those who choose to stay in the NZIA risk losing business due to state politicians pursuing a “war on woke”. NZIA, part of the Glasgow Financial Alliance for Net Zero set up by U.N. climate envoy Mark Carney, requires members to commit to reducing their greenhouse gas emissions. In rapid succession Japanese insurers Sompo Holdings, MS&AD and Tokio Marine as well as Australia’s QBE Insurance quit the net-zero alliance in late May.

Persons: Beneva, Mark Carney, French reinsurer Scor, Lloyd’s, John Neal, George Hay, Oliver Taslic Organizations: Reuters, Global, United Nations, Zero Insurance, Glasgow Financial Alliance, Zero Banking Alliance, Alliance, European Union, Reuters Graphics Reuters, ”, Zurich Insurance, Munich Re, Hannover Re, Allianz, Axa, French, Sompo Holdings, Tokio Marine, QBE Insurance, Thomson Locations: United, United States, Germany, NZIA, Munich, Tokio, London

☆ Generali’s pounce may win over in-house sceptics
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +2 min

The 29 billion euro Italian insurer on Thursday agreed to purchase Liberty Seguros, a group of European businesses, from U.S. insurer Liberty Mutual for 2.3 billion euros in cash. The Italian insurer’s largest acquisition since 2013 nearly exhausts its M&A firepower, which the group had assessed at between 2.5 billion euros and 3 billion euros. At 2.3 billion euros, or nearly two times its 1.2 billion euros of annual revenue, Liberty Seguros’ price tag does not look cheap. But the real price falls to 1.8 billion euros after factoring in around 500 million euros of cash expected from a sale of Brazilian assets announced earlier this year. Assuming three-quarters of these are cost cuts, they may be worth around 800 million euros once taxed at 25% and capitalised.

Persons: Francesco Gaetano Caltagirone, Philippe Donnet, Generali, Lisa Jucca, Pierre Briancon, Oliver Taslic Organizations: MILAN, Reuters, Liberty, Liberty Mutual, Axa, Allianz, Twitter, Thomson Locations: U.S, Italian, Iberia, Spain, Portugal, Europe, Cava

☆ Buy this cheap insurance giant with 9.2% yield, Bank of America says
▼ + stars: | 2023-06-08 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Bank of America has named European insurance giant AXA as one of its top picks in the insurance sector, given its attractively low valuation and generous dividends. The investment bank believes AXA shares are a bargain because it is predicted to earn much more than its stock price suggests. This yield consists of a 6.8% dividend yield plus a 2.4% yield from the company buying back its own shares. AXA's valuation is said to be one of the lowest in its sector, even with the prediction of a steadily increasing dividend yield. Shares of the French multinational have risen by 3.8% so far this year and currently offer a dividend yield of 6.2%.

Persons: Andrew Sinclair, Sinclair's Organizations: of America, AXA, Bank of America, CS, Atlantic, company's Locations: Paris

The UK government said last August it would advance a bill in the current parliamentary session, which is expected to end this autumn, providing detailed regulations by 2025. That has not yet happened, with political turmoil forcing the government to water down ambitions for this session. Transport Minister Mark Harper in December said there would no longer be a Transport Bill this session, and did not mention a separate AV bill in an outline of the ministry's legislative agenda. Last month Junior Minister Jesse Norman said he shared AV startups' concerns. They fear a self-driving bill will be crowded out by other vote-winning priorities in the run-up to the election.

Persons: Toby Melville LONDON, Claudio Gienal, Mark Harper, Iain Stewart, Jesse Norman, We've, Kaity Fischer, Wayve, Ashley Feldman, Alexander Dennis, Jim Hutchinson, Oxbotica, Paul Newman, Nick Carey, Ben Klayman, Sharon Singleton Organizations: REUTERS, Ireland, AXA, Transport, United Arab Emirates, Microsoft, Autonomous Vehicles, Stagecoach, BP, Thomson Locations: Oxford, Britain, British, France, Germany, California, London, Bristol, Edinburgh, Fife

☆ AXA CFO says the insurance firm is seeing price increases across the board
▼ + stars: | 2023-05-15 | 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 EmailAXA CFO says the insurance firm is seeing price increases across the boardAlban de Mailly Nesle, CFO of AXA, discusses the insurance company's first-quarter earnings and discusses its pricing strategy as it looks to overcome macroeconomic challenges.

Both hiked interest rates a quarter point - but only the ECB said more was to come. Without committing to it, the Fed signalled a pause in its 13-month, five percentage point tightening campaign. Money markets do partly agree with Lagarde - seeing one more quarter point rate rise in the pipeline. They now see the so-called terminal ECB rate at 3.5% in September - still a chunky 175 bps below peak Fed rates if you assume that at 5.25%, those have now reached the end of the line. "The extent of policy tightening delivered by the ECB to date is already sufficient to cause a recession," said Fidelity International's Anna Stupnytska.

ROME, May 5 (Reuters) - Italy's Treasury is open to reducing its 64% stake in Monte dei Paschi di Siena (MPS) (BMPS.MI) through one or more share sales on the market, three people briefed on the matters told Reuters. After rescuing MPS at a cost of 5.4 billion euros ($6 billion) for taxpayers, Rome pumped another 1.6 billion into the Tuscan bank last November when it covered 64% of a 2.5 billion euro capital raise. MPS had to raise fresh capital to fund staff exits and replenish its capital reserves after the Treasury failed to clinch a sale of the bank to UniCredit (CRDI.MI) in 2021. Prime Minister Giorgia Meloni said several times that MPS's privatisation should foster the creation of several large banking groups in the country. ($1 = 0.9081 euros)Reporting by Giuseppe Fonte in Rome and Valentina Za in Milan; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

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