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☆ This global fund’s stock could rally by 35% if buyback limits are removed, fund manager says
▼ + stars: | 2024-05-30 | by ( Ganesh Rao | ) www.cnbc.com time to read: +5 min

Caledonia Investments could see its stock price soar by more than 35% if restrictions on share buybacks are lifted, according to fund manager Brian McCormick. McCormick, who runs the Jupiter Global Value fund at Jupiter Asset Management, said Caledonia's share buybacks are limited due to restrictions in share ownership as set out in the U.K.'s Takeover Code. In addition, when the fund performs a share buyback while its stock trades below its NAV, it is buying its own assets at a 37% discount. Caledonia's buyback limits When a company buys back shares, those shares are canceled, which can increase the percentage ownership of remaining shareholders. Analysts also agree that Caledonia's limits on share buybacks right now are holding back the share price.

Persons: Brian McCormick, Philip Morris, McCormick, Robert Memmott, Iain Scouller Organizations: Microsoft, Oracle, British American Tobacco, London Stock Exchange, Jupiter Asset, CNBC Pro, London Value Investor Conference Locations: Caledonia, United States

☆ Deutsche Bank and UniCredit back $4.5 billion insurance startup Wefox with $55 million in fresh funds
▼ + stars: | 2023-11-03 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Wefox, the $4.5 billion German insurance technology group, has raised $55 million of fresh funding from Deutsche Bank and UniCredit , two anonymous sources familiar with the deal told CNBC. The deal was structured as a convertible debt agreement, meaning that the debt will be converted into equity when Wefox next raises cash, the sources told CNBC. The fresh funding follows on from a $55 million debt round Wefox raised from JPMorgan and Barclays and a $55 million internal fundraise earlier this year. As Wefox didn't raise equity, its valuation remains unchanged at $4.5 billion. Wefox is also pushing into a new model of selling insurance called "affinity" distribution.

Persons: Wefox, Goldman Sachs Organizations: Deutsche Bank, CNBC, JPMorgan, Barclays, VC, Salesforce Ventures, Target, Horizon Ventures, UBS, Mubadala Capital Ventures, Jupiter Asset Locations: U.S, Germany, Paris, Barcelona, Milan

Investors arrive to the election looking at an economy in recession as a crippling drought hit the key agricultural sector. The gap to the official rate is above 150%. On the line is the survival of the country's $43 billion program with the International Monetary Fund and the possibility that Argentina defaults on its debt for a 10th time. "Dollarization would not cure the main issue in Argentina, which is a really large fiscal problem." "Debt does not need to be an immediate priority," said Khan, who doesn't expect dollarization to top the near-term list either.

Persons: Patricia Bullrich, Martin Cossarini, Javier Milei, Sergio Massa, Alejandro di Bernardo, Bernardo, Milei, Massa, Gabriel Rubinstein, Elijah Oliveros, Rosen, Zulfi Ali, Shamaila Khan, Khan, Hans Humes, Humes, Rodrigo Campos, Karin Strohecker, Susan Fenton Organizations: el Cambio, REUTERS, NEW, International Monetary Fund, Jupiter Asset, Bullrich, WE, JPMorgan, China, Institute of International Finance, IMF, America, PGIM, Oxford Economics, Reuters, Emerging Markets, Asia Pacific, UBS Asset Management, Massa, Greylock Capital Management, Thomson Locations: Buenos Aires, Argentina, Washington

☆ Bargain hunters dig in to 'cheap' European banks
▼ + stars: | 2023-10-16 | by ( Naomi Rovnick | ) www.reuters.com time to read: +4 min

Just before earnings season kicks off, European bank shares are sporting a dividend yield of almost 8%, making them cheaper on this basis than during the 2008 global financial crisis. European banks, which struggled during 2014 to 2022 as the ECB kept rates below zero, have had a major boost from hiking their loan costs in line with central bank rates. Analyst forecasts collated by European asset manager Amundi show European banks are expected to grow adjusted earnings per share by 25% this year, followed by a 6% gain in 2024. Generali's Morganti said he has moved his position on European banks from negative to neutral and was likely to add more. He did not forecast quick gains for European banks ahead, however.

Persons: Guy de Blonay, Sebastiano Pirro, Roger Lee, Amundi, LSEG, Michele Morganti, Italy's Unicredit, Banks, Pirro, Generali's Morganti, Naomi Rovnick, Joice Alves, Dhara Ranasinghe, Hugh Lawson Organizations: Reuters Graphics Banks, Jupiter Asset Management, Algebris Investments, European Central Bank, Reuters, ECB, Bank, Generali Investments, Monetary Fund, Thomson

We are growing but nowhere near fast enough," said Ben Blackwell, CEO of the Global Wind Energy Council. In June, Siemens Gamesa said quality problems at its two most recent onshore wind turbines would cost 1.6 billion euros ($1.7 billion) to fix. "The ratio between risk and reward is out of line in the offshore wind market in many jurisdictions. You can see this from investors not showing up," the Global Wind Energy Council's Blackwell told Reuters. "The situation in U.S. offshore wind is severe," Orsted CEO Mads Nipper said last month.

Persons: Pascal, Jon Wallace, WindEurope, Markus Krebber, Germany's, Ben Blackwell, Rob West, Siemens Gamesa, Fraser McLachlan, McLachlan, Jochen Eickholt, Wallace, Energy Council's Blackwell, Denmark's Orsted, RWE's Krebber, Joe Biden's, Mads Nipper, Nina Chestney, Nichola Groom, Christoph Steitz, Nora Buli, Francesca Landini, Toby Sterling, David Clarke Organizations: REUTERS, Rights, European, Jupiter Asset Management, EU, Shell, Siemens, LinkedIn, Wind Energy, Thunder Said Energy, GCube Insurance, Bloomberg New Energy Finance, Energy, Reuters, European Commission, Thomson Locations: Le Havre, Normandy, France, European Union, Britain, Netherlands, Norway, Ukraine, Jupiter, U.S, Los Angeles, Frankfurt, Milan, Amsterdam

(Reuters) - U.S. stock index futures inched higher on Tuesday ahead of a Federal Reserve monetary policy meeting and as investors awaited grocery delivery app Instacart’s Nasdaq debut to assess a potential recovery in the IPO market. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. Arm Holdings last week had a stellar market debut, raising hopes of a bounce back in the initial public offering (IPO) market. Investors will closely monitor the Fed’s quarterly report on economic projections to gauge participating members’ longer-term policy outlook. While most of the key data releases on inflation are out, investors will keep an eye on U.S. housing data for August, due at 8:30 a.m.

Persons: Brendan McDermid, ”, Matthew Morgan, Alyssa Henry Organizations: Reuters, Federal, Nasdaq, New York Stock Exchange, REUTERS, Inc, Arm Holdings, Fed, Jupiter Asset, Traders, Dow e, Block, CVS Health Corp, ISI, Intel Locations: New York City, U.S, “

☆ UBS investors warm to Credit Suisse deal
▼ + stars: | 2023-07-17 | by ( Oliver Hirt | ) www.reuters.com time to read: +6 min

Several fund managers who hold UBS stock have told Reuters they think UBS has bought Credit Suisse at a good price, with some even describing it as a steal. "UBS got Credit Suisse for practically nothing, so accordingly the deal will work out for them," another investor told Reuters. Still, UBS inherits a troubled legacy at Credit Suisse, said Thomae, pointing to legal risks which UBS has said could cost billions of dollars. Rivals have poached entire teams from Credit Suisse, he said, and some clients are likely to follow them. Deka's Thomae said UBS and Credit Suisse together would have a market share in Switzerland that is just within acceptable limits.

Persons: Colm Kelleher, Guy de Blonay, Andreas Thomae, Thomae, de Blonay, De Blonay, JP Morgan, Kian Abouhossein, Julius Baer, Deka's Thomae, Oliver Hirt, John Revill, David Holmes Organizations: Credit Suisse, UBS, Switzerland's, Reuters, Jupiter Asset Management, CS, Swiss, UBS AG, Credit Suisse AG, STATE, Deka Investment, Fund, Rivals, Suisse, JP, Suisse's, Investors, Credit, Thomson Locations: ZURICH, Suisse's Swiss, Switzerland

Another source inside Barclays' investment bank, talking anonymously because they are not authorised to speak to the media, said lower staff attrition at its technology and back office operations had started to worry cost-conscious managers. The BCG review could lead to layoffs, the source familiar with the review said, although no decisions have been made. Some top Barclays investors, however, told Reuters they would have misgivings about a plan to prioritise investment over capital distributions. But a recent shake-up at its investment bank has raised concern about Barclays' ability to compete amid a worldwide dealmaking slump. They are not valued properly together," said Alan Beaney, chief executive at RC Brown Investment Management, which has held Barclays shares since 2012.

Persons: C.S, shivers, Richard Marwood, Venkat, Edward Bramson, Richard Buxton, Alan Beaney, Elisa Martinuzzi, Mark Potter Organizations: Barclays, Boston Consulting, Reuters, Royal London Asset Management, Lehman Brothers, Jupiter Asset, RC Brown Investment Management, BNP, HSBC, Reuters Graphics Barclays, Jefferies, Thomson Locations: U.S, Africa

☆ Investors are losing hope for a Fed pause and bracing for another interest-rate hike instead. Here's what 8 experts have predicted.
▼ + stars: | 2023-05-31 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +6 min

Investors are losing hope that the Federal Reserve will pause its interest-rate hikes in June. For example, several market experts have warned the commercial real estate industry is at risk if the Fed keeps raising borrowing costs. "But I do think it's possible they're going to raise a little more. Ed Yardeni, market veteran"The market has been remarkably resilient, mostly because the economy has been remarkably resilient," Yardeni said in a CNBC interview. "So I think they're where they want to be – and I think they're going to keep it here."

Persons: They're, —, Mohamed El, David Solomon, Goldman Sachs, Solomon, It's, Jamie Dimon, Dimon, Ed Yardeni, Yardeni, Doom, Roubini, Mark Zandi, Zandi, Mark Nash, Nash Organizations: Federal, Service, Bank, Signature Bank, First Republic, Fed, Erian, Allianz, CNBC's, JPMorgan, CNBC, Bloomberg, NYU Stern, Jupiter Asset Management

[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.

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