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That has left Italian equities overall more cheaply valued than even battered UK shares (.dMIGB00000PUS), which are trading at a 33% discount to global peers. Goldman Sachs estimates that each 10 bps rise in sovereign spreads takes around 2% off Italian bank shares and 1.5% off the FTSE MIB index. Conflict in Ukraine and in the Middle East meanwhile threaten to spark a fresh surge in energy prices and weaken growth. UniCredit shares are up almost 80% this year and among the best performing euro zone banking shares. Fidelity International portfolio manager Alberto Chiandetti, said he was chasing opportunities in battered industrials and consumer sectors in the FTSE Italia Star index.

Persons: Claudia Greco, Chris Hiorns, Fitch, Goldman Sachs, Giuseppe Sersale, Andrea Scauri, Lemanik, Scauri, LSEG, Alberto Chiandetti, Joice Alves, Danilo Masoni, Dhara Ranasinghe, Toby Chopra Organizations: REUTERS, Companies, LONDON, Barclays, European Commission, FTSE Italia Star, Anthilia, Banco, Fidelity International, FTSE, Thomson Locations: Milan, Silicon, Italy, Companies Italy, MILAN, Germany, Ukraine, iShares, Europe, dei, London

☆ Investors still see blue sky ahead for Europe travel stocks as boom abates
▼ + stars: | 2023-07-31 | by ( Danilo Masoni | ) www.reuters.com time to read: +4 min

"For many people, the pandemic is now over, and this is time now for travelling far from home," said Corinne Martin, fund manager at Ofi Invest in Paris. The point at which China announced the end of health restrictions in 2022 was probably the best moment to jump into travel stocks. They remain buyers, noting how at 11 times 2024 earnings, the stock displays an unjustified discount and prices no growth. "Now, vacation budget is no more a variable families adjust," said Jerome Schupp, fund manager at Prime Partners in Geneva. European travel and leisure earnings are seen rising 63% this year and 23% in 2024, according to Refinitiv Datastream.

Persons: Corinne Martin, Ofi's Martin, Martin, Goldman Sachs, Jerome Schupp, Schupp, Cristina Matti, Andrea Scauri, Lastminute, Refinitiv, Lucy Raitano, Conor Humphries Organizations: MILAN, Ofi Invest, Paris . Airlines, Royce, World Tourism Organization, China, Traders, Paris Olympics, UEFA European Football, Ryanair, Europe's, Prime Partners, Visa, Air, Thomson Locations: Paris, Europe, Germany, Geneva, Air France, Lemanik, London

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

Banks typically sold these perpetual bonds - known as AT1 bonds - with five years before an option to repay was triggered. In the past, investors got their money back, and banks replaced the bonds with new ones, but some are changing tack. The banks' actions show how the wipeout of billions of dollars of Credit Suisse AT1 bonds still reverberates around this market, which is estimated at roughly $275 billion. "The AT1 market is splitting," said Alessandro Cameroni, a portfolio manager at asset manager Lemanik. SHOCK ABSORBERThe AT1 bonds were designed to help banks absorb losses, and they count towards their capital buffers.

Persons: Kai Pfaffenbach, Banks, Alessandro Cameroni, Lemanik, Peter Harvey, Federated Hermes, Italy's, Morgan Stanley, Karsten Junius, J . Safra Sarasin, Chiara Elisei, Carlo Giovanni Boffa, Jane Merriman Organizations: REUTERS, Suisse, Raiffeisen Bank, Reuters, Deutsche, Aareal Bank, Credit Suisse, Investors, Federated, Lloyds, Societe Generale, UBS, Santander, J ., Thomson Locations: Frankfurt, Germany, Ukraine, Swiss, Schroders, Russia

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