Latest news with #Generali
Business Times
3 days ago
- Business
- Business Times
Europe: Shares slide to near one-month low on Israel-Iran tensions
[BENGALURU] European equities tumbled to a near one-month low on Tuesday (Jun 17) as the escalating conflict between Iran and Israel entered its fifth day. With geopolitical tremors rattling the region, risk appetite took a hit, leaving the pan-European Stoxx 600 index down 0.9 per cent at 542.26 points. Monday's respite from the sell-off proved short-lived as the index snapped back into the red after breaking a five-session losing streak. Markets are on edge as Iran and Israel's aerial confrontation, sparked by Israel's Friday strike on Iranian nuclear facilities, threatens to turn the oil-rich Middle East into a flashpoint. While no supply disruptions have surfaced yet, the mere spectre of conflict has markets on high alert. Oil prices ticked higher, boosting the energy sector to a near three-month high. It was the only sector, along with real estate, in the green. 'The bigger question is what will happen on the Strait (of Hormuz) and if there is a closure, it will have implications for oil prices,' said Jukka Jarvela, head of listed equities at Finland's Mandatum Asset Management. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Meanwhile, investors are also bracing for the US Federal Reserve's policy verdict on Wednesday. Policymakers are widely tipped to hold rates steady. 'The (Fed) meeting will not be uneventful. We anticipate the growth forecast for this year to be revised slightly downward,' said Paolo Zanghieri, senior economist at Generali Investments. Meanwhile, a surprise uptick in German investor morale for June did little to buoy the DAX, which slid 1.1 per cent. A downbeat mood was mirrored across most major sectors on the Stoxx 600, with heavyweight banks leading the charge lower, down 2.3 per cent. Middle East tensions add another layer of concern for investors already grappling with Trump's tariff policies and their impact on global economic growth, as a 90-day pause on a wide array of tariffs is set to end on Jul 8. Yet, amid the uncertainty, Europe has quietly benefited from a rotation out of US assets this year, a trend Mandatum's Jarvela expects to persist as structural and policy shifts play out across the bloc. On the trade front, European Commission President Ursula von der Leyen was still aiming to reach a deal by Jul 9. German Chancellor Friedrich Merz expects to reach a deal before summer's end. UniCredit's CEO vowed to gradually reduce the stake his bank has built in Italy's top insurer Generali, ruling out large insurance deals for the group. UniCredit lost 3.6 per cent, while Generali slipped 1.2 per cent. Ashtead rose 4.1 per cent after the construction equipment rental company forecast annual rental revenue growth of between flat and 4 per cent. REUTERS
Business Recorder
3 days ago
- Business
- Business Recorder
European shares slide to near one-month low on Israel-Iran tensions
European equities tumbled to a near one-month low on Tuesday as the escalating conflict between Iran and Israel entered its fifth day. With geopolitical tremors rattling the region, risk appetite took a hit, leaving the pan-European STOXX 600 index down 0.8% at 542.26 points. Monday's respite from the selloff proved short-lived as the index snapped back into the red after breaking a five-session losing streak. Markets are on edge as Iran and Israel's aerial confrontation, sparked by Israel's Friday strike on Iranian nuclear facilities, threatens to turn the oil-rich Middle East into a flashpoint. While no supply disruptions have surfaced yet, the mere spectre of conflict has markets on high alert. Oil prices ticked higher, boosting the energy sector to a near three-month high. It was the only sector, along with real estate, in the green. 'The bigger question is what will happen on the Strait (of Hormuz) and if there is a closure, it will have implications for oil prices,' said Jukka Jarvela, head of listed equities at Finland's Mandatum Asset Management. Meanwhile, investors are also bracing for the U.S. Federal Reserve's policy verdict on Wednesday. Policymakers are widely tipped to hold rates steady. European shares snap five-day losing streak 'The (Fed) meeting will not be uneventful. We anticipate the growth forecast for this year to be revised slightly downward,' said Paolo Zanghieri, senior economist at Generali Investments. Meanwhile, a surprise uptick in German investor morale for June did little to buoy the DAX, which slid 1.1%. A downbeat mood was mirrored across most major sectors on the STOXX 600, with heavyweight banks leading the charge lower, down 2.3%. Middle East tensions add another layer of concern for investors already grappling with Trump's tariff policies and their impact on global economic growth, as a 90-day pause on a wide array of tariffs is set to end on July 8. Yet, amid the uncertainty, Europe has quietly benefited from a rotation out of U.S. assets this year, a trend Mandatum's Jarvela expects to persist as structural and policy shifts play out across the bloc. On the trade front, European Commission President Ursula von der Leyen was still aiming to reach a deal by July 9. German Chancellor Friedrich Merz expects to reach a deal before summer's end. UniCredit's CEO vowed to gradually reduce the stake his bank has built in Italy's top insurer Generali, ruling out large insurance deals for the group. UniCredit lost 3.6%, while Generali slipped 1.2%. Ashtead rose 4.1% after the construction equipment rental company forecast annual rental revenue growth of between flat and 4%.
Reuters
3 days ago
- Business
- Reuters
UniCredit CEO says to gradually exit Generali investment
MILAN, June 17 (Reuters) - UniCredit's ( opens new tab Chief Executive Andrea Orcel on Tuesday vowed to gradually reduce the stake it has built in the country's top insurer Generali ( opens new tab, ruling out large insurance deals for Italy's second-biggest lender. Speaking at a conference organised by rival Mediobanca, Orcel said building stakes in a target company as a first step towards potential tie-ups could be a good strategy, given widespread government hostility across Europe to bank M&A. However, "I want to be very clear, the investment in Generali is not that," Orcel said. "We will be reducing it and exiting it over time."
Yahoo
5 days ago
- Business
- Yahoo
Mediobanca weighs postponing Monday's investor vote on Banca Generali, source says
MILAN (Reuters) -The board of Italy's Mediobanca is meeting on Sunday morning to consider postponing Monday's shareholder meeting to vote on its bid for Banca Generali after some investors requested more information, a source close to the matter said. Mediobanca in April proposed buying Banca Generali from insurer Generali as Mediobanca itself seeks to stave off a buyout by Banca Monte dei Paschi (MPS). Due to the MPS bid and Italian corporate takeover rules, Mediobanca must secure shareholders' approval to pursue the Banca Generali deal. Under the deal, Mediobanca has said it would sign a partnership agreement with Generali to distribute insurance and asset management products. Italian tycoon Francesco Gaetano Caltagirone, a major shareholder in Mediobanca with a nearly 10% stake and also an investor in MPS, has criticised the industrial rationale of the Banca Generali deal and has called on Mediobanca's board to delay the shareholder vote until the partnership agreement with Generali is finalised. The source, speaking on condition of anonymity, said some other investors had praised the deal, but also requested more information on the potential partnership agreement. Italian daily la Repubblica first reported the possible delay on Sunday. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
5 days ago
- Business
- Reuters
Mediobanca weighs postponing Monday's investor vote on Banca Generali, source says
MILAN, June 15 (Reuters) - The board of Italy's Mediobanca ( opens new tab is meeting on Sunday morning to consider postponing Monday's shareholder meeting to vote on its bid for Banca Generali ( opens new tab after some investors requested more information, a source close to the matter said. Mediobanca in April proposed buying Banca Generali from insurer Generali ( opens new tab as Mediobanca itself seeks to stave off a buyout by Banca Monte dei Paschi (MPS) ( opens new tab. Due to the MPS bid and Italian corporate takeover rules, Mediobanca must secure shareholders' approval to pursue the Banca Generali deal. Under the deal, Mediobanca has said it would sign a partnership agreement with Generali to distribute insurance and asset management products. Italian tycoon Francesco Gaetano Caltagirone, a major shareholder in Mediobanca with a nearly 10% stake and also an investor in MPS, has criticised the industrial rationale of the Banca Generali deal and has called on Mediobanca's board to delay the shareholder vote until the partnership agreement with Generali is finalised. The source, speaking on condition of anonymity, said some other investors had praised the deal, but also requested more information on the potential partnership agreement. Italian daily la Repubblica first reported the possible delay on Sunday.
