Currencies

Renminbi strengthens further despite gains by dollar

The renminbi on track for a fourth day of firming against the dollar on Wednesday after China’s central bank once again pushed the currency’s trading band (marginally) stronger. The onshore exchange rate (CNY) for the reniminbi was 0.28 per cent stronger at Rmb6.8855 in afternoon trade, bringing it 0.53 per cent firmer since it last […]

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Financial

Sales in Rocket Internet’s portfolio companies rise 30%

Revenues at Rocket Internet rose strongly at its portfolio companies in the first nine months of the year as the German tech group said it was making strides on the “path towards profitability”. Sales at its main companies increased 30.6 per cent to €1.58bn while losses narrowed. Rocket said the adjusted margin for earnings before […]

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Property

Spanish construction rebuilds after market collapse

Property developer Olivier Crambade founded Therus Invest in Madrid in 2004 to build offices and retail space. For five years business went quite well, and Therus developed and sold more than €300m of properties. Then Spain’s economy imploded, taking property with it, and Mr Crambade spent six years tending to Dhamma Energy, a solar energy […]

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Currencies

Nomura rounds up markets’ biggest misses in 2016

Forecasting markets a year in advance is never easy, but with “year-ahead investment themes” season well underway, Nomura has provided a handy reminder of quite how difficult it is, with an overview of markets’ biggest hits and misses (OK, mostly misses) from the start of 2016. The biggest miss among analysts, according to Nomura’s Sam […]

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Banks

RBS falls 2% after failing BoE stress test

Royal Bank of Scotland shares have slipped 2 per cent in early trading this morning, after the state-controlled lender emerged as the biggest loser in the Bank of England’s latest round of annual stress tests. The lender has now given regulators a plan to bulk up its capital levels by cutting costs and selling assets, […]

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Categorized | Equities

Italian stocks at lowest level for two months as referendum fears grow


Posted on November 21, 2016

Italy’s benchmark equity index has reached its lowest level since September as nerves build ahead of the country’s referendum on constitution reform in less than two weeks’ time.The FTSE MIB index is losing 1.18 per cent at publication time to 16,073.85, underperforming its peers in Europe.

By comparison:

    • The pan-European FTSE Eurofirst 300 index is off 0.58 per cent.
    • The FTSE 100 in London is 0.18 per cent lower.
    • The CAC-40 is down 0.37 per cent and
    • Germany’s Xetra Dax is losing 0.44 per cent.

    Italian prime minister Matteo Renzi has staked his political future on the referendum on December 4 but recent opinion polls have indicated an average 5-8 point lead for the “no” vote.

    As the FT’s James Politi reports, a loss for the prime minister could also spell the end of the centre-left PM’s political and economic reform programme, fuelling concerns that it could lead to a loss of investor confidence in the eurozone’s third biggest economy.

    Italy’s economic recovery has faltered this year with the country failing to grow in the second quarter. It eked out GDP growth of 0.3 per cent in the most recent three month period, ending in September.

    Chart from Bloomberg