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 […]

Continue Reading

Currencies

Euro suffers worst month against the pound since financial crisis

Political risks are still all the rage in the currency markets. The euro has suffered its worst slump against the pound since 2009 in November, as investors hone in on a series of looming battles between eurosceptic populists and establishment parties at the ballot box. The single currency has shed 4.5 per cent against sterling […]

Continue Reading

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, […]

Continue Reading

Currencies

China capital curbs reflect buyer’s remorse over market reforms

Last year the reformist head of China’s central bank convinced his Communist party bosses to give market forces a bigger say in setting the renminbi’s daily “reference rate” against the US dollar. In return, Zhou Xiaochuan assured his more conservative party colleagues that the redback would finally secure coveted recognition as an official reserve currency […]

Continue Reading

Banks

Carney: UK is ‘investment banker for Europe’

The governor of the Bank of England has repeated his calls for a “smooth and orderly” UK exit from the EU, saying that a transition out of the bloc will happen, it was just a case of “when and how”. Responding to the BoE’s latest bank stress tests, where lenders overall emerged with more resilient […]

Continue Reading

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