|Expense ratio (net)||N/A|
|Last cap gain||N/A|
|Morningstar risk rating||N/A|
|Beta (5Y monthly)||N/A|
|5y average return||N/A|
|Average for category||N/A|
Italy is close to approving measures to bolster the special powers it has over key industries to ward off unwanted foreign interest, officials said on Sunday. Since Feb. 23, when Rome imposed the first set of measures to contain the coronavirus outbreak, Milan's all-share stock index has fallen more than 35%. On Saturday, Italy recorded a jump in deaths from COVID-19 of almost 800, taking the overall toll in the world's hardest-hit country to almost 5,000.
Unfortunately for some shareholders, the Enel (BIT:ENEL) share price has dived 36% in the last thirty days. The recent...
(Bloomberg) -- Italy on Thursday moved to virtually bring a halt to normal life, paring the economy down to just essential services in a desperate bid to stem the advance of the deadly coronavirus.Prime Minister Giuseppe Conte ordered all shops in the country to close except for grocery stores, pharmacies and few others until March 25. The total number of fatalities from the virus has risen to 1,016 from 827, and total cases now stand at 15,113, up from 12,462, civil protection officials said.Public transportation as well as financial and postal services will continue, but the country’s normally vibrant restaurants, cafes and bars will be shut. UniCredit SpA and Intesa Sanpaoloa SpA, the country’s biggest banks, said on Thursday that only some branches will remain open.Factories can continue operating, but only with “precautions,” the premier said in a televised address Wednesday. The government -- which extended a lockdown for Lombardy and other northern provinces to all of Italy this week -- also recommends non-critical facilities be closed. CNH Industrial NV said it will shut down its Italian operations.“Effects of those measures will be seen in couple of weeks, so cases can still increase in coming days,” Conte said.Conte’s fragile government is under intense pressure to take more drastic measures from governors in the north -- the economic engine of the country and the region hardest hit by the virus.Restaurants ClosedThe benchmark FTSEMIB Index dropped 17%, led by shares of Enel SpA, which lost 19.9%.As a consequence of Conte’s latest emergency decree, all bars and restaurants are shutting their doors, while food deliveries will be allowed to continue.That may be of little help for unsettled Italians. Delivery times for food ordered from Esselunga SpA, one of Italy’s largest supermarket chains, are as long as nine days in Milan.Conte has tried to reassure Italians that no more measures would be coming. He also tried to stem the risks of hoarding, saying there is no need for citizens to rush to buy food, adding that banking will be guaranteed.About 70% of Italians supported the measures taken by the government, according to a SWG poll on March 10. Most said they were expecting even more restrictive actions, before the latest steps were approved.Still, online shopping will be available without restrictions and Italians can also continue buying newspapers at their kiosks and tobacconists. Also electronic shops and gas stations are among the businesses that will remain open, while barber shops and hairdressers will shut down, according to the decree posted on the government’s website.On the corporate side, most company annual meetings will be postponed or may be held via video calls, Corriere della Sera reported. Banca Monte dei Paschi di Siena SpA was scheduled to present its board membership proposal on Thursday, the first since CEO Marco Morelli said he won’t seek to extend his term.Economic ReliefOpposition leader Matteo Salvini of the northern-based League party applauded the move. For days, he had been pushing for further restrictions and for more economic relief as the small entrepreneurs and families that make up his electoral base grapple with the fallout of the pandemic.To handle coordination of the virus response and to speed up production of key medical supplies, Domenico Arcuri -- chief executive officer of Invitalia, a state-owned company that promotes investment -- was appointed as emergency czar.Italy is becoming increasingly isolated, with neighboring countries partially closing the borders. Austria and Slovenia have restricted entry to those who have tested negative to coronavirus while Switzerland sealed off nine minor crossings.Conte and German Chancellor Angela Merkel agree that tackling the spread of coronavirus requires Europe-wide coordination, the Italian government said in a statement commenting on a phone call between the two leaders. All necessary measures must be taken, the government said.(Updates with latest figures in fifth paragraph, Conte and Merkel in last.)\--With assistance from Ross Larsen.To contact the reporters on this story: Jerrold Colten in Milan at firstname.lastname@example.org;Marco Bertacche in Milan at email@example.com;Tommaso Ebhardt in Milan at firstname.lastname@example.orgTo contact the editors responsible for this story: Chad Thomas at email@example.com, Benedikt KammelFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Record winter warmth around the globe has raised pressure on weather forecasters from utilities and financial markets that depend on models to work out the economic impact of climate change. Abnormally high temperatures led to billions of dollars of lost revenue for energy producers, which have curtailed fuel supplies because everyone from homeowners to heavy industry didn’t need as much heat as usual. Europe was particularly affected with temperatures some 3.4 degrees Celsius (6.1 degrees Fahrenheit) above normal. Those extreme variations are sharpening the focus on the systems meteorologists use to predict seasonal patterns weeks or even months in the future.“Our work is becoming more and more relevant,” said Alberto Troccoli, who heads the World Energy and Meterology Council and is developing new forecasting tools with companies including Enel SpA and the National Grid Plc in the U.K. “Demand has always been driven by climate, but there’s even more scope now to examine how production is impacted by climate change.”This year’s unprecedented winter heat was capped last month by the second warmest February on record both in Europe and globally, according to the Copernicus Climate Change Service. The European Union program uses billions of measurements from satellites, ships, aircraft and weather stations around the world for its monthly and seasonal forecasts and found that the current winter is the warmest on record. “This was a truly extreme event in its own right,” Copernicus Director Carlo Buontempo said in an emailed statement. “Now more than ever, the role of Copernicus is becoming more important” as “these sorts of events have been made more extreme by global warming.”Copernicus seasonal weather models performed pretty well heading into this winter. Utilities and power producers checking the outlook in November would have seen there was a 70% chance of higher-than-normal temperatures in northern Europe and a 90% probability around the Mediterranean basin. Other forecasters saw it differently, expecting that cold air from the Arctic would flow down into Europe as it usually does. Both AccuWeather Inc. in Pennsylvania and Maxar, a Maryland-based commercial forecaster, predicted this year’s winter would be colder than the last one, suggesting that U.S. heating costs would likely be elevated.“Our models are not perfect but they give you a good indication,” said Troccoli, who runs the Copernicus energy operational service the provides tools to analyse the role that climate plays in energy supply and demand. The seasonal weather model run by Copernicus has been refined over three decades to ensure accuracy to “a pretty good extent,” he said. Troccoli is an Italian scientist who published “Weather & Climate Services for the Energy Industry” last year. Now, he’s mapping new data sets to show how monthly changes in atmospheric pressure systems impact economic activity. To contact the author of this story: Jonathan Tirone in Vienna at firstname.lastname@example.orgTo contact the editor responsible for this story: Reed Landberg at email@example.com, Andrew ReiersonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Telecom Italia SpA is close to picking the private equity giant KKR & Co. to help it acquire wholesale fiber carrier Open Fiber SpA, according to people familiar with the matter.Telecom Italia is choosing the U.S. investment firm because it’s also open to purchasing a minority stake in a portion of the Italian company’s landline network, the socalled “secondary network” of copper and fiber lines running from street cabinets to premises, that’s valued by KKR at 7 billion euros ($7.6 billion) to 7.5 billion euros, said the people, who asked not to be named because the discussions are private.Telecom Italia shares rose as much as 3.2% at the market open in Milan, their biggest intraday gain since November. The larger goal is building a single national network, an approach favored by the Italian government led by Premier Giuseppe Conte.Since last year, Telecom Italia Chief Executive Officer Luigi Gubitosi has considered enlisting international funds to help finance a potential network deal with rival Open Fiber, people familiar with the matter said at that time. Gubitosi is also looking to boost demand for premium services, work along with rivals on network investments to cut costs, and spin off noncore assets.Open Fiber’s investors include Italy’s state lender Cassa Depositi e Prestiti and the country’s largest utility, Enel SpA. Francesco Starace, CEO of Enel, said last week in an interview with Börsen Zeitung that he isn’t going to sell the company’s stake in Open Fiber. In contrast, Cassa Depositi would be open to selling its Open Fiber stake, another person said.Spokespeople for Telecom Italia and KKR declined to comment. Representatives for Open Fiber and Cassa Depositi weren’t available after business hours.Open Fiber reported full-year 2018 revenue of 114 million euros. Its active customers numbered 500,000 at the end of that year, and the company reached more than 5 million households with its fiber network.(Updates with share price in third paragraph)\--With assistance from Liana Baker.To contact the reporter on this story: Daniele Lepido in Milan at firstname.lastname@example.orgTo contact the editors responsible for this story: Nick Turner at email@example.com;Rebecca Penty at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
* Futures point to lower Wall Street open Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. BoE's departing Mark Carney earned his 'unreliable boyfriend' nickname by failing to smoothly guide investors towards his rate decisions. With the market completely split on today's move, Carney was bound, one way of the other, to disappoint.
* Eyes on BoE meeting: rate cut hangs in balance Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. Another sign that investors are not quite ready to turn bearish is how value stocks keep on underperforming. "Global value stocks now stand at a record low versus their growth counterparts, having underperformed for the whole of last year and into this year", UBS analysts write in their daily House View.
* Eyes on BoE meeting: rate cut hangs in balance Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. Utilities aren't the sexiest industry on the market but over the last month or so they had returns similar to the high-flying FANGs on Wall Street, if not even higher. Surely, worries over economic growth are pushing investors into old-fashioned bond proxies but perhaps there more into it, as climate change fosters huge transformations in the industry and reshapes the whole economy.
* Fevertree falls after Xmas trading update Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Julien Ponthus. This week, eyes will be on the ECB meeting scheduled for Thursday, the first of 2020 and also the first real monetary policy meeting for Christine Lagarde since the previous one in December was effectively her introduction to the world as the new ECB's president. Lagarde is expected to launch the Strategic Review at the Frankfurt meeting, but Royal Bank of Canada is not expecting massive changes.
* Fevertree falls after Xmas trading update Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Julien Ponthus. Once a year, the richest and most powerful people in the world gather together at The World Economic Forum in Davos, Switzerland, to have a chat about the hot topics shaping the world's economy. While the attention on sustainability could be great news for the planet, it might not be that great for European utilities, according to UBS.
Some investors rely on dividends for growing their wealth, and if you're one of those dividend sleuths, you might be...
Today we will run through one way of estimating the intrinsic value of Enel SpA (BIT:ENEL) by taking the expected...
European shares wiped gains and ended lower for a fourth session running on Tuesday as sentiment worldwide took a hit after U.S. President Donald Trump signalled delays to reaching a trade deal with China. London's FTSE, packed with trade-sensitive mining and energy stocks, lost 1.8%%, the most in the region, as material shares lost 1.6%.
Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Julien Ponthus. With new fronts in Brazil, Argentina, Europe and France, the trade war is likely to be the key driver for this session, especially with Trump in the UK for the NATO summit. After the U.S. threatened to slap punitive duties of up to 100% on $2.4 billion of imports from France on products such as champagne or handbags, French companies such as LVMH, Kering and Laurent-Perrier will be closely watched.
European shares posted their biggest daily drop in two months on Monday, with most major markets including Germany and France slumping more than 2%, as a reimposition of U.S. metal tariffs on Brazil and Argentina triggered a decline in global sentiment. After an upbeat November, its third straight month of gains, the pan-European STOXX 600 index closed down 1.6%, erasing session gains after positive factory activity data from China and major euro zone economies had earlier taken it to near four-year peaks.