Posts Tagged Dollar
M. Stanley: “Too much fear (not) to buy”
Jay Pelosky, global strategist at Morgan Stanley, says very concerned about the weakness of the dollar, a real thorn in the side of the equity markets at this time. “The United States will experience low growth in the years to come. Everyone is disappointed by the collapse of stock exchanges, but only now are emerging fears of an excessive devaluation of the dollar, with the risk (for the moment quite remote) of a real collapsing the greenback. Nevertheless, the manager does not seem pessimistic about the future prospects of the equity. “The markets have reached a deep oversold and are going through a phase of high volatility, due to the uncertainty on the recovery of corporate earnings. Overall, the stock is above the minimum in September to just 700 basis points. Trimester in progress, however, should represent a turning point for U.S. companies, with a return to profitability and then to the p / e lower. According to our valuation models, the equity is undervalued by an average of 15% and therefore could be considered rather interesting.
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Unicredito strengthens in Turkey
are becoming increasingly close relations between the group led by Alessandro Profumo and Turkey. The sixth largest bank private Kocbank, has signed a letter of intent with Unicredito for the creation of a joint partnership in financial services in Koç Financial Services (KFS). At the end of 2001, KFS had 4.4 billion dollars in assets and 636 million dollars in client assets under management. Unicredito is recording a rise of 0.5% with the title he won back share 5 euros.
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Moscow: “Exchanges low coupon adjustments”
Round Square with a few ideas for business has to deal with the ex-dividend of many companies (94 ndr.). “The meeting today is characterized by reduced trade,” says Edoardo Mosca of New Investments. “Some European stock markets closed, the adjustments for dividends, fears of new attacks by Bin Laden and the weak U.S. dollar are affecting the start of this week. Prevedible a fix for today as Wall Street, in spite of European markets The last eighth scored a substantial increase.
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London, once again the scene of the banks
The FTSE 100 is now trading at +0.51%, after opening slightly downwards. Open war in the banking sector after news yesterday of a new offer from Bank of Scotland in National Westminister Bank. This morning, Royal Bank of Scotland said it expected a profit increase of 31%, for up to 659 million dollars. This could strengthen its position in the scale. According to some operators, the institution would be ready in fact to increase the offer to turn on Natwest.
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BP Amoco buys Burmah Castrol
The British oil company BP Amoco has bought the company Burmah Castrol lubricants for three billion pounds in cash. The Burmah is gaining 25% on the London Stock Exchange. The operation led to a premium of 74% for shareholder activism of Burmah, compared to the closing price on March 10, the day the talks were announced. BP Amoco said it expects the transaction will lead to savings by 2003 260 million dollars. According to the shareholders the transaction is positive for both groups.
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Mergers between banks in Iceland
The two Icelandic banks, Iceland Investment Bank and Islandbanki are ready to merge in a merger that will create the largest group of credit Icelandic with a market capitalization amounted to 948 million dollars.
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EU ministers did not relieve the euro-weakness
The euro shows no signs of recovering from the crisis that has been hit by several months. Efforts implemented by the European Central Bank president before, and those of the Ecofin ministers later, seem not to be served to revive the fortunes of the European single currency. The reassuring messages emerging from EU finance ministers on the economic health of the continent have not yielded the desired results, so much so that the ratio of euro-dollar exchange Mantine is still below the critical threshold of 0.9 . At this moment the European currency against the dollar stood at 0.8963 share. The pound-dollar exchange ratio of traveling around 2.158.
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DT, the transaction with Voice Stream unconvincing
Deutsche Telekom is still in decline and now represents -4% to 53 euros. The group announced this morning the acquisition of Voice Stream to 55.7 billion U.S. dollars in cash and shares. The title gives way to the concerns of the market on the actual profitability of the operation in the United States, mainly because of opposition that the U.S. authorities should do because of state ownership of Deutsche Telekom.
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New shopping for Seat
Seat has signed a deal to take over 50.1% of TicketOne, a company engaged in services, ticketing, marketing and electronic commerce for culture, sport and entertainment. Further cut of 17.4% will be detected by Wisequity, the venture capital fund recently established by the Group and the Group Seat De Agostini. TicketOne has a network of 350 stores, Internet services and call centers, and in the year ‘99, which was then the first year of operation, had sales of over 3.5 billion dollars. The forecast is stable at around 8 billion in revenues by 2000 and closed in profit in 2001.