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Share Price: 488.50
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Change: 0.30 (0.06%)
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LIVE MARKETS-Insurers: take a look at solvency ratios

Thu, 08th Apr 2021 11:58

April 8 - Welcome to the home for real-time coverage of
markets brought to you by Reuters reporters. You can share your
thoughts with us at markets.research@thomsonreuters.com

INSURERS: TAKE A LOOK AT SOLVENCY RATIOS (1033 GMT)

With shares of European insurers trading at a significant
discount to the benchmark Stoxx 600 index, the picture is
getting attractive amid rising solvency ratio estimates.

UBS says estimates for solvency ratio -- a company's ability
to meet its long-term obligations -- for the sector "increased
by +8 ppts on average since FY20 to 199% driven largely by the
increase in interest rates."

This "screens well both for downside protection but also for
potential for upside to dividend/capital return," according to
them.

With the sector trading at a 40% discount to the Eurostoxx,
compared to its historical average of 20%, this higher solvency,
along with macro tailwinds, "means the sector's capital return
screens attractive," they say.

Among single names, UBS says Generali (231%), NN Group
(216%) and Aviva (209%) standout with the highest solvency
ratios.

Chart below shows European insurer stocks
underperforming the Stoxx 600.

(Stefano Rebaudo)

*****

NEW RECORD HIGH FOR STOXX (0847 GMT)

European shares are off to a positive start this morning
with the STOXX 600 making a fresh record high in early deals and
the FTSE 100 hitting its highest in more than a year, helped by
dovish messaging from the Fed minutes.

The pan European benchmark was last up 0.3% while the UK's
top share index added 0.1%, both off initial highs.

"Investors’ risk appetite is on the rise again as the Fed
officials renewed their dovish tone yesterday by announcing that
the massive bond-buying program will continue for 'some time',”
said Pierre Veyret, analyst at ActivTrades.

"The mood has been further strengthened by Janet Yellen
confirming a $2 trillion fiscal aid plan in the US," he added.

In single stocks worth highlighting that telco M&A is back.

KPN shares are rising 2.3% after a media report said private
investors were preparing an attempt to buy the top Dutch
telecoms provider. KPN declined to comment.

(Danilo Masoni)

*****

KEEP THE FAIT (0709 GMT)

The messages from the Fed's minutes could not be clearer.
First, despite the blowout March payrolls report, labour markets
are nowhere near its threshold for reining in easy monetary
policy. And the Fed aims to let inflation average 2% for some
time before contemplating any tightening.

In short: FAIT or flexible average inflation targeting.

The message seems to have sunk in - 10-year Treasury yields
are some 10 basis points off recent highs, a spike in
short-dated yields has abated and some of the most aggressive
pricing of Fed rate hikes has been scaled back.

Markets will await Fed Chair Jay Powell's appearance at the
IMF spring meetings but the minutes have lifted U.S. equity
futures half a percent, following Wednesday's records on Wall
Street. European stocks are opening higher too, with the UK's
FTSE looking to extend its Wednesday run to record highs.

On the economy front, strong German domestic demand lifted
industrial orders for the second straight month, hot on the
heels of this week's PMI revisions that showed euro zone
business activity back in growth.

The fly -- (or the virus) -- in the ointment is of course
COVID-19 with infections surging in India, Tokyo set for
emergency measures and some evidence of blood clots linked to
the Astra Zeneca vaccine.

Key developments that should provide more direction to
markets on Thursday:

- Corporates: Holland-based Prosus sold 2% of
Chinese gaming giant Tencent for $14.7 billion in the
largest-ever block trade; Clothing retailers Asos and Uniqlo
reported robust profits, the former seeing an astonishing 275%
leap.

- Japan's consumer confidence improved in March.

- G20 finance officials to debate President Joe Biden's
minimum corporate tax plan

- Data: Euro zone, UK construction PMI; Euro zone PPI Feb;
U.S. weekly jobless numbers

- IMF/World Bank Spring Meetings: World Bank head Kristalina
Georgieva, Fed Chairman Powell, and WTO Director General Ngozi
Okonjo-Iweala to speak

- ECB: Vice President Luis de Guindos speaks

- Emerging markets: Peru, Sri Lanka central bank meetings

(Sujata Rao)

*****

EUROPEAN BOURSES SEEN ON THE BLACK AFTER FED MINUTES (0535
GMT)

In a data heavy morning, European shares are seen in the
black this morning after the Fed renewed its commitment to
keeping policy super loose even as the U.S. economy enjoys a
rapid recovery.

Fed remains wary about the ongoing risks of the pandemic and
is committed to bolstering the economy until its recovery is
more secure, according to minutes of the U.S. central bank’s
latest policy meeting.

U.S. stock futures just hit fresh record highs, while
European futures are also in positive territory.

Eyes will also be on PMI figures for the UK and the EZ,
which are due this morning.

Financial spreadbetters at IG expect London's FTSE to open
23 points higher at 6,909, Frankfurt's DAX to open 62 points
higher at 15,239 and Paris' CAC to open 27 points higher at
6,158.

(Joice Alves)

*****

More News
14 Jun 2023 17:28

UK's FTSE 100 rises on mining boost; Fed decision awaited

Retail, films drive modest UK economic growth

*

Read more
7 Jun 2023 18:38

Insurers vow to use windfall funds to boost UK Plc not dividends

LONDON, June 7 (Reuters) - Insurers in Britain pledged on Wednesday to use an estimated 100 billion pounds ($125 billion), unlocked by the easing of capital requirements, to invest in green energy, infrastructure and community projects - and not to use it to boost dividends.

Read more
5 Jun 2023 10:15

New UK business group launched to rival CBI ahead of crunch vote

(Alliance News) - A new business group in the UK has been launched with companies such as BP PLC and Heathrow Airport Ltd among its members ahead of a D-Day crunch vote on the future of the scandal-hit Confederation of British Industry.

Read more
2 Jun 2023 17:20

London stocks rise as US averts default; Dechra surges

Pelatro up on middle-east contract win

*

Read more
30 May 2023 16:09

Insurers' climate alliance loses nearly half its members after more quit

NZIA membership shrinks to 17 from 30 in March

*

Read more
30 May 2023 14:16

Insurers' climate alliance loses nearly half its members after more quit

LONDON, May 30 (Reuters) - Three more insurance companies including Tokio Marine have left a United Nations-backed net-zero climate alliance, leaving the group with about half the number of members it counted two months ago as insurers take fright at U.S. political pressure.

Read more
26 May 2023 20:27

More insurers desert net-zero alliance as U.N. climate group sounds alarm

Lloyd's of London is latest of six to quit NZIA

*

Read more
25 May 2023 18:48

Insurers flee climate alliance after ESG backlash in the U.S.

NZIA Chair AXA, Allianz and SCOR leave alliance

*

Read more
25 May 2023 09:23

LONDON BROKER RATINGS: Numis starts Tristel with 'add'

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning:

Read more
25 May 2023 07:52

LONDON BRIEFING: Germany enters recession; UK energy price cap lowered

(Alliance News) - Stocks in London were called to open lower on Thursday, amid the continued political scrap over raising the US government debt limit and after news that Germany has entered a technical recession.

Read more
24 May 2023 17:11

London stocks fall sharply on rate hike fears

Aviva tumbles on lower net flows

*

Read more
24 May 2023 17:07

Sector movers: Homebuilders pace losses after core CPI surprise

(Sharecast News) - Homebuilders were at the bottom of the pile on Wednesday following the release of data showing an unexpected acceleration in core consumer prices.

Read more
24 May 2023 16:57

LONDON MARKET CLOSE: Stocks sold off amid US debt limit angst

(Alliance News) - US debt ceiling concerns battered European equities on Wednesday, leading to broad-based stock price declines, as investors fret over what a default would mean for global markets.

Read more
24 May 2023 16:18

'Soft compulsion' needed to nudge pension cash into UK companies, says L&G

LONDON, May 24 (Reuters) - Britain has been investing in the wrong things for two decades and 'soft compulsion' is needed to nudge pension fund money towards growth sectors, a top investment executive said on Wednesday.

Read more
24 May 2023 15:35

UPDATE: Activist investor Cevian sells almost all of stake in Aviva

(Alliance News) - Activist investor Cevian Capital has sold almost its entire stake in Aviva PLC, three years after first snapping up shares in the insurance giant.

Read more

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