MARKET UPDATE

UniCredit CEO’s pay draws fresh criticism from investor advisers

Leading investor advisory firms have again raised concerns over the salary of UniCredit CEO Andrea Orcel, with one recommending for a second straight year shareholders vote against his pay.

Orcel, former head of investment banking at Swiss bank UBS, narrowly dodged an investor revolt last year over the remuneration package that made him one of Europe’s best paid bank CEOs when he took the reins at UniCredit in April.

 

Euro edges up ahead of talks over Ukraine, yen rebounds vs dollar

The euro edged higher on Tuesday in cautious trading as Ukrainian and Russian negotiators prepared to meet in Turkey for the first direct talks in more than two weeks.

The U.S. dollar was slightly lower, just off its highest since May 2020, while the yen staged a modest rebound after crashing to its lowest level since August 2015 on Monday.

Any step towards a ceasefire or a potential peace deal would support the single currency as the euro area is seen suffering the most significant economic impact of the conflict.

 

EU Commission approves Sweden’s 3.3-billion-euro recovery plan

The European Commission approved on Tuesday Sweden’s post-pandemic recovery plan that will allow the country to get 3.3 billion euros in grants from the European Union until 2026 to make its economy greener and more digitalised.

The money is part of the EU’s 800-billion-euro recovery fund that all EU countries agreed on last year in an unprecedented joint borrowing scheme aimed at rebuilding the European economy from the deep recession caused by COVID-19 lockdowns.

 

Fitch withdraws Russian banks’ ratings Rating agency

Fitch said on Tuesday it has withdrawn its ratings of 27 Russian banks, four of their affiliates and related financing special purpose vehicles.

The withdrawals are for sanction-related reasons, it added.

 

Barclays shares fall after top investor offloads stake

Shares in Barclays (LON:BARC) fell as much as 6% in early trading on Tuesday, after one of its top investors offloaded stock roughly equivalent to a 3% stake in the lender.

An unnamed investor launched a sales process for 575 million shares on Monday evening, facilitated by Goldman Sachs (NYSE:GS).

The offering was priced at 150 pence on Tuesday, towards the top of the target range of 147.50 pence to 150.75 pence, but this still represented a discount greater than 6% to Monday’s closing price, heaping pressure on the share price.

 

 

 

 

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