|Bid||6.84 x 0|
|Ask||6.88 x 0|
|Day's Range||6.82 - 6.91|
|52 Week Range||4.46 - 7.01|
|Beta (3Y Monthly)||0.63|
|PE Ratio (TTM)||27.34|
|Earnings Date||Nov 12, 2019|
|Forward Dividend & Yield||0.28 (4.04%)|
|1y Target Est||5.59|
(Bloomberg) -- Chile’s central bank moved to halt a rout in the peso as plans for a new constitution after weeks of protests stoked concern of fundamental change to the country’s free-market economy.The peso weakened 2.8% to 781.87 per dollar at 1:18 p.m. after falling as low as 800.08, the biggest intraday move since 2011. Stocks and bonds also fell.Central bank President Mario Marcel reiterated policy makers’ “willingness to act in the face of anomalous situations,” saying it has a “variety of instruments at its disposal.“ Current uncertainty “should be contrasted with the economic fundamentals” which remain solid, he said in a statement.The comments were enough to stabilize the peso, which had been in free fall for much of the morning as a national strike added to pressure on a government struggling to respond to more than three weeks of riots and protests.“It’s definitely a verbal intervention,” said Claudio Soto, an economist at Banco Santander Chile. “The most important part is when it says it has the tools. It’s showing that it has a gun, a cannon, in case it were necessary.”Soto said he doesn’t expect more from the bank for now as “intervention levels are higher than this.”Civil UnrestChile has been wracked for more than three weeks by protests and riots against the rising cost of living and inequality. While the government has made concessions, including increased spending and a pledge to draw up a new constitution, it has failed to halt the demonstrations.The weaker peso “is obviously a sign of concern that we are following closely, as this will have an effect on prices, inflation and products that we consume,” Finance Minister Ignacio Briones said, referring to the drop in the peso. “It’s fundamental that all of us Chileans make an effort that things return to normal as soon as possible.”New ConstitutionThe government gave its backing to plans to write a new constitution on Sunday in an attempt to placate protesters. Yet, today’s national strike still went ahead and thousands packed out city centers across the country in fresh demonstrations.“Today it’s just concern because people don’t know what’s going to happen with the constitution,” said Sebastian Ide, head of trading at Banco de Chile in Santiago. “The outcome could be very good or very bad and it’s that uncertainty that generates this kind of run.”The drop in the peso is beginning to damp expectations for further interest rate cuts. Interest-rate swaps jumped, and now show one more 25 basis-point rate cut in the next six months instead of the two seen last Friday. The five-year peso camara rate rose 15 basis points, on course for the biggest jump in three years.Chilean government bonds dropped. The yield on CPI-linked BTU 2026s rose 32 basis points to 0.4%, while the yield on the peso 2026 BTPs increased 27 basis points to 2.98%.Construction companies led losses on the stock exchange with Salfacorp falling 8.4%. Stocks with revenue in dollars suffered less, with Enel Americas, which holds assets in the rest of Latin America and not in Chile, falling only 1.5%. Since the unrest began on Oct. 18, the IPSA has slumped 13% and about $25 billion in market value has been destroyed.While port workers and some miners laid down tools Tuesday, many of the giant copper mines in the north and Santiago’s airport were working normally. Barricades on some of the highways into Santiago impeded traffic, while clashes with the police broke out near the mining town of Calama. Valparaiso’s train system was also on strike, while workers from the state oil refinery marched through the town of Concon.\--With assistance from Sebastian Boyd and Eduardo Thomson.To contact the reporters on this story: Philip Sanders in Santiago at email@example.com;Maria Jose Campano in Santiago at firstname.lastname@example.orgTo contact the editors responsible for this story: Carolina Wilson at email@example.com, Philip SandersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
European shares broke a five-day winning streak on Friday after U.S. President Donald Trump said he has not agreed to roll back tariffs on China, adding to uncertainties on whether the two sides were really getting close to signing a partial deal. The pan-European STOXX 600 index ended 0.3% lower after gaining 2.5% over the last five sessions.
A narrow focus on growth, regardless of its true cost and consequences, is leading to climate catastrophe, a loss of trust in institutions and a lack of faith in the future. The private sector is a critical part of solving these problems. Businesses are already working closely with the UN to help build a more stable and equitable future, based on the Sustainable Development Goals.
The Brazilian government awarded on Friday contracts for companies to build new power generation installations with combined capacity of 2.98 gigawatts, that will cost about 11.16 billion reais ($2.71 billion) to be built. According to the power trading chamber CCEE, the new plants, which will need to be operational in six years, will sell energy for an average price of 176 reais per megawatt, a 33% discount over the initial price at the auction. France's Voltalia, Norway's Statkraft and Brazil's Eneva are among the winning bidders.
By buying an index fund, investors can approximate the average market return. But if you choose individual stocks with...
German utility RWE has a renewable project pipeline of more than 18 gigawatts (GW), mostly in the United States, it said on Monday, confirming it could pour up to 3 billion euros ($3.3 billion) into green energy sources a year. RWE has transformed itself by taking over the renewables activities of subsidiary Innogy and peer E.ON , which was part of a major reshuffle of Germany's power sector. The move has turned RWE into Europe's third-largest renewables group after Spain's Iberdrola and Italy's Enel.
European shares ended flat on Wednesday, as gains for the defensive real estate and utilities sectors were countered by losses in luxury good makers, with caution prevailing ahead of the U.S. Federal Reserve's interest rate decision. After flitting between small gains and losses during the session, the pan-European STOXX 600 closed with a tiny 0.02% gain as investors awaited the U.S. central bank's monetary policy statement due at 1800 GMT. With a rate cut from the U.S. central bank near-certain investors will be focussed on forward guidance, as policymakers are deeply divided on the need for further easing amid improving U.S. economic data.
Moody's Investors Service ("Moody's") has today confirmed Enel Russia, PJSC's (Enel Russia) Ba3 Corporate Family Rating (CFR) and Ba3-PD Probability of Default Rating (PDR). The outlook has been revised to stable, from rating under review. The action completes the review for downgrade initiated on 13 June 2019 following Enel Russia's announcement to sell its largest generating asset Reftinskaya GRES (RGRES) to the electricity-generating arm of SUEK JSC (Ba2, stable) for RUB21 billion (around $323 million), plus a contingent component of RUB3.0 billion.
Enel SpA (BIT:ENEL) is about to trade ex-dividend in the next 3 days. If you purchase the stock on or after the 22nd...
Moody's Investors Service ("Moody's") has today changed to positive from stable the outlook on ENEL S.p.A. ("Enel" or "the group"). Moody's has also affirmed the Baa2/(P)Baa2 senior unsecured ratings of Enel. At the same time, Moody's has changed to positive from stable the outlook on the guaranteed subsidiaries ENEL Investment Holding B.V. and ENEL Finance International N.V. Moody's has also affirmed their Baa2/ (P)Baa2 senior unsecured ratings, the debt Enel has assumed of ENEL Finance International S.A., the Prime-2 (P-2) short-term rating of ENEL Finance International N.V., and the Ba1 rating of Enel's subordinated debt (also known as "Hybrids").
Moody's Investors Service ("Moody's") has today placed Enel Russia, PJSC's (Enel Russia) Ba3 Corporate Family Rating (CFR) and Ba3-PD Probability of Default Rating (PDR) on review for downgrade following its announcement to sell its largest generating asset Reftinskaya GRES to the electricity-generating arm of SUEK JSC (Ba2, stable) for RUB21 billion (around $323 million), plus a contingent component of RUB3.0 billion. The transaction is subject to the approval of the Russian Federal Antimonopoly Service and to the shareholders' approval which should be obtained on 22 July 2019. Moody's expects Enel Russia to exclude Reftinskaya GRES from its financials by end-2020 at the latest.
Rating Action: Moody's assigns definitive ratings to CMBS notes issued by ERNA S.R.L. Global Credit Research- 04 Jun 2019. EUR 300 million of CMBS rated.