Equity

For most investors, Pakistan is not an investment destination being considered in their investment process. But soon MSCI, the biggest index provider globally, may bring that to a sudden change. On June 14th, MSCI will announce its decision whether to upgrade Pakistan from the current frontier market classification to emerging market classification or not. In the case of a positive decision, emerging markets funds with an estimated 40x the capital of frontier funds will be forced to have a look at the 180 million population nation on the border between Asia and the Middle East.

Unicredit reports first quarter 2016 with a net profit of 406 million euro (-20.8% compared to the same period of 2015, + 165% on the fourth quarter 2015). The figure is above the expectations of analysts who had expected a profit of 379 million. "The realization of the strategic plan is on schedule: both are already tangible results related to reducing costs, both those related to the digital transformation of the bank".

Back to rise the price index in Switzerland, showing signs of recovery, also because of the recovery in oil prices.

Inflation in April marked a clear recovery, reporting a monthly increase of 0.3%, as the previous month, surpassing expectations that indicated a more modest growth of 0.1%. The trend change stood at -0.4%, still indicating a deflationary trend, but best of -0.9% the previous month and 0.6% expected.

Saudi Arabia does not intend to change its oil policy. Assures the new Minister of Energy, Industry and Mining Resources, Khaled al-Faleh, who took over from veteran Ali al-Naimi said Riyadh and "strengthen its more reliable energy supplier position world". Analysts at the time, waiting for the reaction of the markets.

In office since 1995, the former minister has been replaced by the Minister of Health and Chairman of the Aramco oil giant, al-Falih: the shift goal of such an important minister in the Arab country is to improve the fortunes of the economy hit hard by the collapse in oil prices.

The publishing group that controls the Los Angeles Times and the Chicago Tribune has rejected the offer made last week by Gannett, which publishes the newspaper USA Today. The Board of Tribune Publishing took the view that the tender offer price "undervalues the true value of the company" and therefore "it is not in the best interests of our shareholders." Gannett had made an offer of $ 12.25 per share value, recognizing a premium of 63% over the previous close.

ArcelorMittal, the first global steel producer, has closed the first quarter of 2016 improved, with net losses of $ 416 million (364.3 million euro) compared with 728 million the same period last year. The company has however confirmed that foresees further improvements on the side of profits, with EBITDA (earnings before interest, taxes, depreciation and amortization), which for 2016 to exceed $ 4.5 billion (3.94 billion euro).

The currency reserves of the Swiss National Bank (SNB) rose in April by 1.9% compared to the previous month, the increase was of 11.1 billion Swiss francs for a total of 587.6 billion.

It indicates how much the institute of emissions in a statement on the official website. The revaluation is partly due to the stronger euro, spent over a month from 1.0910 to 1.0990 francs. The single currency is more than 40% of foreign exchange reserves of the SNB. The dollar, about a third of the total, has not however made significant movements.

Greece has started today a nationwide 48-hour strike to protest against the tax and benefit reforms to get money from international creditors. Organized by major public and private unions, the strike has kept the ships docked at the port and is blocking public transport. Even journalists have joined the protest.

"They are trying to prove the Eurogroup who are good students, but they are destroying the social security system of Greece," said the union the GSEE private sector, defining the new reforms are pending approval "the last nail in the coffin" for workers and retirees after six years of austerity. The groom is hoped that the measures, which should be approved on Sunday by the Parliament, will help to convince the creditors to approve the release of EUR 5 billion of aid. Greece needs the bailout funds to repay the IMF loans and bonds in the belly to the ECB expires in July.