MILAN Oct 9 BlackRock Inc sees Italian
stocks as among Europe's most attractive, along with French and
German ones, a top executive at the world's largest money
manager was quoted as saying on Wednesday.
BlackRock Managing Director Mike Trudel told Italian daily
Il Sole 24 Ore a "very attractive valuation" was behind the
decision to raise the group's stake in Italian telecoms group
Telecom Italia to 5.13 percent.
"I can't say more due to corporate rules but I can confirm
that the whole of the Milan bourse generally interests us,"
Trudel was quoted as saying.
He said French and German stocks also looked appealing.
BlackRock funds have cut exposure to U.S. stocks because they
are on average 20 percent more expensive than European ones.
BlackRock is also reducing exposure to government bonds in
all of its portfolios because of insufficient risk-returns in
the fixed-income sector, he said.
In Italy, energy and industrials were the most promising
sectors, Trudel said, adding some banks could turn out to be
He said the Italian economy had a good chance of recovery
and that political risks were present everywhere and should not
be a reason to penalise Italy.