Historic day today for Italian capitalism. Atlantia is preparing to launch the offer on the Spanish Abertis, a 17 billion euro operation which will give life to one of the world's largest groups in the field of infrastructure and toll motorways with a total value of over 36 billion. The deal provides for cash payment, but also a series of equity options for shareholders who choose to remain in the new company. At the end of the operation, financed by Intesa, Unicredit and Crédit Suisse (11,5 billion the guaranteed amount), behind Edizione, the holding company controlled by the Ponzano Veneto group, the current shareholders of Abertis (valued at Stock market 14,95 billion, +32% in the last six months). In Piazza Affari, the stock leads the Blue Chips up by 2,56% to 24,83 euros when the FtseMib scores +0,27%.
Atlantia (5.000 km of roads plus control of Rome airports and three French airports) will thus be able to make a leap in quality with its international network thanks to 8 km of toll motorways from Abertis, the leader in Spain, Brazil and Chile. The new company will have the critical mass needed to compete in upcoming auctions on the US market.
ASIA RESISTS VIRUSES AND MISSILES. TOKYO HOLDS, CHINA RISES
The lawyers of Atlantia and Abertis weren't the only ones to have experienced an intense working weekend. The same happened to thousands of computer technicians around the planet, grappling with the nightmare of a new cyber attack after the one on Friday that knocked out about 200.000 computer systems in 150 countries with the introduction of rogue software to be removed for a fee (in bitcoin). The second wave of the invasion of the virus, dubbed Wanna Cry, could be even more destructive. And it is by no means excluded that it may invest sensitive nerve centers in the financial world, with potentially devastating effects. China announced this morning the launch of a permanent fintech control commission.
In the hope that the alarm will be averted, the Asian area stock exchanges opened their doors under the excitement of the new Korean missile, the seventh since the beginning of the year, with which Kim Jong-un wanted to greet in his own way the election of Moon, the new president of the South who is in favor of a negotiation with his warlike cousin from the North. But also to reaffirm autonomy from Beijing, partially spoiling the party for the supermeeting on the Silk Road which brought together representatives of over 100 countries, including 28 heads of state, including Vladimir Putin. The missile fell into the sea just 97 kilometers from the Russian border.
Despite the double emergency, Asian stock markets held their positions, recovering their initial losses and confirming the record levels reached last week. Tokyo, awaiting today's results from Mitsubishi and Japan Post, reduced the decline to a modest 0,15%. First quarter GDP figures will arrive this week, expected to grow by 1,8%. If so, it will be the XNUMXth consecutive hike.
The Korean won weakened but not too much (-0,25%). On the other hand, the Seoul Stock Exchange rose, like that of Hong Kong +0,3%. Shanghai +0,5%, stimulated by positive data on consumption (+10,7% in April) and investments (+9,3%). The Korean missile did not disturb the solemn celebration for the "Silk Road" conference in which Xi Jingping announced infrastructure projects for 124 billion with the aim of strengthening ties between Asia, Europe and Africa. An ambitious project, probably too ambitious, but which has achieved at least one goal: China, excluded in the days of Barack Obama from the negotiations for the Trans Pacific agreement, is now at the center of the scene.
BRENT ON THE RISE. ENI STARTS FROM +3,6% LAST WEEK
Turnaround on the oil front: Saudi Arabia and Russia have jointly communicated their willingness to renew the agreement on production cuts signed at the end of November. Brent prices rose to 51,37 dollars, 48,37 for Wti. The two countries also declared that they will do "everything possible" to reduce world crude stocks to the average levels of the last five years, eliminating one of the factors that most hold back the rise in prices.
Good news for Eni, already among the best Italian blue chips of the week with a 3,6% increase made possible also by the good results announced on Wednesday 10 May. The other oil companies also performed well: Saipem +1,4%, Tenaris +2,3%.
TRUMP TAGS WITH THE FBI. WALL STREET LOOK AT WAL-MART
In the US, the conflict between Congress and Donald Trump shows no sign of abating, as he grapples with the appointment of the new FBI chief. In the meantime, Wall Street's attention will be focused on Wal-Mart's accounts (Thursday) to verify the progress of the large-scale distribution giant in terms of online sales. The health of manufacturing will instead be tested by the John Deere quarterly (Friday). The president's agenda also includes a delicate meeting with the Turkish president Erdogan.
In the meantime, Europeans and Japan have shown themselves to be very cold at the G7 meeting in Bari in response to the explanations of Steve Mnuchin, the US Treasury minister, who tried to convince their partners of the advantages of Donald Tump's policy on trade. It is not clear, said the French minister Sapin, what the US president means by a "fair trade relationship". And it makes no sense to seek bilateral agreements outside the framework of the WTO.
MACRON VISITS THE VICTORIOUS MERKEL
The European Union will be "reformed and relaunched", promised Emmanuel Macron in his inauguration speech, immediately after receiving from François Hollande the codes for the use of nuclear warheads (the only ones in a country of the European Union). After all, already today the president will travel to Berlin where he will meet the German chancellor Angela Merkel, a veteran of yesterday's overwhelming electoral affirmation in North Rhine Westphalia, traditional social democratic fiefdom. The CDU-CSU obtained 34,5% of the votes, almost 5 points more than Martin Schulz's Social Democrats.
In Europe, in addition to Vodafone's accounts, the numbers of Tui, the leader in the travel sector, and the half-yearly report of EasyJet (Tuesday) which falls into yet another hot week for Alitalia, will be followed with interest.
BTP ITALIA: EXPECTED BETWEEN 8 AND 10 BILLION
The new Btp Italia takes off today. "I expect more attention than last time because inflation is recovering," said debt chief Maria Cannata, on the eve of today's launch of the eleventh tranche. The Treasury's forecast is therefore between 8 and 10 billion, much higher than the 5,2 billion in the last edition of last October. Such confidence is justified by the more serene climate in the Eurozone, in the aftermath of Emmanuel Macron's inauguration at the Elysée, confirmed by the soft tones of the Bari G7 communiqué. Even the market trend, which throughout last week priced at around 2,24% for the XNUMX-year bond, it seems to favor the success of the issue.
Given the premises, the Treasury can thus aspire to fill up, anticipating the possible shocks in the market that will probably accompany the last phase of the purchase program by the ECB. The bond, on offer from this morning to Wednesday 17 (barring early closure), will have a minimum guaranteed annual (real) coupon rate of 0,45%. The six-monthly coupon will be indexed to the Foi (the consumer price index for blue- and white-collar workers excluding tobacco products) for the relevant six-month period. In the event of deflation, the coupons will be calculated on the nominal capital invested: the protection will "cover" not only the principal amount, but also the interest.
Today Istat will communicate the trend in consumer prices pending the preliminary estimate of gross domestic product for the first quarter to be released tomorrow. An important test. to understand if the economy will grow at a higher rate this year than in 2016, as indicated in the Def approved a month ago by the government, which forecasts a 2017% increase in GDP in 1,1 compared to 0,9, XNUMX% last year.
TODAY THE A2A SHAREHOLDERS' MEETING. NEW COUPONS ON THE BUSINESS SQUARE
Agenda full of appointments today for Piazza Affari. Today the coupons of Astaldi (0,20), Credem (0,15), Dea Capital (0,12) Falck Renewables (0,049), Interpump (0,12), Esprinet (0,135), Massimo Zanetti (0,15. 0,3), Prima Industrie (0,065), Technogym (0,3) and Txt (XNUMX).
The quarterly accounts of: Astm, Cairo Communications, Class, Datalogic ,Sias, Elica, El.en, Fiera Milano, Gabetti, Ima, Tas, Tecnoinvestimenti will be approved. The A2A budget meeting will be held this morning. El.en and Trevi Finanziaria.
FINCANTIERI AND MEDIASET UNDER THE SPOTLIGHTS
By Thursday Fincantieri should receive the ok from the unions for the sale of the Saint Nazaire Stx shipyards to the Italian group which will thus be able to finalize the operation in the Seoul court. The acquisition will allow Fincantieri, which will hold the balance sheet meeting on Friday the 18th, to make a significant leap in quality. According to a report by Kepler Chevreux, the market share will rise from 38 to 55%, the EBITDA margin from 6,4 to 8% in the sector.
Mediaset in the spotlight. Fininvest has strengthened its grip on the media group and rises to 39,53% of the capital equal to 41,09% of the voting rights from 38,2% of the capital and 39,7% of the voting rights. Between 20 April and 11 May, Fininvest purchased 15 million ordinary shares of Mediaset, equal to 1,27% of the share capital: at current stock exchange prices, the outlay was more than 50 million. Vivendi, which this week acquired control of the advertising giant Havas from the Bolloré group, is preparing for the EU examination on the control of Telecom Italia. In the meantime, he consoles himself with the repayment of 315 million from the French tax authorities. And with the affirmation of Macron, a great friend of Yannick Bolloré, his early supporter.
The Milan Stock Exchange closed the third week of the rise with the FtseMib index which gained 0,4% in five sessions, the highest since December 2015. Since the beginning of the year, Piazza Affari has become the second best stock exchange in Europe with a performance of 12,1%, behind only the Spanish Stock Exchange (+16,5%). With an 11,1% increase since January 12.770, the Frankfurt Stock Exchange marks a new all-time high with the Dax index at 5,1 points. The exploit was favored by the rally of Unicredit: in the last five sessions the Milanese bank has gained 12%, in the last four weeks (since 32 April) it has achieved a rise of XNUMX%.
(last updated at 10,28)
