The recovery of banks and insurance companies continues in Piazza Affari. The Stock Exchange is not impressed by the judgment of the Dbrs agency which has placed Italy's (low) rating under observation, the only A that allows us to remain in the highest rating category in the eyes of the ECB.
In Milan, the FtseMib rose by 0,8%, the Paris Stock Exchange rose by 0,6%, Frankfurt +0,8%, Madrid +0,9%. Widespread increases in the European Stock Exchanges with good gains for financial stocks: the European Stoxx index of banks rises by 1,8%, Insurance companies +1,6%. Industrial production in Germany rose 0,8% month-on-month in June, less than expected.
The 1,14-year BTP trades at 127%, spread over the Bund at 8 basis points (-6bp). The Treasury announced the offer of 26 billion twelve-month BOTs at Wednesday's auction. The mid-month appointment with medium-long term securities and that of XNUMX August with indexed securities have been cancelled.
Banking stocks are in great evidence in Europe: the sector index rises by 1,7% thanks also to the 2,8% rise by Barclays after Exane BNP Paribas raised its recommendation to "outperform" from "neutral". In Frankfurt Deutsche Bank rises by 2,8%, the French Société Générale gains 2%, in Madrid the Banco de Santander +2,5%.
The Italian stock market is even more crackling on the wave of rumors about Vincent Bolloré's manoeuvres. According to La Stampa, the Breton financiers are evaluating the increase in their stake in Mediobanca +3,8% from the current 7,3% to 23% thanks to the purchase of the shareholdings of Unicredit and Mediolanum. Meanwhile Kepler Cheuvreux has confirmed the Buy judgment and raised the target price to 7,4 euros.
Generali is also advancing +2,2% which in financial fiction would be destined to get married to Axa +2,5%. Among the European insurance companies, Allianz is also advancing +2,1%. Unipol +3,8% and UnipolSai +3% performed well in Milan. In asset management, the best share is Azimut +3,8%.
Returning to the banks, the rise of Banco Popolare +4,5% was substantial. This morning Deutsche Bank raises the judgment to Buy from Hold. Kepler Cheuvreux cuts the target price to 2,7 euros. Popular Milan +3,6%. Ubi also rises +2,2% despite this morning Credit Suisse cut its rating to Neutral from Outperform, the target price is 2,70 euros.
Mediaset also stands out +2,7%. In addition to the sale of Milan which has strengthened the finances of the leader Fininvest, also in this case the relations with Bolloré, president of Vivendi, are conditioning the stock exchange. The Premium affair remains officially on the high seas, but according to various sources, the parties are studying co-control formulas for Premium so that neither of the two groups has to consolidate pay-TV with Vivendi which could rise up to 7% of Mediaset instead at 3,5%. Mediobanca Securities writes: “In recent days we have observed that the managing directors of both companies have expressed a desire to reach an agreement: this remains our baseline scenario, as it would be in the interest of both companies”.
Telecom Italia -0,5% and Enel -0,2% are down. Finally, Leonardo +1,3% and Fiat Chrysler +1,1% rose.
