Step into positive ground Business Square after a cold boot. Favoring the race is the rally in bank stocks, recovering after the black week. In the middle of the day, the Ftse Mib index marks +0,70%, around 16.900 points. The other European indices also rose: the Dax rose by 0,30%, the Cac40 by 0,5% and the Ibex by 0,77%. Down London (-0,2%).
On the eve of the Jackson Hole conference the dollar it is up slightly against the euro and the yen. The euro/dollar exchange rate is now at 1,1292, the euro/yen at 113,117 and the dollar/yen at 100,162.
Credit institutions stand out in Europe, the Stoxx index for the sector is up by 2%. Société Générale rose by 2,2%. In Madrid Banco Santander is up 2,1%, Banco de Bilbao +1,8%.
In Italy the spotlights are on Unicredit (+4,7%). Tomorrow there should be a meeting of the bank's top management with Michal Krupinski, the managing director of the Polish insurance company PZU, interested in taking over up to 33% of Bank Pekao, the threshold for the mandatory takeover bid. CEO Jean Pierre Mustier also seems inclined to believe Pioneer, his subsidiary active in asset management.
MontePaschi earn 1%. Today the exit from the Europe Stoxx 600 index was announced. La Repubblica writes that JP Morgan is studying a plan B, ie an anchor investor who subscribes a significant portion of the capital increase.
The former popular ones are doing well: Ubi Banca +1,2%, Banca Pop. Emilia +2,4%, Banca Pop Milano +1,4%, Banca Popolare +1,4%.
Generali earn 0,4%, Unipol Sai -0,7%. The impacts on insurance companies of the earthquake tonight in Rieti they should be modest. The earthquake in L'Aquila had cost Generali 100 million euros in compensation, 80% covered by reinsurance.
The other strong theme of Piazza Affari continues to be Mediaset (+3,7%). Fininvest has asked Vivendi for compensation of 570 million euros for the failed acquisition of Mediaset Premium. According to press rumors, there would in fact be some Chinese operators interested in buying Italian Pay TV with the aim of growing abroad.
Among these are Phoenix and LeTv. We are now awaiting the response from Vivendi who will meet its board of directors on Thursday on the second quarter accounts. Analysts see an improving second quarter for the company chaired by Vincebt Bolloré. Revenues are expected to be stable (+0,03%) at 2,6 billion, ebitda at 351 million, operating profit at 109 million and net profit at 192,6 million (+1% approximately).
It also advances Mondadori (+3%). Moncler accelerates up 1,2%. The luxury brand will be included in September and will enter the Europe Stoxx 600 index, from which, in addition to Mps, Unipol is exiting.
Il Petroleum Brent is down 1,1% to $49,4. Preliminary data released last night showed U.S. crude stockpiles climbed more than 4 million barrels. The WTI, on the other hand, lost 1,6%, and traded at 47,3. Eni marks a drop of 0,2%. Saipem +0,4%, Tenaris +0,1%.
