Setback in Business Square after two effervescent days. The Ftse Mib index (-0,23% at mid-day) returned below 18 thousand in the morning. Madrid is worse -0,8% after the news of the 2,5 billion euro capital increase for Banco Popular Espanol: the title collapses by 19%. Bankia -3,6% and Banco de Sabadel -6% also fell sharply. On the other hand, both Paris +0,1% and Frankfurt +0,3% are on positive ground.
The G7 has opened in Japan. The premier Shinzo Abe compared the current state of the economy to the one created after the collapse of Lehman Brothers: commodity prices fell by 55% from June 2014 to January 2016, the same margin recorded from July 2008 to February 2009, during the bankruptcy of the US bank.
Euro/dollar slightly moved at 1,1174. The spread the yield on the 2-year BTP fell by 117 basis points to 10, 1,33%. Some profit taking brings the Greek 7-year yield above XNUMX%.
The most relevant macro data concerns the Petroleum: Also due to the French refinery strikes, Brent is trading above $50 a barrel for the first time since last October. The Oil & Gas sector advanced by 0,7%. Eni +0,5%, Tenaris +2,7%, Saipem unchanged.
The operations in which the company is involved hold the court on the stock market Cassa Depositi e Prestiti. The Treasury has announced that it intends to transfer 35% of Poste (valued at 2,9 billion) to the CDP, leaving 29,7% of the company on the stock exchange, today the stock is losing 1,10% at launch. Equita today confirms the buy recommendation and the target price of 8,4 euros on the company led by Francesco Caio. The government has clarified that it intends to place the remaining 30% on the market. For the broker, the main element of uncertainty is represented by the timing of the placement, which, "compatibly with market conditions, could materialize starting from the second half of the year" .
The board of directors of CDP has also given a mandate to the president Claudius Costamagna and to the CEO Fabio Gallia to negotiate exclusively with Enel the sale of the Cdp stake in Metroweb.
Novelty does not weigh on Telecom Italy +2,3%. There is no risk of a capital increase, as guaranteed in the meeting by the vice president Arnaud De Puyfontaine, according to whom a recapitalization of Telecom Italia is not necessary.
They come back under pressure banks, starting from Ubi -6,4%. There is talk of pressure from the executive and the supervisory authorities to reopen the dossier on Veneto Banca. Same script for Bper -3,35%.
Unicredit it moved down by 3% to 3,03 euros after having rebounded by 7% in two sessions. Standard & Poor's confirmed the institution's 'BBB-' long-term and 'A3' short-term ratings. The outlook remains stable.
Effervescent Rcs +2,25% pending a possible relaunch of Cairo Communication. “We are almost all friends, there are no enemies. Indeed, if there had been an enlarged consortium also with Urbano it would have been better. In any case, it is the first time that the speaker has put in money,” said Diego Della Valle.
