The United States Stock Exchange, after an uncertain start, reversed course: the S&P500 index rose by 0,2%, the Dow Jones by 0,3%. The Nasdaq lags behind, losing 0,2%, because it is weighed down by biotech companies. The excellent accounts of FedEx, the US shipping giant, which is considered a barometer of the US economy and rose by 9%, to 159 dollars, the day after the publication of the quarterly data, helped to restart purchases.
The Super-index that anticipates the performance of the United States economy in the following six months rose by 0,1% in February, compared to the +0,2% estimated by the consensus, while the previous month it had dropped by 0,2 %. The US markets immediately adapted to the Fed's indications: the dollar weakened against the euro to 1,13 1 from 1,122 yesterday evening, close to its lowest since October. The two-year government Tbond trades at 0,83% (down 16 bps). The 10-year government traded at 1,87%, down 4 basis points.
DRAGHI: RATES MAY FALL AGAIN. EUROPEAN EXCHANGES WEAK
Mario Draghi, speaking on the sidelines of the European summit, said he saw signs of improvement and recovery of the economy, but that there are signs of worsening which have prompted the ECB to further loosen monetary policy. Interest rates, he added, will remain low for a considerable period of time, or even fall further.
Day of decline for the European stock exchanges, worried that the drop in the dollar against the euro will affect the competitiveness of European companies. In Milan, the FtseMib index closed down by 0,6% The Paris Stock Exchange lost 0,4%, Frankfurt 0,9% accusing the greatest losses. In the opinion of some operators, a rotation of portfolios out of Europe and towards the United States and emerging markets is underway after the Federal Reserve has pulled the brakes on the pace of interest rate hikes.
London is up (+0,4%). The Bank of England has decided to leave the quantitative easing program unchanged at 375 billion pounds and the bank rate stable at 0,50%.
ALTOLA' DELLA VIGILANZA AT BPM-BANCO POPOLARE
The banking sector returns to decline. The entire European banking sector is weak, the Eurostoxx index of the sector is the worst today with a fall of 2,5%. The storm hit Italian banks in particular, after the collapse of Banco Popolare (down 14%) and Banca Pop. Milan (-5,5%). The merger of the two institutes now seems to be at high risk from what has become known of the content of the letter from the European Central Bank, which follows last week's meeting in Frankfurt between the top management of the two banks and Eurotower experts. The space for negotiation now seems very limited because the ECB would have communicated to the two banks the need for a capital increase following the potential merger.
The possible failure of the merger has already triggered tensions within Piazza Meda, in view of a possible step backwards by Giuseppe Castagna. Bpm employees/shareholders have re-established contact with Andrea Bonomi, already the protagonist of a (failed) attempted renewal of Popolare.
The news accelerated the decline of the other securities in the sector. Intesa closed down by 2,7%. The decline of Unicredit (-4,1%) and Monte Paschi (-4,1%) was heavy. The reductions for Mediobanca (-6,1%) and Banca Pop.Emilia (-6,6%) are even more massive. Ubi -3,5%.
Little move Generali (+0,2%) awaiting today's presentation of the 2015 accounts and the new CEO Philippe Donnet.
ENI RUNS AWAITING THE PLAN. SNAM STUDYING THE SEPARATION OF ITALGAS
Oil stocks contributed to containing the decline in the index, driving the recovery in crude oil prices. Brent rose by 2,8% to 41,4 dollars a barrel, Wti at 40 dollars (+4%). Among the best stocks in Europe is Eni (+1,8%), on the eve of today's meeting in London with analysts to update the business plan. France's Total rose by 2,3%. Saipem gains 1,2%, Tenaris +1,7%. Among utilities, Enel gains 0,8%.
Snam runs (+2,8%) after the good results: 2015 profit rose by 3,3% to 1,2 billion euros, the dividend will be equal to 0,25 euros per share, unchanged on the previous year. The BoD has also launched a feasibility study on a possible industrial and corporate reorganization operation for the separation of Italgas from Snam through the partial and proportional demerger of Snam concerning, in whole or in part, the investment in Italgas. The company expects to submit the results of the feasibility study for approval by the Board of Directors. Consequently, the approval of the 2016-2019 strategic plan is postponed from 29-30 March to July instead of the next 29 and 30 March.
TELECOM, BLACK SMOKE FOR INWIT
The decision on the future of Inwit has been postponed to an upcoming Telecom Italia board of directors (-1,9%). Tarak Ben Ammar communicated this at the end of the board meeting: "We are in a phase of reflection - he said - we will need another meeting, without a doubt". The summit was set for April 12. On that occasion, according to rumors, the French members of Vivendi could propose an early renewal of the company's top management. Yesterday the CEO of Vivendi, Arnaud de Puyfontaine did not want to express judgments on the number one of the TLC group, Marco Patuano. Only Ben Ammar limited himself to saying that "for us there is nothing negative about Patuano".
In the meantime, the BoD has approved the 2015 accounts, proposing the distribution of a dividend of 0,0275 cents for savings shares alone, for a total amount of around 166 million. The group suffered a net loss of 72 million (against the profit of 1,35 billion in 2014). However, excluding the non-recurring net charges, the charges associated with the buyback of bonds, as well as the negative effects of the valuation of the mandatory convertible bond – underlines a company press release – the profit would have amounted to approximately 1,4 billion euro.
MONDADORI EXCLUSIVELY DEALS WITH BANZAI
Among the media, positive Mediaset (+1%). Brilliant Mondadori (+2,9%), thanks to positive data and to the prospects illustrated yesterday to analysts by CEO Ernesto Mauri. The focus is on digital, which today represents 4,9% of total revenues, an "unsatisfactory" value according to Mauri. "Either we grow with acquisitions or we do it ourselves, but we have to solve that issue there", he continued, confirming "the strong interest" in the media sector of Banzai.
"We have seen more than a dozen dossiers on digital, Banzai is one of them", he said, explaining that "looking" also means "talking" to the counterparts. In the meantime, the aim is to close the Rcs Libri operation by 15 April at the latest.
FINMECCANICA. MORETTI DOES NOT EXCLUDE A COUPON
Among industrialists, Stm is down (-2,1%). Fiat Chrysler loses 0,5%, Cnh Industrial -0,9%. Positive Prysmian (+1,8%). Finmeccanica (-1,6%): Mauro Moretti yesterday illustrated the objectives of the finance company, now renamed Leonardo. “We are ready to consider paying a dividend,” he said in response to a financial analyst. “We are confident in cash flow generation and profitability”, added the CEO, according to whom “all of our business is now contributing to the Group's profitability”. In particular, “with the production of helicopters our business is resilient, diversified and flexible”. Moretti raised his PDA and showed it to the analysts to answer a question on the investigations by the judiciary regarding the sale of Ansaldo Sts. "If you are looking for the answer - he said - here it is": for Ansaldo's right price, he added, "look at the Stock Exchange".
