Piazza Affari confirms itself as queen of Europe thanks to the boost from Unicredit and the outbreak of war declared by Vivendi on Mediaset. TO Business Square the Ftse Mib index rose by a generous 1,7% in the middle of the day, around 18.700 points. Madrid gains 0,8%, ahead of Paris e Frankfurt (+0,7% approximately). London +0,2%. A few hours before the start of the Fed meeting, the euro is unchanged at 1,062 against the dollar.
Stable the Petroleum Brent, which rose yesterday to its highest level since July last year, at 55,7 dollars: Eni rose by 1,22%, just under 15 euros. Saipem +4%. Morgan Stanley raised its judgment and target price. The yield of the BTP falls below 2%: the 1,95-year bond trades at 2,01%, from 50 yesterday. The spread with the Bund and with the Spanish Bono narrows, the latter falling below XNUMX basis points.
Vola Mediaset, already suspended due to excess increases, now traded at 3,27 euros (+20,31%). Last night Vivendi has announced that it has bought 3,1% of the Alfa Romeo. The company chaired by Vincent Bolloré is ready to rise to at least 10%, or up to 20%. The Berlusconi group immediately sounded the alarm: "It's a hostile takeover." For Banca Akros, such an operation is worth at least 2,5 billion. Equita applied a speculative premium of 15% to its sum of the parts of the Alfa Romeo and consequently raised the target price of the stock from 2,9 to 3,4 euros (the rating remains hold).
Telecom Italy, a subsidiary of Vivendi, rose by 2%. The banking sector, flat in Europe, gains 1,7% in Italy.
The amount of loans remained practically unchanged in October bad debts in the belly of Italian banks, both gross – just below 200 billion – and net. According to the data contained in the supplement "Money and Banks" released today by the Bank of Italy, gross non-performing loans amounted to 198,602 billion euro at the end of October compared to 198,922 billion in September, while net bad loans amounted to 85,471 billion from 85,162 in the previous month.
Takes off, after the initial skid (-3%), Unicredit: +9 % during the presentation of the business plan. This morning the Bank announced the new industrial plan which envisages a capital increase of 13 billion, Npl sales for 17,7 billion, a fully-loaded cet1 at 12,5%. The targets for 2019 foresee a net profit of 4,7 billion euros with an average annual growth in revenues of 0,6%. 883 branches will be cut in Italy (equal to 27% of the network) out of a total of 944 closures in Western Europe (Italy, Germany and Austria). The redundancies amount to a total of 14.000 units. A meeting has been set for January 12 to resolve on a capital increase and a reverse stock split (a new one for every 10 held).
Bene Mount Paschi, which rises by 1,6% pending Consob authorization to reopen the exchange offer between bonds and shares to bondholders.
Fineco Bank is up 5%. Unicredit has confirmed its intention to keep its stake, equal to 35%. There was the fear that the first shareholder could further reduce the share, also eliminating some advantages of an industrial nature.
Among other institutes, Banca Mediolanum+ 1% Understanding + 1% Where's Banca +1,5% and Banca Popolare dell'Emilia Romagna + 3%.
in luxury, Ferragamo +1,3%. Among industrial companies, stm + 1% Leonardo +0,5% and Prysmian + 1,3%.
