The white smoke for the Venetian banks is near, assures the minister Per Carlo Padoan. Business Square takes note and accelerates: the Ftse Mib index increases by 1%, just above 21.100 points. Hi-tech sales have subsided, also favoring the rebound of the other price lists of the Old Continent: Paris e Frankfurt advance by half a percentage point, Madrid +0,6%. TO London the Footsie index marks +0,1%.
There is caution in the market waiting for the monetary policy meetings of the week. The Fed's rate decisions will be announced tomorrow evening. The Bank of England will also announce its decision on the cost of borrowing on Thursday and the Bank of Japan meeting will begin, which will end on Friday. The euro/dollar exchange rate is little moved, at 1,12. The pound continues to limp in the wake of the political uncertainties determined by the election outcome: it is worth 1,2688/90 dollars, from 1,2655 at yesterday's close.
On the bond market, the Treasury filled up this morning at theBtp auction in the medium and long term, recording sharply declining interest rates. Placed the maximum amount of 5,5 billion euros for the two BTPs. In detail, on the three-year term, the yield fell to 0,15% compared to 0,37% in the previous auction, while on the seven-year maturity, the yield fell by 30 basis points, to 1,35%. For shorter maturities, demand exceeded €4,1 billion, with a coverage ratio of 1,37, while €3,77 billion was requested over the seven-year term, with a bid to cover of 1,51.
Petroleum up slightly: Brent is traded at 48,4 dollars a barrel, up by 0,3%. Eni +1,1%: after two months of hiatus, the fields in Val d'Agri could be active again within a week. Saipem +0,8%. Trevi (+2%) rebounds after hitting new lows since 2004.
Attention was drawn to the banks by a note from the Minister of the Economy: "The solution is now at hand - we read about the Venetian banks – and that the discussions with the European institutions are encouraging. The minister reiterates that the solution will not include any form of bail in and that senior bondholders and depositors will in any case be fully guaranteed".
Today the board of directors of Vicenza meets and tomorrow that of Veneto Banca is expected. A 100 million senior retail bond from Veneto Banca also expires on Wednesday, the management of which could raise legal problems.
The government is aiming for a precautionary recapitalization but is trying to convince DG Comp to reduce the additional request by 1,2 billion and at the same time to involve the other Italian banks, led by Unicredit and Intesa SP, to take on a new private capital contribution .
Sector stocks up: Unicredit + 1,5% Understanding + 0,5% Bpm bank + 1,6% Ubi +3,2%. The crisis continues Carige (-3%): the directors Claudio Calabi, Alberto Mocchi, Maurizia Squinzi resigned. The reason for the resignation is the failure to share the reasons and methods that led the Board to approve the no-confidence in CEO Guido Bastianini.
Among the insurance Generali + 1,3% Unipol + 0,8%.
In great evidence some blue chips. Luxottica +2,2%, after Morgan Stanley upgraded to Overweight, from previous Equal Weight recommendation. The target price was raised to 65 euros from 50 euros.
stm it rebounds by 2,5% to 14,27 euros, after yesterday's -9%. Selling pressure on high tech stocks eased overnight, with high tech companies fueling the rally in Asian equity markets this morning.
Fiat Chrysler + 2,51 to 10 euros. In a note on the European auto sector, Goldman Sachs analysts confirmed the stock in their Conviction List Buy. American analysts estimate 55% EBIT growth for the group by 2018 and expect FCA to "generate around 50% of its capitalization in free cash".
Telecom Italy + 0,5% Mediaset -0,5% ed Enel +0,2%. Among the mid/small caps, Ovs +4% thanks to rumors that Italmobiliare, full of liquidity after the sale of Italcementi, could take control of the company. Italmobiliare is not currently examining any transaction involving Ovs. However, the Pesenti holding company made it known that "at the moment no operation concerning Ovs is under the attention of the company's bodies".
