The banks, euphoric over the agreement on the new Basel rules, dragged Piazza Affari up by around 1,4%, the Ftse Mib index just below 22.800. L'Brexit deal, the recovery of tech on Wall Street and the good economic data arriving from Asia contribute to the positive performance of the European markets. Leading the race is Frankfurt +1,44%, followed by Madrid +0,9% and, great distance, Paris + 0,4%. Weaker, outside the euro area, London +0,3% held back since rebound in the pound to a six-month high against the euro after the agreement between the European Union and the United Kingdom. in the first phase of the Brexit negotiations. The exchange rate fell below 0,87 pounds per euro for the first time since last June 8, with a low of 0,8689. The British currency also strengthened against the dollar to 1,3479 from 1,3474 at yesterday's close.
The rally of the banks has more reasons. First of all the changes to the Basel rules, called Basel IV. The compromise will force banks to raise capital levels from 2022 to 2027. The minimum level is initially set at 50% (in 2022) to reach 72,5% in 2027. The rules on securities held by banks do not change, as feared in Italy. The average impact on the Cet1 of Italian banks, according to Equita's calculations, will be 112 basis points against the 136 expected last year. In the meantime, the postponement of the stricter rules on bank non-performing loans as assumed in an initial phase of the Supervision is looming European banking. The consultation phase of the ECB banking supervision on the addendum relating to the guidelines on NPLs concludes today. The head of banking supervision, Danièle Nouy, anticipated that the postponement of the date of 1 January 2018, used as a reference for classifying non-performing loans subject to the new hedging rules set out in the addendum, is being considered.
The news has also given wings to the government bond market: the yield differential between Btp and Bund on the 10-year segment stands at 135 basis points, the lowest since the end of October 2016 from 139 at the end of yesterday's session. In parallel, the 1,65-year rate slipped to 1,68% from 2016% at the last closing, reaching its lowest level since the beginning of November XNUMX.
The impact on the prices of the sector in Piazza Affari is significant.
Banks on the shields in Piazza Affari: Unicredit + 3,1% Understanding +3%. Effervescent too Ubi + 3,3% bpm e Bper +3,1%. It deflates Carige -4,6% after a pyrotechnic start (+11%). Bounce instead the Creval +7,5% after the recent thuds.
In the rest of the list to report:
- Telecom Italy +1,4%: the first non-binding preliminary offers have arrived for the purchase of the stake in Persidera. Potential buyers were admitted to the next stage of the sales process.
- According to President Fedele Confalonieri, Mediaset + 1 % "hopes" to reach an agreement with Vivendi to resolve the Premium dispute by December 19, the date of the first civil court hearing.
- Goldman Sachs gives a boost to Fiat Chrysler +1,9%. By the end of 2018, the broker expects FCA to achieve the plan's objectives (EBIT above €8,7 billion) and generate €8 billion in cash. The target price rises to 29,60 euros from 25 (Buy confirmed).
- Target price revised upwards also on Industrial Driver's License +1% at 14 euros from 12 euros. Buy rating unchanged. Cut instead for the target price up ironAries +1%, which goes from 106 euros to 110 euros. Neutral judgment confirmed.
The Spanish government has requested a stop to the offer of Atlantia -0,3% on Abertis. The Spanish Consob will have to decide on the matter: CNMV. According to the Spanish executive, in fact, Atlantia should have previously requested a green light from Madrid to have control of the satellite activities of Abertis (Hispasat), an asset considered strategic at national level. CNMV should have one month to respond to the government request.
Still down on the Ftse Mib Yoox Net-A-Porter -1,32% and Saipem -0,53%.
