The threat of one American fine of 14 billion to Deutsche Bank (-8% in Frankfurt) for the misdeeds in the season of subprime mortgages was the detonator for a new collapse of the banks in Piazza Affari, once again the weak link in European finance.
The German institute said it has no intention of paying a similar amount, adding that "negotiations have just begun". But so far, the US Justice Department has taken very tough stances against other banks under investigation for the sale of mortgage-related securities. In 2014, Citigroup was ordered to pay $12 billion.
The index Ftse Eb lose 2%. At these levels, the week closed with a drop of 5,5%. Losses around 0,8-0,9%% per Paris, Frankfurt e Madrid. Almost unchanged London (-0,07%).
Il crude it lost more than 1%, on fears of oversupply after exports from Iran increased and after Libya and Nigeria returned to the market. Brent loses 1,5% to 45,89 dollars, the Wti derivative 1,4% to 43,28. Eni marks a decrease of 2,2%.
After a suspension due to excess downside, Mount Paschi falls by 7%: the capital increase should be carried out without the option right in favor of the current shareholders, who do not seem so inclined to join the third recapitalization in three years. Thus the hypothesis of a private placement emerges, in addition to the conversion of a part of the bonds.
It is essentially the "Greek formula" used for the recapitalization of the Greek bank Eurobank. The capital increase of the Bank of Athens was successfully carried out last year under the direction, as global coordinator, of Bank of America-Merrill Lynch, the institution from which it comes the new managing director of MontePaschi, Marco Morelli. Mediobanca also participated in the recapitalization as strategic advisor and lead manager. In particular, Mediobanca dealt with the voluntary bond-share swap.
Unicredit -4,21% to 2,2020 below August levels. Capital Research and Management Company has consolidated its position as the group's largest shareholder. According to what emerges from the communications to Consob on significant holdings, on 8 September US funds rose to 6,725% of the capital from 5,082% to which they had risen on 17 August last. Understanding -2,5% Mediobanca -4,6% Ubi -3,8% and Banco Popolare -3,7%
The decline has affected the rest of the list. You save Campari, unchanged, thanks to Bank of America which initiated hedging with a buy. Instead, the rise of stm at the start, on the wave of successes of Apple Lossless Audio CODEC (ALAC),.
They go down Fiat Chrysler (-2%) And Leonardo (-3,7%).
