The assault on Ukraine turns one month old. The markets are awaiting the developments of the conflict with some trepidation, starting with the new sanctions arriving today from the various summits in Brussels. In Moscow the Stock Exchange reopens the doors with a thunderous +9% which must not mislead. Not only are 17 titles out of 50 suspended, but foreign operators are excluded from exchanges, only in cash. The Ruble instead rises by 1%, it is the third consecutive rise, motivated by the decision made by Putin to be paid for natural gas in local currency.
On the macro front, better than expected PMI indices in Germany. The index on expectations of purchasing managers of manufacturing companies fell to 57,6 from 58,4. The drop in the non-manufacturing index is also less heavy than expected: the recession is averted for now, but bond yields remain close to the maximum: the 0,45-year German Bund yields 2% and the 151-year BTP is XNUMX%. Spread at XNUMX odds.
MY BAG Milan in positive ground thanks to Tim
Western price lists uncertain. Mark a modest upside Piazza Affari +0,4% at 12, Wall Street futures move higher. The other main indexes of the Old Continent are pulling the handbrake: Paris at -0,4%, Frankfurt at -0,63%. On parity London.
The performance of the Italian Stock Exchange is linked to the extension of Telecom Italia + 9,46% with a strong recovery to 0,33 euro from the negative record to which the share fell after the latest devaluations.
In a letter to Tim's top management, KKR has confirmed interest to present an offer on the entire company through a total takeover bid aimed at the delisting, financed almost entirely by equity, and to proceed with the confirmatory due diligence, while acknowledging the worsening of TIM's financial situation compared to November.
On Tuesday, CDP's management and the government's economic consultant Francesco Giavazzi instead reiterated the government's interest in creating the single grid as soon as possible. Giavazzi said he was confident in the project's success, despite the antitrust obstacles, while Cdp CEO Davide Scannapieco recalled the need to avoid duplication of investments.
Operators see little chance of success for KKR's takeover bid, considering the government's position on the network, while the interest of other funds, such as CVCC, for some TIM assets is confirmed.
Luxury and utility rebound. Generals ready for the match.
Generali +0,5% awaiting the first round of the contenders, i.e. the presentation on Friday of the Caltagirone team. Generali suspended the regional officer for Austria and the CEE countries Luciano Cirinà until further notice. Cirinà is the candidate designated by the Caltagirone group, second shareholder of the Lion, as the next CEO in opposition to Philippe Donnet.
It bounces Moncler +1,55% preceded by Salvatore Ferragamo. Oil companies are still strong, Eni + 1,9%, but lose their blows Saipem – 1,4% on the eve of the restructuring plan. The utilities recover positions: Terna +2,6%, Snam +2,2%.
Maxi order for Danieli: 650 million dollars
In the rest of the price list there is Danieli +7%, which has received new orders from Nucor Corporation for a value exceeding 650 million dollars. This is the world's largest order for machinery and automation in the last 20 years.
Also Technogym salt by 7%. Kepler Cheuvreux raises the judgment to Hold da Reduce.
