THE LANDSCAPE OF THE POPULAR BANK DRAG DOWN THE BANKS
MODEST SAWIRIS EFFECT ON TELECOM, LUXOPTICAL ADVANCE
Under the pressure of descent of the banks, Milan Stock Exchange it is sharply down with the FtseMib index losing 0,94% to 19.181, the worst performance among the European stock exchanges.
Lo spread it dates back to 224 (212 in Spain). The rest of Europe is doing better, impervious to the collapse of the Asian markets and the landslide of the Turkish lira. Paris falls by 0,34%, Frankfurt -0,26%. London -1,39% and Madrid -0,99% are doing worse.
In Europe the most declining stocks are Tlc (Stoxx of the sector -1,9%), oil (-1,8%) and insurance (-0,9%).
Il dollar weakens and the euro climbs to 1,370, from 1,367 on Friday night. German business confidence reached its highest level since July 2011 in January, a sign that Europe's largest economy is on course for a strong start to the year after modest growth in 2013.
The surprise announcement on Friday evening of thecapital increase of 1,5 billion of Banco Popolare it has cast a veil of distrust on all Italian banks and in particular on popular banks, the subject of heavy sales. "Banco's capital increase may trigger other capital increases," reads the note from Equita. Analysts believe that Popolare Emilia Romagna and Credito Valtellinese will launch a capital strengthening plan. With €500m and €300m respectively, they could approach the 10% Basel 1 Core Tier 3 ratio. To these must be added the emergencies of Monte Paschi and Carige, in addition to the Bpm operation.
Banco Popolare loses 12,94% and drags Pop.Emilia -803.%, Ubi-4,1% and Pop.Milano -5,3% into the whirlpool. Andrea Bonomi, who with his Investindustrial had bet on the possible relaunch of Pop.Milano, threw in the towel and announced that he had sold the entire stake, equal to 8% of the capital.
Heavy losses also for the major banks. Unicredit -1,88%, Intesa -0,98%, Monte Paschi -3,78%, Mediobanca -2,04%.
Returning to Piazza Affari, we also point out the declines in managed savings and insurance: Generali -1,04%, UnipolSai -1,71%, Azimut -2,66%, Mediolanum -1,12%.
Significant losses of Finmeccanica –2,67% e Ansaldo -2,05%, Fiat also falls -0,3% Pirelli -0,49%.
Unchanged Fiat, positive Cnh Industrial +0,43%.
The descent of Enel -2%, which suffers the negative effects of the devaluation of Argentina with all that follows in terms of investors' distrust towards Latin America, where the Italian electricity group has important growth plans.
Telecom Italy it rises by a modest +0,63% after the declarations of the Egyptian entrepreneur Naguib Sawiris, who says he is ready to invest (but does not say how much) in the Italian telecommunications group.
StM it rose by 0,09% awaiting the data for the fourth quarter of 2013 which will be communicated this evening after the close of the Stock Exchange.
Among the titles of luxury, Luxottica runs up +2,42%, promoted by Bank of America to Buy from Neutral. Yoox fell sharply -4,31% .
