Business Square he lost 0,59% and slipped just below the psychological threshold of 20mia points, finishing in the black jersey (but far from the lows of the day), a contrasted session in the rest of Europe. It bounces Ubi, +8,25%, after the two-day extension of the Offer di Understanding (-0,84%) decided by Consob. However, the banking sector archives a nervous day, due to the halt to dividends until January by the ECB (although expected) and the recovery of the spreads. The yield differential between 10-year BTPs and Bunds of the same duration rises to 152 basis points (+3,02%), with a yield on the Italian bond slightly increasing to 1,01%.
Male the luxury, with Moncler -4,39% after the weak half-year results presented yesterday after markets closed. Covid -19 has had a heavy impact on the sector, as the accounts of lvmh, which lost 4,07%% on the stock exchange Paris. The performance weighed on the Cac 40, which lost 0,22%. In the rest of Europe it is flat Frankfurt, bounce Madrid +1,09%, after yesterday's slide. Well London + 0,41%.
On the other side of the Atlantic, Wall Street it got off to a weak start with a series of mixed quarterly reports, but is temporarily stemming losses, while the Fed's monetary policy meeting is underway, which ends tomorrow and from which no change of course is expected. Meanwhile, the US central bank has decided to extend its emergency loan programs to support the economy until the end of 2020. Many of the nine plans in place were due to expire at the end of September. The extension "offers certainty that programs will continue to be available to help the economy recover from the Covid-19 pandemic," says the Fed. However, the decision would suggest longer-than-expected recovery times for the economy . In this context, gold continues its mad run and trades above 1946 dollars an ounce, after having touched a new historic record in the spot version at 1981 dollars overnight, when futures even reached the 2 dollar mark. Yesterday evening, Citi analysts updated their short-term price target to $2100 an ounce, with the prospect of exceeding $6 within 12-2300 months. Supportive elements cited include record investment flows from ETFs, derivatives that hold quantities of physical metal, and stagnant inflation.
It revives the dollar. THEeuro it loses ground slightly, but the exchange rate remains above 1,17. The weakness continues Petroleum: Brent loses 0,4% one way to 43,73 dollars a barrel.
Returning to Piazza Affari: the main price list is led by Ubi Banca, on the last day in which it is possible to purchase securities to be delivered to Intesa Sanpaolo's Ops (given that Consob has extended the offer by two days), with subscriptions which should have well exceeded 50%. Furthermore, the CAR, the syndicate agreement that brings together some large shareholders of the former cooperative, has decided to accept the offer "after the partial recognition - explain the large shareholders who control almost 19% of the capital - of the economic value of Ubi Banca" following the relaunch of Intesa with a premium of 57 cents per share, in addition to the exchange of 17 securities of the offering bank for every 10 delivered. Joining the CAR guarantees the entire stake to the Ops, projecting Intesa towards exceeding the 66,7% stake in Ubi, necessary to control the extraordinary shareholders' meeting.
Bene Campari, +5,42%, after better-than-expected accounts. Italgas, +2,2%, in the wake of the quarterly presented yesterday. fca +2,2%, in tandem with Peugeot , +2,42% in Paris, following the results of the latter and after the CEO of the French carmaker said he was confident he would close the merger in the first part of the first quarter of 2021. In addition to Moncler, sales are sinking stm, -5,24%; Interpump -2,92%; Prysmian -2,62%.
