Sudden change of direction in Piazza Affari. Generali, after a new rise at the beginning, turns negative, reaching new lows down by 1,4%.
The market is today less convinced that a robust offer is on the way from Intesa Sanpaolo (-2,44%) which has made it official that it is looking at a possible industrial combination with the Trieste-based company. Thus investors concentrate their attention and buy the securities of Mediobanca (+2,93%) in the hypothesis that he wants to create a strong position in the capital of the main shareholder of Generali.
"If Intesa's goal is to defend an Italian axis, we continue to think that the easiest way is to acquire control of Mediobanca and then try to create a shareholders' agreement on more than 20% of Generali's capital", he underlines Enrico Esposti of Banca Akros in today's note, calculating that Mediobanca holds Generali shares at 15,25 euros.
Even more lively Unicredit (+5,75%), in the sights of investors as the first shareholder of Piazzetta Cuccia, particularly vulnerable just a few days after the capital increase.
After the press release with which the institute led by Carlo Messina confirmed that it is evaluating "the opportunity of an industrial combination" with the company, the meeting of the top management in Consob is now awaited. The Generali board of directors is scheduled for the day to be convened for the resignation imposed on general manager Alberto Minali, who will be replaced by Luigi Libelli.
The other European Stock Exchanges, despite the German confidence index, the Ifo, being lower than expected, are brighter. The Ftse Mib index rose by around 0,3% above 19.500. Much better Paris, London e Madrid with increases around the percentage point. London + 0,2%.
Sales also on government bonds. The yield on the 0,435-year German Bund rises to 12%, its highest in 10 months. Btp 2,05 years at XNUMX%.
Il dollar it rallied slightly and is trading at 1,072 this morning from 1,073 last night.
Petroleum little moved with Brent trading at 55,2 dollars a barrel (-0,6%) pending data on US inventories.
Gold down for the second day in a row thanks to the return of risk appetite: the price is 1.203 dollars an ounce (-0,4%).
Stay in the spotlight too Fiat Chrysler (+1,9%) still below the effect of Trump's pledge to offer tax incentives to automotive companies that invest and hire in the US. Tomorrow FCA will release the quarterly, as well as StM (+ 1,5%).
Among the industrialists well too Prysmian (+1,6%) to the new all-time high. Leonardo +1,5%. In the rest of the list, the other banks are positive: Bpm bank + 0,6% Pop. Emily +0,8% and Ubi + 2%.
Weak utilities. Snam -0,8%: HSBC lowered the recommendation to Hold da Buy. The target price was raised to 4,1 euro from 4,0 euro. Enel -0,7% and Terna -1,3% after signing up for the renewal of the electricity contract.
In luxury Moncler it rose by 1% and reached its highest level since August 2015 at 18,25 euros after yet another promotion by brokers: Citigroup raised its target price to 20,9 euros from 17,1 euros, confirming the Buy recommendation.
Yoox -4,6%: Exane cut the Underperform recommendation from Neutral and reduced the target price to 20 euros from 27 euros. Ferragamo-0,7%.
