Milano is the rear light of the European stock exchanges on the first day of the Unicredit capital increase. The Ftse Mib index falls by 0,8%, below 19 points. Weak Frankfurt e Madrid, both -0,3%. Almost unchanged Paris. London + 0,2%.
The vocabulary of the European crisis has been enriched by another neologism: Frexit. After Marine Le Pen's declarations on France's exit from the EU in the event of a victory for the Front Nationale, the spread between Paris and Berlin rises to its highest level in almost four years, at 73 basis points. The French 1,137-year rate went as high as 17%, a XNUMX-month high.
The turbulence is affecting the rest of the Eurozone. The spread between ten-year BTPs and German Bunds it rises to 192,4 points against the 182 points at last Friday's closing. This is the highest level since last November, not far from the 194 points of February 2014 at the birth of the Renzi government. The Italian 2,31-year rate is now XNUMX%. The spotlights are now shifting to the European Parliament pending the hearing of Mario Draghi in the early afternoon. Crude oil is stable. Well Saipem (+1,7%) after the upgrades to "buy" from Jefferies and Banca Akros. Eni -0,7%.On the first day ofincrease from 13 billion euros, Unicredit loses 3,6%, to 12,64 euros, while the right loses 10,3%, to 11,69 euros. At these values, the two securities are substantially aligned, while the distance between ordinary and savings remains strong, at auction with an increase of 9,87% to 40,98 euros.
Weak other banks, with the exception of Intesa Sanpaolo (+0,5%) which moves above parity after Friday's increases after the results. The Italian sector fell by an average of 1,9% against -0,3% for the European Stoxx. Bper loses 3,5%, Bpm bank -3,04% Ubi -2,4%.
In Piazza Affari the increases of Telecom Italy (+ 4%) and Cnh Industrial (+5%). The telecommunications group closed 2016 with a double-digit increase in Ebitda after having achieved all the 2016 million euro cost cuts expected for 600 in just nine months of 2018. Mediobanca raised the target price to 1,34 euro from 1,23 euros, confirming the Outperform rating.
To push Cnh IndustrialOn the other hand, there are rumors about the possible sale of the construction machinery division, which would allow the Agnelli family group to concentrate on tractors and agricultural machinery. Exor and FCA both fell by 0,3%.
Weak Volkswagen (-1,10%). sued by a large German customer over the emissions scandal.
In luxury, after a brilliant start, Ferragamo it ran over the course and is now down 0,9%. SocGen raised the target price to 28 euros from 24 euros, Hold confirmed. Mediobanca has raised its target to 29,7 euros from 27 euros, confirmed Outperform. Banca Akros promoted the title to accumulated.
Goes down Luxottica (-2%), salt Yoox (+1%) on the eve of the Board meeting on 2016 sales.
