Banks in red and profit taking on Telecom and to a small extent on Mediaset they knock out Milan, which closes the black jersey in Europe at -0,78%. The day is characterized by the reduced number of exchanges on almost all the squares, in line with the period, between Christmas and New Year's. The other price lists on the continent were also weak: Madrid -0,43%; Paris -0,08%; Frankfurt -0,01%. London stands out, +0,51% with the shares of mining companies in dust, thanks to the race in commodity prices.
Little move Wall Street which opens positive, but then slides into red. Apparently the real estate market in the US is not as healthy as previously thought: in November, sales fell by 2,5%, against an expected increase of 0,5%. The euro returns below 1,04 against the dollar, to 1,039 (-0,61%), while the Brent appreciates by 0,37% and rises to 57,04%. In Piazza Affari, oil stocks are still among the few in money today: Saipem +1,63%; Tenaris +0,23%.
On the other hand, the whole banking sector is sinking, while Germany is bashing Italy: "The ECB and the European Commission must check and make sure that the Italian authorities comply with European rules - the spokesman for the German finance ministry told Reuters about MPS – these rules must not be circumvented”. Basically, a precautionary state recapitalization of banks can only be a solution in exceptional cases and under precise conditions, while shareholders and creditors must be among the first to bear the losses. Deutsche Bank, for its part, calculates that the money needed by the Italian banking system could exceed 30 billion, even excluding relatively healthy groups such as Intesa Sanpaolo and Unicredit.
The weather seems decidedly wintry and the sector freezes. Mps remains suspended, awaiting developments. Sales mainly hit the popular ones, Bpm -2,68% and BP -2,7%, Ubi -3,10%, but also Finecobank -2,09%; Intesa -0,82%, Unicredit -1,56% and Mediobanca -1,26%. Under fire were the insurance companies, Unipol -1,98% and Generali -1,32%. Outside of Carige's blue chip slip: -4,96%. Day of sales on Telecom, -2,64%; while Mediaset today falls back -0,34%. Slight increase A2a +0,49%; buzz +0,4; Cnh +0,36%; Ferragamo +0,36%.
Parmalat still exuberant +2,47%, after the decision by Lctalis to launch a total takeover bid on the free float, even if Amber stopped. "We will not deliver the shares to the takeover bid - says Arturo Albano, the Fund's representative in Italy - because the price is too low and Parmalat is worth much more". At the last meeting, the Amber Capital fund was the owner of a share just under 3%.
The spread of the Italian XNUMX-year bond against the German bund scores -1,4%, 162,10 basis points, yield 1,83%. While Standard and Poor's says it won't change Italy's sovereign rating for the 20 billion intended for the banking sector. In fact, if these were used in full, the impact on the country's debt/GDP ratio would be 1,2 percentage points, at 131,6% at the end of 2017, against the current estimate of 130,4%. At the same time, the funds borrowed to finance the program would freeze some contingent liabilities of the state towards the institutions involved. S&P currently has a BBB- rating on Italy, the lowest in the investment grade category. The outlook is stable.
