The course correction, after the impetuous rise of the dollar and yields on US government bonds (1.500 billion dollars less value on the market is that of bonds) took place this morning, as expected by various observers. The run of the US currency slows down, traded at 1,0811 (-0,7%) against the euro. The 30-year T-Bond is back below 3% and the rise of the German Bund is also cooling off.
In this climate, the pressure on the ten-year BTP, down to 2% from the previous 2,07%. However, the rebound in bonds does not favor a similar recovery in the banking sector, on which the pre-referendum tensions are now unloading.
Business Square is slightly down: Ftse Mib index -0,12%, around 16,200 points. All the other Stock Exchanges are on positive ground. The Exchange of Paris earn 0,7%. The Exchange of Frankfurt Germany's GDP rose by 0,3% on the day it was published, rising less than expected. London earn 0,9%. Madrid + 0,4%.
I macroeconomic data released by Istat show that in the third quarter the Italian economy returned to growth after the stall in the second quarter: in the June-September period the increase in GDP was 0,3%, better than the +0,2% estimated by economists. There are no signs of acceleration in the Eurozone economy, which suggests that the ECB will decide to extend Qe at its next meeting in December.
Petroleum up after three consecutive sessions down: Brent is traded at 45,4 dollars a barrel (+2,2%). In Milan, Eni rose by 1,3%, Saipem +1,7%, Tenaris +1%. The utilities sector, which was at a three-year low yesterday, rebounded more than 1% as European bond yields fell after a six-week sell-off. Enel + 1,9% Terna + 1%. Snam +2,3% after announcing the results.
Among the banks it recovers in part Mount Paschi (-6,22%) after the crash at the opening (-11%). Yesterday the Board approved the launch of a voluntary tender offer on 11 of its bonds outstanding, four of the Tier1 type and seven Tier2, out of the entire outstanding value of approximately €4,289 billion. The proceeds must be reinvested in newly issued shares of the Bank. Only subordinated bonds and not senior bonds will be involved in the transaction, but the conversion option will also be offered to small savers. The offer could also be extended to Fresh bonds (one billion nominal), technically not issued directly by the bank.
Kepler Cheuvreux (rating reduced and fair value at 4,9 billion after capital increase) pointed out that they currently trade at 18,03% of their nominal value. For Tier 2 bonds, the offer price is 100% of the nominal amount, while for Tier 1 bonds it is 85%, plus the accrued interest rate. Depending on the issue, the offer price implies a premium of 25-35% on the last price.
Sale Cerved (+2%), which reached an agreement to purchase the Sienese bank's non-performing loan platform for 105 million euros. In detail, the operation provides for the sale of the vehicle (Juliet) which will manage one third of the non-performing loans subject to securitization and 80% of those that will be generated over the next 10 years.
At least for now, the attention on the possible merger between Socgen and Unicredit (-3,6%). Still down Understanding (-2,6%), Banco Popolare (-1,7%) And Ubi (-4,8%).
Of note are the sales on Fiat Chrysler (-0,9%), which in any case halved the losses compared to the lows of the morning. The legal action in the USA on the emissions of some Ram vehicles weighs heavily (a negative impact of up to 1,2 billion dollars is possible for Banca Akros), but also the purchase of Samsung by the American company Harmann as an alternative to Magneti Marelli.
Thump of Ferragamo, down 7,43%. The luxury company ended the third quarter of 2016 with revenues of 303 million euros, slightly up on the same period of the previous year (+1,7%). At constant exchange rates, the quarter closed with a 6% year-on-year drop. The second quarter ended with a 3,7% drop in turnover at constant exchange rates. The wholesale channel did very badly (-18% at constant exchange rates) while the retail channel continues to grow (+8,7%).
