Start of the week in decline for the European stock exchanges, waiting for the Eurogroup. The disappointing outcome of the weekend's G20 weighs heavily. In Milan the index Ftse Eb it falls 0,5% below the 20-point barrier. Losses between 0,1 and 0,3% for the other European lists.
THEEurogroup today will discuss, among the various items on the agenda, also the developments recorded since the last meeting in February by Athens and creditors regarding the second review of the macroeconomic adjustment program of Greece.
Declining rates on the market for government bonds: the 2,35-year BTP yields 2,35%, from 0,44% on Friday; the Bund is trading up 0,43% from 190%. The spread is confirmed at 1,076 basis points. Dollar down against the euro to 1,073, from XNUMX at Friday's close.
The clear reduction of Leonardo (-3,6%): the market does not like the appointment as CEO of a banker like Alessandro Profumo, with no experience in the specific defense sector. "It is clear that the replacement of Moretti after only three years of work and a strategic plan just announced can confuse the market", comments Banca Akros. According to the Bank, the new CEO will remain consistent with what has been done so far and could be a more suitable figure to manage a scenario of consolidation of the defense sector in Europe. Kepler downgraded the rating to “hold” from “buy” because the €14 target was met. The appointment of the new CEO, he says in a report, "creates a period of uncertainty".
Also fold back Poste Italiane (-0,77%), after the departure of Francesco Caio, replaced by Matteo del Fante arriving from Terna (-0,9%).
Little move Enel (-0,5%) after the confirmation of Francesco Starace. Eni also fell (-0,8%) but not due to the obvious reconfirmation of Claudio Descalzi, but due to the weak start of oil: Brent at 51,5 dollars (-0,5%). Saipem -0,4% Tenaris -1,5%.
The session of financial stocks is conditioned by the start of the capital increase of Deutsche Bank (-2,2%). The Board opted for a 35% tarp discount. Unicredit -0,6%, Intesa Banco Bpm -1,1%. Sale Intesa, +0,5%.
Among the insurance companies, the leap of the stands out Catholic (+6,7%) rewarded by the buy of Equita. The BoD has proposed the distribution of a dividend of 35 cents per share. The Solvency II solvency margin of the Group is equal to 1,92 times the regulatory minimum.
Lively too Unipol (+1,9%). This morning Barclays analysts raised the target on the stock to 3,6 euros from the previous 3,4 euros with a confirmed opinion on Equalweight. UnipolSai +1,3%. Weak Generali (-0,8%).
Avanza Rcs average group (+3,5%). Incredible rise of Sun 24 Hours: +17%, to 0,461 euros. Today's rise adds up to the 7,6% increase achieved on Friday.
The group has published the 2017-2020 Business Plan on the internet which forecasts a negative 2016 Ebit of 69 million euros, Ebitda -23 million, revenues of 284 million. For the next few years, the plan indicates revenues of 275 million euros in 2018 and 295 million in 2020. With an Ebitda of 2018 million at 19, which will rise to 45 in 2020. In terms of Ebit, the target is 8 million in 2018 and 34 in 2020.
It's very unlikely that these numbers have pushed the stock so strongly. Perhaps the rumors still count, all to be proven, of an interest by Vivendi. In an interview with the Financial Times, the CEO of the French group, Arnaud de Puyfontaine, said in the meantime that there is no agreement in sight on Premium, relaunching the accusations against Mediaset (-0,7%) due to the lack of agreement on the sale of Premium. Tomorrow in the first hearing at the Civil Court of Milan the terms of the next three hearings should be set. The process will be long.
Among the industrialists they go down Fiat Chrysler (-1,4%) And StM (-0,7%). In luxury it shines Tod’s (+1,2%), the other titles moved little.
