Positive news is coming for the Italian economy, as well as for the entire Eurozone. Stock lists, after a negative start, recovered part of their positions. TO Milano the Ftse Mib index fell by around 0,15%, to around 19.500. The other markets are also down: Paris -0,1% Frankfurt -0,4%. It also slips into red London (-0,1%) after eleven consecutive sessions on the rise. Earn only Madrid (+ 0,2%).
In November, the seasonally adjusted index of industrial production, considered an anticipator of the GDP trend, recorded a positive variation of 0,7%, in October it had recorded an increase of 0,1%. The index adjusted for working days recorded an increase of 3,2% on an annual basis from +1,3% in October. Economists expected much less: +1,9%.
Even more positive are the data coming from Germany. The German economy grew by 1,9% in 2016, the highest rate in the last five years, according to preliminary estimates by the Federal Statistics Office released today. Europe's largest economy benefits from rising private consumption and increased public spending on refugees, thus offsetting the weaker contribution of trade due to sluggish demand from major partners and also in emerging markets.
Il Tesoro has assigned all 5,75 billion euros in the auction BTP three and seven year bonds offered at auction today, with rates declining. The average yield on the three-year bond fell to 0,06% from the 0,30% of the November placement and that of the seven-year bond fell to 1,15% from the 1,37% of the previous auction. The BTP with a 20-year maturity was also sold for 1,5 billion euros, with the yield rising to 2,53% from 1,91% at last September's auction.
Among the macro variables the Petroleum Brent trades at 55,3 dollars, yesterday it closed up 2,7%. The cuts in production by the OPEC countries and the expectations of a strengthening of Chinese demand are supporting prices.
Among the oil companies Eni is stuck on parity. Tenaris retreats by 0,7%. It gets worse Saipem (-1,4%) which received notification of the filing, by the Provincial Tax Commission of Milan, of the decision on the appeals filed by Saipem in October 2015, relating to Ires and Irap for the years 2008 and 2009. The total value of the dispute amounts to approximately 155 million euro, including interest and fines.
Takes flight Ubi: +7,3% to 3,04 euros at 12 after a peak at 3,14 (+11%) on the highest since June after this morning's news. The institute announced that it has presented a binding offer of 1 euro for the purchase of the new Banca Marche, Etruria and Carichieti. The offer is subject to the following conditions: the three banks must get rid of 2,2 billion euros of non-performing loans and must complete a capital increase of 450 million euros. The current owner, the Resolution Fund, will put the money into it. Ubi Banca will proceed with a 400 million euro recapitalization to keep the CET1 ratio above 11%.
Sale, after a thwarted start, Unicredit (+0,61%) on the day of the shareholders' meeting for the go-ahead for the 13 billion capital increase. According to rumors, the operation could provide for a discount on the theoretical parity of around 30-40% and therefore an issue price of the new shares, calculated pre-pooling 1 to 10, around 1,2-1,3 euro.
In an interview with La Stampa, the CEO of Unicredit, Jean Pierre Mustier, declared that Generali (-0,7%, no longer Kepler Chevreux's favorite stock) must remain Italian; the 13 billion euro Unicredit capital increase will be ready before March 10 and there is interest from many European and US institutional investors. As regards the investment in Mediobanca (-2%), the group does not intend to increase its stake.
Kepler raised its target price today by Unipol (-1,2%) to 4,01 from 3,797 confirming the Buy rating.
Intesa Sanpaolo (-1%) awaits checks on Alitalia's industrial plan before making decisions but reiterates that one's job is not to manage an airline but to finance initiatives with prospects of success.
Back off Mediaset (-3,3%) after yesterday's violent rebound (+6%) on the wave of rumors, then denied, about an agreement with Vivendi. The company of the Biscione has tightened an industrial agreement with two partners, the German ProsiebenSat 1 and the French TF1.
Among industrialists, the rally continues Fiat Chrysler (+1,6%) arrived at the tenth day of rising. The price of 10,65 euros is close to the record high set in March 2015 at 10,74 euros. Since the beginning of 2017, the gain has exceeded 21%.
Donald Trump's new criticisms of the F35 fighters that Lockheed Martin is carrying out to modernize the air forces of the various armed forces of the American defense and of eight countries that have decided to buy the aircraft. In the program is involved Leonardo (-2,2%).
Prysmian, a producer of electricity and telephony cables, announced this morning the launch of a 400-500 million euro bond with a 5-year maturity. The share lost 1% to 24,38 euros.
This morning JP Morgan analysts raised the target price up Buzzi (unchanged) at 27 euros from 24 with an Overweight rating.
