Piazza Affari is the worst price list in Europe a few hours from majority summit on the maneuver. The knockout of the banks weighs heavily on the Btp/Bund spread which in the morning came close to 250 basis points due to the tug-of-war within the government on budget balances.
At 13pm, Milan suffered a fall of around 1,12%, an index above 21.400. The falls in the other markets were much more modest: Frankfurt -0,16%, Paris around -0,1%, Madrid -0,5%. Around parity London. Strong upside for H&M. The Swedish giant of cheap clothing rose by more than 10 points after the accounts: no further restructuring will be necessary.
Thanks to the successful outcome of the auction of medium-term securities, the Btp/Bund spread narrowed to 240 points. But the 3-year yield is one step away from the 2,97% threshold, at XNUMX%. Between mid-June and mid-September “Italian sovereign bond spreads increased in a context of renewed market tensions and government bond markets in other euro area countries were also affected, albeit with variable intensity”, observed the ECB in its monthly bulletin, published today, adding that “over the period under review, conditions in the sovereign bond market remained volatile” even if yield spreads “remained broadly unchanged compared to June". The risk of a trade war spreading, the Bulletin continues, could further weigh on eurozone sentiment.
The Treasury sold all the 5,2 billion Btp and CctEu offered, triggering falling rates. Good question. The five-year BTP in October 2023, sold for two billion euros, saw an average yield of 2,03%, down 40 cents from the auction at the end of August. The ten-year December 2028, again sold for two billion and with a supply-demand ratio of 1,44, the highest since May, saw a yield of 2,90%, down 25 points. The CCT indexed to the Euribor at 1,25% was sold for 1,77 billion, with a reduction of 53 basis points. The euro drops below 1,18 against the dollar.
Brent oil is still above 82 dollars. Today, after years of controversy, Qudrilla, the first British company to extract shale oil from English soil, has begun its activities.
At Piazza Affari Eni - 0,5%, Saipem –0,04% Down too Tenaris -0,7%.
The pressure on the spread has spread to the banking sector: Unicredit -2,7% Intesa Sanpaolo -2,7% Where's Banca -3,4% Bpm bank -2,6%.
Mediobanca -1,9%. The partner Vincent Bolloré leaves the syndicate agreement, but does not sell the stake (7,8%). The pact drops below 25%, so there can be no automatic renewal.
B for Bank -2%. Il Sole24Ore writes that the industrial plan should provide for the group's integration with Unipol Banca Unipol (+0,7%) The negotiations, on this issue and on others, for example the repurchase of the minority shares of Banco di Sardegna, are still in progress.
Still down Carige -2,5%. Also down sharply Bank Ifis -6,9%
Minus sign for Atlantia -1,8% Enel -1% stmicroelectronics -2%. On Mediaset + 0,7% Luxottica (+ 0,8%) and Ferrari (+ 0,87%)
Tim-1,6%. The auction for the frequencies relating to 5G mobile telephony continues.
Sale Iren +1,5%. The objectives of the new business plan are higher than expected. Ebitda of 1,03 billion euros in 2023. Dividend up by 20% compared to 2018 in 2019, then up by 10%, 200 million euros more than in 2017.
Worth noting is the thud of sapphire -12%, after announcing the launch of a capital increase up to a maximum of 150 million euros, the meeting called to approve the operation will be on 29 October. The first shareholder, Hal, holder of 41% of the capital, undertakes to play his part and beyond, is willing to take the unopted share, but provided that the price of the new shares does not exceed 1,5 euros. In addition, the club will receive a 150 million euro loan, to be repaid over four and a half years.
