European stock markets are cautious in anticipation of Donald Trump's Inauguration Day and after the warning launched last night by Janet Yellen (“the Fed – she said – is ready to act in case of overheating of the economy”). Business Square it is driven by the banks and by the recovery of FCA. In Milan, the Ftse Mib index gains 0,15% around 19.500. Paris +0,4%. Just above parity Frankfurt, London flat. The euro-dollar exchange rate remained unchanged at 1,066.
The recovery of Fiat Chrysler (+1,7%) stands out on the Italian Stock Exchange following the wave of brokers' opinions: S&P confirmed its BB rating with an outlook that remains stable, despite the accusations against the car manufacturer by the US agency for the protection of the environment that you have violated the emission regulations. Jefferies reiterated the buy and the target price at 10 euros.
Where's Banca, which had risen by 3,5% at the start, is now down by more than 2%. Yesterday the CEO Victor Massiah provided some timing indications on the 400 million euro capital increase to be carried out in the first half of the year. The manager explained that the bank will evaluate whether to use the next meeting on the balance sheet to insert, in an extraordinary session, the approval of the shareholders of the increase or convene an ad hoc meeting.
Bper rises by 0,9%, awaiting news on the purchase of Carife. More closely, the CEO Alessandro Vandelli said that Bper is strongly concentrated on finding a solution for the purchase of CariFerrara from the Resolution Fund and believes it is possible to carry out the operation "by the end of the month". Yesterday morning the analysts of Goldman Sachs and Mediobanca revised their respective target prices on the stock upwards. In particular, Piazzetta Cuccia raised the target price to 6,30 euros from 4,80 euros, confirming the Outperform rating. Goldman Sachs analysts raised the target price to 6,70 euros from 5,10 euros, confirming the Buy judgment.
Il Creval travels around parity. On the rise Understanding (+0,4%). The CEO Carlo Messina noted this morning that the intervention of the Atlante Fund in the sale of the non-performing loans of Monte dei Paschi was indispensable before the government's bank-saving decree was launched, while now it is necessary to understand how far the public intervention. Unicredit (-1,5%) the sale of a portfolio of distressed mortgages to APS Holding, based in Prague, in a transaction worth tens of millions of euro is about to be concluded in Hungary. Banca Mediolanum unchanged.
Among the insurance companies, Generali +0,4%. Francesco Gaetano Caltagirone bought one million shares. Telecom Italy +0,6% and Mediaset -0,6%.
Major movements in the luxury sector: Brunello Cucinelli recovered from the low of this morning (20,52 euros) and is now down 2,2% to 21,71 euros. Initially, the quotation leveled down at 21,09, in line with the placement price announced yesterday evening. Mediobanca has completed the placement through 'accelerated bookbuilding' of 3,02% of the share capital at 21,09 euro. It was Ermenegildo Zegna who sold.
sapphire fell 0,9% after plunging 14% yesterday. Brokers react to rumors of an LVMH/Marcolin deal by cutting target and recommendation. Exane reduces the rating to Neutral from Outperform and lowers the target price to 6,30 euros from 11,0 euros (about -45%). Kepler-Cheuvreux cuts the target price to 7,10 euros from 8,20 euros. Hold judgment unchanged.
Yoox falls by 4% in the second consecutive day of sharp decline (yesterday -5%) for the global giant of online sales of luxury clothing. The shares are being impacted by the news that Sarah Rutson, Net-A-Porter's vice president of worldwide purchasing, has decided to leave her position. As stated on the Fashion Network website, Sarah Rutson had been hired by the founder of Net-A-Porter, Natalie Massenet, shortly before the merger with Yoox in 2014, "contributing in an exceptional way to the development of Net-A-Porter".
Moncler it rises by 1,4% and reaches the new highs since August 2015 at 18,05 euros. This morning JP Morgan analysts raised the target price to 20 euros from the previous 19,5 euros, confirming the Buy judgment.
