Weirdness from leap years. On the day of the surrender of Monte Paschi, which was about to pass under the control of the Treasury, Piazza Affari was the only European Stock Exchange in positive territory. The Ftse Mib index marks a rise of 0,5% around 19.300 points. Down by 0,3% Madrid affected by the effects of the EU ruling against banks on old mortgages. Down by 0,1% Paris, Frankfurt and London.
The euro appreciated against the dollar to 1,045 from 1,042.
At the end of the morning, the Btp/Bund spread traded below 160bps, while the 1,82-year rate remained within a handful of cents, between 1,85% and XNUMX%.
Tonight the Treasury will communicate the details of the short-term auctions at the end of the month (the announcements on the medium-long term tomorrow). The regulation will already apply to 2017, the year in which gross refinancing needs will certainly exceed 400 billion, compared to around 385 in 2016.
In the monthly Bulletin, the Central Bank indicated that Italy is one of those countries that fail to comply with the budget parameters to a significant extent, ie for more than 0,5% of GDP.
Mount Paschi it is down 0,74% after a bearish hold. Today the bank's board of directors should announce the impossibility of proceeding with the 5 billion capital increase, the decree that will establish government intervention should arrive between tonight and tomorrow. The Treasury is expected to rise to 50% stake. The Cabinet meeting is set for 19pm.
Government intervention will make it possible to avoid bail-in mechanisms and consequently deposits will not be affected. Senior bonds are preserved. Meanwhile, the Atlante fund has made it known that it "remains available to implement Banca Mps' NPL securitization plan," which is already substantially defined in terms of price and in all its implementation phases, without senior bridge financing, even if there was an intervention by the state in the capital, in the ways and times that the MPS board of directors will want to consider".
Unicredit +1,2%. For the US broker Keefe, Bruyette & Woods, specialized in the analysis of the financial sector, the Unicredit stock is no longer for sale. The recommendation was brought to Market Perform by Underperform, target at 2,77 euros from 2,13 euros. In an interview with the Handelsblatt newspaper, the managing director of the group, Jean Pierre Mustier, declared that the stake in the German HVB will not be sold and that, on the contrary, it is strategic for development in the area.
Understanding + 0,4% Banco Popolare + 7,42%. Bank Pop Milan + 7,3% B for Bank + 4,3% Where's Banca + 3,7%.
Brent oil marks a slight increase (+0,2% after -1,6% yesterday). Eni gains 0,7%. Cyprus has chosen the six-legged dog, Total and ExxonMobil for three oil & gas exploration licenses in the Mediterranean, near the area where Eni discovered the largest natural gas field in the basin. Saipem +1,6%.
Reverse course Mediaset -2,4%. In the evening, Vivendi could communicate that it has reached the declared threshold of 30%, or the threshold beyond which the takeover bid is triggered, which the vast majority of analysts do not believe. Berenberg has sued to hold by Buy. Instead, the company appealed to AgCom to supervise the excess concentration of Vivendi, already the reference shareholder in Telecom.
Today the directors of Mediaset will be heard by Consob. The hearing scheduled for the afternoon concerns the managing director, Pier Silvio Berlusconi, or one of his delegates. Mediaset will therefore be the first to illustrate before the Commission the story of the breaking of the contract on Premium signed with the French and the subsequent disputes between the two groups which then lead to the takeover of Vivendi. Tomorrow morning it will be the turn of the CEO of Vivendi, Arnaud de Puyfontaine, summoned by the Commission also following the complaint by Fininvest for alleged market manipulation and abuse of privileged information.
Telecom Italy + 0,5%.
Fiat Chrysler advances 0,4%, as stm.
Leonardo +0.7%. According to rumors from Panorama, CEO Mauro Moretti may not be confirmed to have'entered a collision course with Defense Minister Roberta Pinotti. Moretti was named Leonardo's CEO in May 2014, in those two years and a half reorganized the holding company, starting with the name, relaunching the group's accounts.
