The European stock exchanges are experiencing a flat day, orphaned by Wall Street, closed for the holiday of Thanksgiving Day. Trading will resume tomorrow in New York, but with reduced hours and closing early at 19pm, Italian time. In this interlocutory climate, the Ftse Mib stops at -0,19%, the worst continental listing. The other squares were also blurry: Madrid +0,34%; Frankfurt +0,25%; Paris +0,29%; London +0,17%.
Increasing spreads: the differential between the ten-year Italian and the German bund closes at 188.30 points, with an efficiency of 2.16. However, the reassurances of the ECB arrive on this issue. According to Vice-President Vitorio Constancio, the European Central Bank is ready to act to preserve financial stability and avoid contagion, if the outcome of the Italian constitutional referendum were to lead to a shock on the markets. Furthermore, adds Constancio in a statement to Reuters, yields on Italian government bonds are low, even after the recent upward correction and "current market prices do not reflect the risk of a breakup of the euro area".
The protagonist of Piazza Affari is Monte dei Paschi di Siena, on the day of the shareholders' meeting for the capital increase. Starting in the morning, the oldest Italian bank recorded increases of up to double-digit percentages, to stop at +3,32% at the end. The market looks to the prospects of the Sienese institute, in which CEO Marco Morelli believes: "I put my face to it - he says - I believe that the plan can be carried through". Success "also depends on the attitude that the Supervisory Authority has towards the bank". Plan and recapitalization are instead "detached from the referendum". If Consob authorizes the prospectus on Monday 28 November, the subordinated bond conversion period will be launched for 5 days (until Friday 2 December). The ministry of the economy, the bank's main shareholder, announces its vote in favor of the plan and increase in the meeting.
In the rest of the banking and insurance sector instead nervousness prevails: the popular women about to get married fall back (Bpm -2,24%; Bp -2,01%); Azimuth -1,25%; Ubi Banca -1,15%; Mediobanca -1,02%; fractional declines also for Intesa, Unicredit, Banca Mediolanum. Unipol -1,5% and Unipolsai -1,12%, Generali -0,44% are down.
Among the exuberant stocks we find Buzzi Unicem +2,21%. While Fiat +1,74%, sees pink thanks to the super dollar. “Let's hope it lasts as long as possible,” he says CEO Sergio Marchionne. The benefits also flow to Ferrari (+2,26%). On the other hand, profit taking was recorded on Cnh (-0,67%) after yesterday's rally. Yoox Net-A-Porter Group floats around parity, which however expects record sales starting tomorrow for the weekend, in the wake of the American-based Black Friday, which kicks off the dance of Christmas shopping.
Still positive energy: Tenaris +0,34%; Eni +0,39%; Saipem +1,11%. Oil remains stable, but the meeting in Vienna next week is viewed with cautious optimism. Finally, some comparative news for the real estate sector comes from London, where the Italian Real Estate Conference was held: investors would be particularly interested in Italy, where 70% of the transactions registered in the last 12 months were carried out by foreign groups. A trend that should strengthen in 2017.
