Much ado about (almost) nothing. Or, which is the same thing, the confirmation that the European Central Bank sees no immediate dangers for the recovery in Europe. The ECB has not adopted any of the measures envisaged by the markets in recent days: the issue of lengthening QE ("which is working", reiterated Mario Draghi) has been entrusted to a study commission and the other measures spoke on the eve “we didn't even talk about it,” Draghi himself said. The watchword of the ECB is to wait and watch without wasting ammunition.
It is probable that the same strategy will be adopted by the Bank of Japan which will meet on 21 September, the same day on which the Fed will declare itself very ready to raise rates, if not raise them. Thus the great calm continues on the markets, which have reacted with contained reductions to the lack of adrenaline shock. A calm but not necessarily solid situation, which however offers Italy the necessary time to deal with the banking issue: the changing of the guard in Siena goes in this direction.
SEUL SHAKES AFTER NORTH KOREA'S ATOMIC
The shock to Asian stock exchanges actually came from the news of a new nuclear test by North Korea. The Seoul Stock Exchange lost 1,4%. Earnings Hong Kong (+1,4%). Positive signals from the Chinese inflation front: the decline in producer prices was the lowest since 2012.
Weak Wall Street, already focused on the Fed meeting on 20.21 September: the Dow Jones fell by 0.25%, the S&P 500 index by 0,22%. The Nasdaq is worse (-0,46%).
APPLE FALLS (-2,6%), OIL SUPPORTS THE MARKETS
The performance of Apple (-2,46% to 105,52 dollars) weighed on the US price lists, to which Apple's decision not to communicate the data of the first week of sales of the 1Phone 7 to the market certainly contributed.
Oil prices continue to rise, driven by US weekly inventories: WTI light crude increases by 2,12 dollars to 47,62 per barrel, Brent rises to 49m8 dollars (+3,8%). US inventories data gave energy stocks a jolt. Exxon was up 0,9%, Chevron up 1,23%. In Piazza Affari Eni gained 1%, Saipem +0,3%.
DRAGHI DOES NOT BRAKE MILAN +0,48. THE BTP 10 RISES TO 1,16%
An air of disappointment in the European price lists due to the (failed) decisions of the ECB. But the exceptions are Milan and Madrid. The Ftse Mib index reached a minimum of 17.118 points yesterday during the press conference of the president of the European Central Bank, but then recovered all the lost ground thanks to the push from banking and oil: closing at +0,48% at 17 376 points.
The Spanish Stock Exchange (+0,95%) and London (+0,18%) also rose. Down Paris (-0,36%) and Frankfurt (-0,72%).
Negative ending for the bond market. The Italian 1,07-year rate moved away from the levels seen in the morning, when it had held close to the historical lows reached in mid-August, around 1,16%, closing at XNUMX%.
The Treasury announced the amount of the medium-term auctions on Tuesday 16th. They will be offered from 1,5 to 2 billion 3-year BTPs, from 3,5 to 4 billion of the new 7-year BTPs; from 750 million to 1,25 billion of the Btp at 20 years and from 500 to 750 million of the Btp at 30 years.
SIENA, BEFORE THE TURNOVER, THE BOOM IN THE STOCK MARKET
Spotlights on Monte Paschi after the resignation yesterday evening, at the end of a long and (apparently) contested board of directors, of the managing director Fabrizio Viola. The situation seems to have precipitated by the perplexities of a part of the board about the commissions to be retroceded to the consortium guaranteeing the increase equal to about 4% of the amount, or about 200 million against the bank's capitalization of 800 million.
A flash replacement is looming to respect the timing of the presentation of the new industrial plan to the market and for the start of the capital increase which, according to sources quoted by Reuters, could be postponed by a few months. The Ministry of the Economy, which is also a 4% shareholder of the institute, announced that "the situation is under control", confirming that the appointment of the new CEO of Rocca Salimbeni will take place shortly.
In pole position is Marco Morelli number one of Merrill Lynch in Italy and from 2006 to 2010 deputy general manager of Monte, followed by Giancarlo Maioli of Cariparma. The outsider is Corrado Passera. Yesterday, the Monte's stock scored a rise of 3,6% after the promotion of Morgan Stanley which raised the rating to Equal Weight from Underweight.
BANCO POPOLARE-BPM WEDDING: OK FROM ECB
The marriage between Banco Popolare (+0,08%) and Popolare di Milano (+1,23%) can be done. The Bank of Italy has issued the authorization for the wedding "considering the outcome of the investigation conducted" and "the absence of objections from the ECB". Already today, the granting of the banking license that will allow Banco Bpm to operate should also arrive from the ECB. The boards of the two banks will meet on Monday to convene the extraordinary shareholders' meetings which will have to deliberate on the operation.
The management would like to convene the meeting for October 15, a date that could be postponed to the following week (October 22) in the event that all legal obligations are not fulfilled by Wednesday September 15 (to respect the necessary one month notice). If the two shareholders' meetings approve the operation, the third banking group in Italy will be created with 2.500 branches, 4 million customers and the goal of achieving 1,1 billion in profits by 2019.
In the rest of the sector, Unicredit shines (+2%): the institution has concluded an agreement with Balbec Asset Management for the sale without recourse of a portfolio of gross non-performing loans amounting to approximately 570 million euro.
Intesa also performed well (+1,5%). For the sixth consecutive year, the bank has been included in the financial indexes Dow Jones Sustainability Index Europe and Dow Jones Sustainability Index World, i.e. among the most active companies in the world in terms of economic, social and environmental sustainability.
UTILITIES IN RALLY, ITALGAS SOON ON THE STOCK EXCHANGE
The rally of utilities continues, driven by the fall in interest rates. A2A is advancing (+1,95%) also in the wake of the words spoken today by CEO Luca Valerio Camerano on the evolution of relations with Linea Group Holding: the manager expects a renewal of the current shareholders' agreements in 2019, or a merger.
Hera (+1%) and Iren (+1,7%) also performed well. Terna +0,1%: yesterday the company signed an agreement for the construction of power lines in Uruguay. Enel closed with a loss (-0,6%) after the strong gains on the eve. Snam recovers in the final (+0,2%): CEO Marco Alverà is confident in the listing of Italgas as early as November, even if the goal still remains official at the end of the year.
FERRAGAMO +4,2%, HIRES THE STAR OF FOOTWEAR
Of note in the Luxury sector is the rise of Ferragamo (+4,2%) following the appointment of Paul Andrew as design director for women's footwear. This is the first move by the CEO, Eraldo Poletto who has replaced Michele Norsa since the beginning of August. Paul Andrew, the first footwear designer to receive the CFDA / Vogue fashion award, will also continue to follow the brand that bears his name.
The other luxury stocks were weak: Tod's -1%, Luxottica -0,8%.
Industrial stocks contrasted: Leonardo (+0,8%) and Cnh Industrial (+1%) rose. Down Fiat Chrysler (-1,2%) and Buzzi (-4,1%). Positive Astaldi (+0,7%), which yesterday completed the sale to the Spanish Abertis of the stakes held in A4 Holding for a value of 130 million euro.
