Piazza Affari is on the rise after an uncertain start, thanks to the movements around Generali. Milano thus detaching the other European stock exchanges. The index FtseMib is up 1,2% while Frankfurt is down 0,2%, Paris 0,3%.
Accelerates Generali (+3,88% to 15,25 euros after a maximum of +5%) on the wave of rumors about a forthcoming offer. Munich Re could also enter the dispute for control of the company: the financial director of the reinsurer, Joerg Schneider, declared in an interview with Handelsblatt that Munich Re is ready for large acquisitions, even outside its scope: the target could be a primary insurer. Mediobanca is also under pressure (+2,93%). Intesa Sanpaolo remains in the red (-0,45%). The bank's board meets today and tomorrow to approve the 2016 accounts. A spokesman has once again denied that the board is examining a proposal for the Trieste-based company.
The drop in the dollar is conditioning the market trend, after the recent positions taken by the Trump administration which accused Germany of taking advantage of an artificially weak euro.
THEeuro it is trading at 1,0805 this morning, up from 1,076 at last night's close. The yen is also on the rise. The 2,29-year BTP rate trades at 2015%, below the peak since July 2,35 recorded in recent days at XNUMX%.
Lo spread with the same maturity the Bund is stuck at 185 basis points, not far from the peak reached this week at 190 basis points, the highest level since the end of November.
La ECB continues to expect key interest rates to remain at or below their current level for an extended period of time and well beyond the horizon of the net asset purchases. This is what we read in the latest bulletin of the Frankfurt bank: the Eurotower will continue the purchase of securities at a monthly pace of 60 billion euros until the end of December 2017 or even beyond if necessary.
Today in the US will be released the data on the claims for unemployment benefits made last week. This is a taste of the labor market trend, in view of tomorrow's data on the change in employment in January.
The price of oil has gained 3% in the last two sessions also due to the weakness of the dollar. Eni advances by 1,4%: Equita analysts have raised the target price to 16,50 euros from the previous 15,50 euros with a confirmed Buy judgment. Tenaris +1,87% while Saipem is negative, down 1,5%. The oil&gas sector Stoxx rose by 0,45%.
Great volatility around Unicredit (+1,54% at 12 after a start at -2%). The capital increase of up to 13 billion euro will start on 6 February and end by 10 March at a price of 8,09 euro per share, equal to a 38% discount on the Terp (Terp = theoretical price ex right on the basis of yesterday's official price).
The success of the increase is guaranteed by a pool of 30 banks. According to the ICBPI, the Terp discount "is only slightly higher than the hypotheses circulated in the press over the last few weeks" and points out that "the issue discount is a completely irrelevant variable for shareholders' decisions". For Banca Akros, on the other hand, which is co-bookrunner of the offer, the 38% discount "is higher than the 25% anticipated in a note dated 22 December last". For this reason, the broker has decided to reduce the target price from 37 euros to 32 euros with a "Buy" rating.
Bpm bank -1%: the institute would be oriented towards raising coverage on NPL portfolios during the 2016 budget. A plan is also being studied which provides for the closure of 335 branches by 2019, bringing the network from 2.417 to 2.082 branches.
Deutsche Bank records a 6% drop in Frankfurt which reduces the gain from the beginning of 2017 to +6%. The institute closed 2016 with a loss of 1,4 billion euros against the loss of 6,8 billion in 2015.
In the meantime, the upward march of stm which jumped 4,7% to its highest level since 2007 in the wake of the accounts of Apple, one of its main customers.
The rise of Ferragamo (+1,53%). Mediobanca raised the target price to 27 euro from 26,5 euro, confirmed Outperform. The American broker Bryan Garnier has raised the rating to Buy from Neutral, target price at 26 euros from 25 euros. Yoox is also rapidly recovering (+4,36%).
In great dust Cnh Industrial (+ 4%). Fiat Chrysler -0,2%: January auto sales in the United States fell 11% on the year: analysts had expected a 14% drop. Profit flies instead Ferrari (+37%) and pushes the title among the best rises (+4,17%). Leonardo -0,3%: UBS raised its target price to 14 euros from 13 euros, confirmed the Buy opinion.
They also go up Telecom Italy (+0,5% on the eve of the board of directors on the accounts) e Mediaset (+ 0,8%).
