WEAK MARKETS WAITING FOR JACKSON HOLE. HOLDS UNICREDIT, STILL UNDER FIRE BY LUXOTTICA
Piazza Affari slows down after the +2% achieved yesterday in anticipation of the speeches in the afternoon by Janet Yellen and Mario Draghi in Jackson Hole. The Ftse Mib index -0,54% slipped below 20 points to 19.885. The other European Stock Exchanges were also weak with Frankfurt falling by 0,50%, Paris losing 0,74%, Madrid 0,53%, London slipping by 0,16%.
The yield on the Italian 2,59-year bond is 160%, the spread at 2,5. In the afternoon, the announcement on the number of bots that will go to auction on Wednesday. The auction of Ctz for 3-1,328 billion will be held on Tuesday, a small amount. On Monday there will be the announcement on medium-long term BTPs at auction next Thursday. The dollar took a breather after strengthening in recent sessions: this morning it is indicated at XNUMX against the euro, unchanged from yesterday's close.
Unicredit +0,1% resists thanks to the expectation of the sale of 50% of Pioneer. In pole position are the US funds CVC and Advent, but Banco de Santander is also in the race. The board of directors for the exclusive negotiation should be held in September. Among other banks Understanding + 0,8% MontePaschi + 0,9%.
Strong increases for the Banca Popolare dell'Etruria and Lazio +9,7%. in view of the transformation into a public limited company which would reopen the construction site of possible aggregations with other credit institutions. In particular, the interest of Popolare di Vicenza returns. The hypothesis of aggregation with the Banca Popolare dell'Emilia Romagna + 1,1%.
The stock is back under pressure in Piazza Affari Luxottica -2% to 38,21 euros after falling to 37,85 euros, not far from the lows of the year of 37,11 euros reached in mid-January. She continues to weigh the divorce from Andrea Guerra. The company has convened an extraordinary board meeting for September 1st. The favorite for the succession is the current CFO Enrico Cavatorta.
Also declining Telecom Italy -0,6%. According to the latest rumors, the Italian group could also accept a minority stake in a possible merger between Tim Partecipaçoes and the Brazilian Gvt. Telecom Italia will finalize the counter-offer on Gvt over the weekend after a meeting of top management with Vincent Bolloré, president of Vivendi, and Tarak Ben Ammar.
Industrial stocks thwarted: Fiat +0,7%. Market rumors argue that the value of the shares in the hands of the shareholders who have requested withdrawal would be slightly above (or below) the threshold of 500 million, beyond which the cancellation of the operation is triggered. Finmeccanica -0,5% StM -0,6%. Goes down Eni -1,1% with Brent and Wti falling by 0,3%. Utilities are lagging behind after Thursday's jump.
Enel drops by 0,9%, A2A + 0,1% Snam -0,7%.Except for Enel Green Power, up by 0,5% thanks to Berenberg's promotion to Buy (target price at €2,35).
