Crackling finish for the European lists, which close today's session with excellent earnings, bringing the weekly balance into surplus. The driving force in the afternoon was the matched start of Wall Street, itself well set for an octave up after the deluge of sales in recent months.
The basic scenario does not seem to have changed: the war is advancing, inflation is on the rise and central banks are forced to act to stop it, taking into account a recession, albeit "not inevitable" to quote Jerome Powell. On the other hand, the stress tests on American banks went well, the Chinese central bank has increased the injection of liquidity into the credit system favoring a recovery in the Asian markets, the Fed and the ECB have not surprised us with the statements made in recent days .
Thus, at the end of the day, Business Square it marks a progress of 2,33% and recovers the 22 points (22.119), grabbed and lost during the weekly exchanges, always in the name of volatility. Among the blue chips it is in red only Saipem, -21,81%, oversold in view of the start of the two billion capital increase on Monday.
In the rest of Europe they stand out Amsterdam + 3,84% Paris +3,23% and London +2,67%. They are more backward Frankfurt -1,59% and Madrid + 1,65%.
In a context of renewed appetite for risk, the Petroleum. Around 17 pm, Brent appreciated by around 3% to 113,3 dollars a barrel.
On the energy front Prime Minister Mario Draghi, at the end of the Eurosummit, said that Italy's dependence on gas from Moscow has dropped from 40% last year to 25% today. He hasn't gotten a price cap discussion yet, but the discussion is expected to take place at the October meeting. The G7, which will start on Sunday in Germany, should also discuss this issue.
The euro strengthened today, trading against the dollar, increasing around 1,056.
Spreads up; growing rates in today's auction of BTPs to 2024
Government bond yields also rose and so spread between ten-year Italian and German it widens to 196 basis points (+1,77%), with a rate of the BTP rising +3,4% (from 3,36% yesterday) and that of the Bund at +1,44% (from +1,44%).
The short-term BTPs assigned today at auction also show sharply higher yields. The BTp with a 2-year maturity rose by 86 cents, settling at 1,63 per cent.
Piazza Affari: pharmaceutical and utility assets
Saipem closes the week with a loss of 41,59% and today with another impressive double-digit drop. The escape from the title seems to never stop, waiting for the capital increase to start on Monday. The expected share swap is very high, 95 new shares for each share held and small savers have been put on the run by the prospect that maintaining the share would have been too expensive.
The subscription price of the new securities was set at 1,013 euro. Consequently, the issue price of the new shares incorporates a discount of approximately 30% compared to the Theoretical Ex Right Price (TERP) of Saipem ordinary shares, calculated according to current methodologies, based on the closing price of the 21 June 2022 (42,03 euros). On the basis of these characteristics, Borsa Italiana has indicated that the operation is qualified as highly dilutive.
The information prospectus for the increase also shows that the company has legal proceedings of various kinds pending for a "total claim" of approximately 5,7 billion euro, of which 4,35 billion euro for criminal, civil and arbitrations and €1,35 billion for tax proceedings.
In any case, Saipem confirmed that the shareholders Eni (+2,07%) and Cdp Industria have irrevocably committed to subscribe all the new shares due in proportion to the stakes respectively held in the company, totaling approximately 44% of the increase of capital. The six-legged dog chose instead to postpone the listing of the subsidiary Plenitude.
The rest of the Ftse Mib is brilliant green prairie. Pharmaceutical stocks are confirmed in cash, starting from Recordati + 7,64%.
The industry takes the podium with Interpump, +6,64% and also shines Prysmian +4,08%, rewarded by a 700 million euro order in Germany.
Utilities recovery continues: Italgas + 5,3% A2a + 4,44% Ivy + 3,69%.
Also in the top ten of the day Inwit + 4,46% Moncler + 5% Unipol + 3,89% Generali + 3,72%.
Toned the banks.
