European stock markets rebound in the wake of the recovery in Asia. TO Business Square the index gains just under a percentage point around 22.300 points, in line with Madrid. But the best stock exchange is London (+1,2%). Less strong rise a Frankfurt (+0,40%) and the Paris (+ 0,27%).
Against the backdrop of the trade war, the twists and turns multiply. The Chinese central bank unexpectedly lowered the dollar-yuan fixing to 6,45% this morning. Both the Shanghai and Tokyo Stock Exchanges rose in closing, supported by the decline in the yen. The euro is still weak at 1,157 against the dollar, on the eve of the Eurogroup meeting.
Yesterday evening, France and Germany reached an initial agreement on the common budget of the eurozone, but the agreement on the European Monetary Fund does not seem capable of satisfying the requests of the weaker countries. “Overall, there are more risks for financial stability in Europe at the political level than at the economic level”, said this morning Ewald Nowotny, Austrian member of the ECB who judges the developments of Italian banks as “very positive”: “The danger of contagion – he added – is much lower than that of Greece”.
Confirming the positive evolution of credit is the rush of the banks, starting from Bpm bank (+2,4%): yesterday evening the board of directors approved the attribution of the bonds deriving from the latest securitisation, the one called Project Exodus. As a result, non-performing loans were valued at 34,3% of the nominal value. The Exodus plan provides for the sale of other non-performing loans for 3,5 billion, up to 9 billion. Among the subjects in the race, there is DoBank (+ 5,8%).
The prospect of less stringent ECB rules on NPLs gives the rest of the sector a boost: B for Bank + 2,7% Where's Banca + 2,8% Unicredit + 2,4% Understanding +2%. Bank stocks on the rise also in the rest of Europe. The Banco Santander earns 2,7%.
Fixed income moved little: spread unchanged at 215 basis points, 2,52% XNUMX-year BTP yield.
Il Petroleum Brent is up 0,5% to 75,5 dollars a barrel, closing yesterday at 75,3 dollars a barrel. The gap with US crude oil increases (10 dollars a barrel): weekly stocks in the United States should have decreased by about 3 million barrels, while gasoline stocks should increase by about 2 million barrels. Meanwhile, the energy ministers of the Opec countries are starting to arrive in Vienna: the assembly opens on Friday.
Saipem advances by 2,13%. Eni (+0,53%) finalized the sale to Mubadala Petroleum of a 10% stake in the Shorouk concession, offshore Egypt.
On the landslide list Ferragamo, worst blue chip this morning with a price down by 6,9%, to 22,83 euros. Ferragamo financial last night announced the intention to sell a 3,5% stake of Salvatore Ferragamo capital through an accelerated book building. The transaction closed at a price of 23,25 euros per share, compared to yesterday's closing figure of 24,53 euros. The deal was handled by Goldman Sachs.
Shoot today the delisting of Yoox: Richemont acquired the remaining 1,6% not acquired with the takeover bid.
Avanza Recordati (+3,9%). Private equity firm CVC is in advanced discussions to acquire a controlling stake worth more than €3 billion, although not all members of the founder's family are on board with the sale. "Negotiations took place with the CVC fund for the transfer by the Recordati family of indirect control of Recordati SpA, but there are still many obstacles to overcome and there is no certainty about the continuation of the negotiations and their timing", he specified in a note Alberto Recordati, president and managing director of Fimei.
Brakes Rest (-0,27%): the company does not confirm the IPO project for HMS Host but the company says it is interested in possibilities that could increase the value of the group.
Cnh Industrial (-0,3%) received a 200 million dollar order from BAE for the construction of amphibious vehicles for military use. Fiat Chrysler +0,6%.
