After a lower start, European stocks have pared losses and are now posting slight declines. The best is the Milan Stock Exchange, where the index FtseMib it rose by 1,09% to 14.731 thanks above all to increases by banks and the lesser impact of oil stocks, following the fourth negative session of oil (Wti at 93 dollars a barrel, Brent at 102,7). In fact, in Paris Total drops by 1,9%, in London BP scores -1,2%, while in Milan Eni loses only them 0,3%, Saipem 0,6%.
The other European lists have also moved into positive territory with the exception of London (-0,02%)%. Paris scores +0,45%, Frankfurt +0,80%. No impact on the Old Continent after the death of North Korean leader Kim Jong-il, which pushed all Asian stock markets into negative territory.
If anything, the anticipation for the virtual vertex at 26. Indeed, the EU finance ministers will hold a teleconference at 15,30 pm on bilateral loans to the IMF and on the new fiscal compact for the euro area. German Minister Wolfgang Schauble said this morning that he is certain the US will not lend money to the IMF to help Europe.
On the government bond market, the ten-year BTP with the yield falling to 6,80% (-10 basis points), lo spread with the Bund narrowed to 490 points (455 with the old benchmark). On the bond market tension is always high due to the persistent uncertainties about the effectiveness of the eurozone's moves against the sovereign debt crisis and about the more incisive role of the IMF and the ECB. Pressure on Belgium's debt mounts after Friday Moody's cut the sovereign rating by two levels from 'Aa1' to 'Aa3': the spread between the Belgian and German ten-year bonds exceeded 250 basis points (252), that between France and Germany exceeded 127 points, while the spread between Spanish Bonos and the Bund it is at 340 points.
In great evidence Fondiaria Sai (+4.67%). Supporting the price of the stock, which just today left the basket of blue chips to slip into the mid caps, are the rumors reported by Il Messaggero according to which Matteo Arpe's Sator could also be interested in evaluating theentry into Fondiaria Saiperhaps by participating in the capital increase.
The banks are positive, in particular MontePaschi + 3,8% Understanding +3% equal to Ubi, and Banco Popolare + 2,3%. Unicredit it even scores +5%. After last Thursday's shareholders' meeting gave the go-ahead for the increase from 7,5 billion euros, the maneuvers of the major shareholders have begun to acquire the resources to channel into the operation. The Crt Foundation (Cassa di Risparmio di Torino), shareholder of Unicredit with 3,3% of the capital, officially decides today to participate in the increase, with an expense estimated at around 300 million euros, to be raised through its own resources (200 million euros) and recourse to debt (100 million euros).
The FMps wave, majority shareholder with 49% of the capital, has signed the debt moratorium agreements to 11 creditor banks. The agreements provide for the suspension, until March 15, 2012, of the mechanism for integrating the guarantees that the Foundation must provide to institutions in the event of a fall in the share price. The press release released by the Foundation also states that "negotiations are at an advanced stage for the achievement of a similar standstill agreement with Crédit Suisse".
After last Thursday's shareholders' meeting gave the go-ahead for the increase from 7,5 billion euros, the maneuvers of the major shareholders have begun to acquire the resources to channel into the operation. According to what was reported by Il Sole24Ore yesterday, tomorrow the Crt Foundation (Cassa di Risparmio di Torino), shareholder of Unicredit with 3,3% of the capital, should decide to face the commitment, estimated at around 300 million euros, through its own funds (200 million euros) and recourse to debt (100 million euros).
In Europe, the best sector is the automotive sector (Stoxx +1%) led by Volkswagen +1,9% and Daimler + 1,2%.
Fiat 0,6% salt, Fiat Industrial + 1,8% Pirelli +1,1%. The advances of Automotive News according to which the company is preparing to cut its sales estimates for 2012, lowering them to 2,2 million vehicles, from the previous target of 2,7 million weigh on Fiat. The downward revision of the 2012 targets follows a difficult 2011 which saw a drop in sales of 10% to 1,75 million cars, the lowest level in the last 15 years, and 250 units below Fiat's targets (at 2 million ). Chrysler it should instead confirm the goal of 2,4 million cars in 2012.
On the shields in the Ftse/Mib Impregile it +2,21% on the hypothesis of a "war" between Gavio and Salini for control of the leading Italian construction group.
Weak instead Mediaset -1,5%: it is now discounted the abandonment of the beauty contest for the assignment of new frequencies. Among the mid caps, Whitehand is suspended due to an excess of upside. eems +3,6% after the positive advances on the subsidiary Solsonica.
