The financial week starts in a minor key. The ever more concrete threat of the federal budget blackout: the negotiations between President Barack Obama and the Republican speaker in Congress John Boehmer ended with nothing done. And over the weekend, apparently, there was no progress. The negotiation now continues at Senate, where Democrats are in the majority. Democratic speaker Harry Reid said last night he was convinced that there is room for an agreement that avoids default.
Meanwhile, futures on the S&P index are trading significantly lower in Asia (-0,6%) awaiting news. The dollar it falls against the euro (1,3565) and the yen (98,800). The opening of Wall Street will also be influenced by the expectations, not brilliant, on the season of quarterly. Standard & Poor's expects earnings growth to average no more than 1,4% (compared to 3,8% in the second quarter).
The Tokyo Stock Exchange closed this morning, the negative notes come from China: Beijing's exports dropped, surprisingly, by 0,3%. Meanwhile, inflation rose to 3,1%, the highest in 2013. The Shanghai index was almost unchanged +0,1%.
Closed the summit of the IMF and the World Bank, Europe is back in the limelight. Today in Brussels there will be an important meeting of theEcofin. The Banking Union is at the center of the talks. That is, in particular, the intervention mechanisms on the banks after the stress tests that the ECB will conduct in the coming months. A hot topic, especially for Italian and Spanish institutions (at risk, according to very approximate and risky estimates by the Monetary Fund, as many as 230 billion credits). But it is possible that Ecofin will ask Fabrizio Saccomanni to account for the public intervention in Alitalia.
MPS BEGINS SALES, UNICREDIT GOES SHOPPING
This morning the leaders of the system will report to the governor Ignazio Visco, in view of the appointment with the stress tests scheduled by the EBA. Washington has not lacked attacks on the Italian system, judged to be at risk in view of the transfer of Supervision to the ECB. Both Visco and Fabrizio Saccomanni rejected doubts and suspicions.
Today the Monte Paschi board of directors will give the go-ahead for the sale of the back office (1.100 employees) to a newco set up by Bassilischi and Accenture. It is the first major sale envisaged by the new business plan.
Tomorrow the supervisory board of Banca Popolare di Milano will examine the draft governance reform as proposed by the president Andrea Bonomi. The discussion on the composition of the supervisory board is still hot. In the new formula, the Management Board should be made up of seven members plus two managers, while the Supervisory Board will be reduced from 19 to 13 members, seven of whom will be assigned to the majority list. But the unions are pressing for the seventh vote, the decisive one, for themselves.
Tomorrow new Board of Directors for Carige after the one who, on Monday 7 October, mandated Egon Zehnder to search for a new CEO. The progress of the new industrial plan is being examined by the board. Meanwhile, in one month the stock has recovered 38% on the wave of rumors about the interest of Vittorio Malacalza who has said he is available if a suitable managing director is appointed.
Spotlights also on Unicredit: the institute, which has just moved to the skyscraper in Piazza Gae Aulenti, is contending with Bnp Paribas the purchase of the Polish bank Bgz from Rabobank. Currently, through Banca Pekao, Unicrdit controls 11% of the credit market in the Eastern country. About half of the institute's collection is concentrated in Eastern Europe and Turkey.
RCS, TODAY DE PROFUNDIS FOR THE AGREEMENT
Rcs Mediagroup shares rose by 7,69% during the week. Today the trade union pact is meeting which will decree the dissolution of the agreement which has so far brought together the major shareholders of the publishing group. The meeting will decide whether or not to sign a consultation pact with less stringent constraints relating to governance or whether to eliminate all constraints. The first solution is preferred.
Mediaset is about to launch a bond of up to 500 million. The road show starts tomorrow in London. The placement is expected during the week.
IT HAPPENED LAST WEEK
For the second week in a row, Piazza Affari closes at the top of the ranking of European stock markets. Even the performance since the beginning of the year sees Milan top with a +16% which is only surpassed by the +18% of Madrid. Paris gains 15%, London and Frankfurt have slightly lower performances.
The palm of the best blue chip belongs to Banco Popolare (+9,8%), the worst is Saipem (-7%), penalized on Friday by the judgment of Kepler Cheuvreux who lowered the judgment to "reduce" from "hold". In second place is Fondiaria Sai (+7,6%). Followed by increases of between 6 and 7%, Finmeccanica, Montepaschi, Ansaldo Sts, Telecom Italia, Buzzi, Pirelli, Mediaset and Enel.
The excellent performance of the football teams is singular: As Roma (+9,3%) continued its rally that began at the end of September, SS Lazio scored +19,62%, at 0,5 euro. Juventus rose by 8,42%.
