Only Intesa Sanpaolo, thanks to the positive reception given to industrial plan presented to analysts this morning, and few other bank stocks escaped the rain of sales which, although less intense than the storm on Wall Street and the subsequent tsunami in the East (Tokyo -4,7%), is characterizing the stock markets.
At Piazza Affari the index Ftse Eb it suffers a drop of around two percentage points, around 22.300 points, after slipping at the opening to 21.942 points, far below the 23 recorded on Friday alone. Also in sharp decline Paris (-2,20%), Frankfurt (-2,45%) And London (-2,20%), which during the morning reached its lowest since the end of 2016. Futures on the opening of Wall Street signal an upward start of around half a point.
The stock market crisis has revived the , the most classic of safe-haven assets, up to 1.340 dollars an ounce. Cryptocurrencies do not enjoy as much luck: the bitcoin it fell below 6.000 points, the sixth consecutive day of decline.
On the contrary, it enjoys unsuspected solidity BTP, at the wheel of Waist German: the 1,99-year market trades at 2,01%, from 0,67% yesterday. Bund at 4%, down XNUMX basis points. The news on the agreement reached in Stuttgart, for Baden-Wuerttenberg, relating to the dispute of Ig Metall, the union that represents the iron and steel and electricity industries, has eased the tension.
Within hours, even i US bonds they have returned to being the safe haven asset, the exact opposite of the perception of a few days ago: the 2,70-year Treasury Bill collapsed to 2,86%, from XNUMX% the day before.
Among the virtuous exceptions, Intesa Sanpaolo (+1,78% to 3,15 euro) after the presentation of the business plan and the 2017 accounts closed with a profit of 7,3 billion (with a contribution of 3,5 billion for the acquisition of the Veneto banks). The bank will propose the conversion of savings shares (+7%) into ordinary shares, with a ratio of 1,04 ordinary shares for each savings without cash adjustment. The Plan provides for the reconversion of at least 5.000 people to roles with high added value, further closure of 1.100 branches.
It does even better Monte Paschi Bank (+2,72% to 3,70 euros). The Bank will present the first results on Friday after its return to the Stock Exchange.
In balance B for Bank. This morning Mediobanca confirmed the target of 6,0 euro with an Outperform rating. The potential upside compared to the listing is around +30%.
Recover FinecoBank (-2%) after a thrilling start in which he lost 9%.
In negative territory, albeit recovering, the other blue chips, starting from industry. Leonardo -3,65% on the new lows from 2016. In the Agnelli stable, fca -3,31%: the company has laid off a part of the employees of the Turin Mirafiori plant. He misses out Classic Ferrari for sale (-3,06%): this morning Goldman Sachs confirmed the Neutral recommendation, raising the target price to 118 euros from 106 euros. Cnh Industrial -4,3%.
Telecom Italy-2,8%. The Brazilian subsidiary presented data for the quarter that exceeded expectations. Mediaset -1,75%: the League of Serie A football teams has decided to accept the offer from Mediapro, an operator with no infrastructure that will resell the matches on television. The law provides that there cannot be a single subject to hold everything, so Mediaset could be able to have a portion of the championship, at reasonable prices.
