The European stock exchanges rebound from the lows of the last five months and Milan moves slightly up by 0,22% above the level of over 20.600. The Stoxx 600 index at the start touched the lowest level since April, weighed down by the weakness of the Frankfurt stock exchange after the abrupt stop of orders to German industry in July: -0,09% against estimates of +1,8%. Now the Dax is up 0,11% thanks also to HSBC's Buy on Rwe +2,5%.
Also featured utilities a London -0,15%: Centrica rising nearly 4% after local regulators capped energy prices at the lower end of the market expectations range. In Milan Enel advances by 2% after the promotion of Goldman Sachs to buy, motivated both by the high level of the dividend and by the possibility of a buyback.
Sale Paris almost flat +0,06%.
Ten-year BTP stable at 3,05% yield with a spread of 265 basis points, also due to the technical effect of the change in the benchmark security used for the comparison: today's spread must be reduced by 13/15 basis points to make it comparable with yesterday's close and it drops to 255 basis points.
The dollar moves on yesterday's levels: 1,163. In the afternoon we expect the data on American job market. At 14 pm, the Adp estimate for new jobs in the private sector in August will be released, while at 15 pm the weekly requests for unemployment benefits will be published. The data is important in view of tomorrow's surveys on the unemployment rate.
Oil recovers this morning: Brent at 77,63 dollars after yesterday's drop.
Eni +0,2%has mandated a consortium of banks to organize a fixed rate bond issue in dollars, to be issued in two tranches with a 5-10 year term. The issue, the first after ten years, was very well received: requests of up to 10 billion which made it possible to lower costs by 40 basis points - Saipem -2% and Tenaris -1,6%.
Strong progress in Piazza Affari Atlantia + 2% to 17,55 euros: Morgan Stanley has issued an equalweight recommendation with a target price of 22 euros. The Abertis operation is defined, and the procedure will continue as planned, declares Gilberto Benetton in an interview in Corriere della Sera. The Spanish motorway company, no longer listed, was taken over through a takeover bid by Hochtief in agreement with the parent company Acs and Atlantia.
Telecom Italia rebounds +1,7% after Vivendi's harsh note on the leadership of Elliot and Cdp. Tim doesn't need small talk, but facts: important decisions and execution. This is what director Massimo Ferrari, Tim's director, declared on the sidelines of Borsa Italiana's Infrastructure Day. Meanwhile the Iliad commercial offensive continues. Xavier Niel's company, which already has two million subscribers in Italy, today launched a new offer at discounted prices. Iliad is paying for the low-cost policy with negative economic results and stock market declines.
the title Mediaset moves up by 0,8% to 2,49 euros. The Alfa Romeo group, through its subsidiary Radio Mediaset, has acquired 100% of the shares of Rmc Italia, which broadcasts Radio Monte Carlo.
Bankers are recovering after a weak opening. Carige it yields around one percentage point but then recovers after the request of the first shareholder Malacalza to the Court of Genoa to inhibit the competing list presented by Mincione in view of the meeting for the renewal of the board. For Equita, "the strong disagreements between the parties will make it difficult to reach an agreement to guarantee the governance of the Board of Directors in the event of a head-to-head meeting on 20 September".
It still goes up FinecoBank + 1,4% above 11 euros.
Out of the main basket:
- Saras loses 11% approximately slipping below the placement price of 2 euros per share at which the main shareholders Massimo Moratti Sapa and Mobro Spa placed approximately 10% of the capital. Equita recalls the lock-up agreed by the selling shareholders on the shares still held which "eliminates the expectations of a possible take-over in the next 9 months".
- Isagro in volatility auction after a leap of 16,5% in the wake of the first half results and the positive outlook announced yesterday.
