GERMAN CONFIDENCE FALLS, BAGS IN DEPRESSION. DOWN BANKS AND UTILITIES. FINMECCANICA STOPS
German confidence falls. The Zew index fell to 25,4 from 44,3 in August. Awaiting the decisions of the Fed, which will meet from tonight, and the first Tltro loan of the ECB on Thursday, a new negative indication thus arrives on the markets. This is how the European stock markets fell: the FtseMib index fell by 0,59% to 20.728. The other European Stock Exchanges also fell with Frankfurt losing 0,42%, Paris -0,52% and London -0,48%. Madrid -0,56%. The effect of the new OECD and S&P estimates which show that Italy is already in recession still weighs on Milan. The pressure on government bonds is mounting with the yield of the BTP rising to 2,48%, the spread rising by 5 points to 144 points.
The dollar strengthened slightly against the euro to 1,293, from 1,296 at Friday's close. The decline in oil continues with Brent trading at 96,5 dollars a barrel -0,3%. The main banks are down: Unicredit -0,6%, Intesa -1,4%. The institute is planning an agreement with the US group Neuberger Berman, specialized in management. The US partner should acquire shares in some funds of the Italian group with an investment of around 100 million. The two partners should then set up a joint venture in which to merge assets for around 550 million. Monte Paschi -2,4%, also weak due to the publication of a study by Mediobanca according to which the Italian group could encounter difficulties in the stress test being carried out by the ECB. Managed sales too: Azimut loses 3,7%, downgraded by Equita. Mediolanum -1,8%.
Setback by Finmeccanica, down by 2,2%. Chief Executive Officer Mauro Moretti said the group had received four non-binding offers for Ansaldo Sts and Ansaldo Breda. arrived from the Chinese consortium Crn Insigma, from the Japanese Hitachi, from the Spanish Caf and from the French Thales. Banca Akros analysts underline that the confirmation that Thales and Caf are also in the match is positive, even though they believe that the Spanish Caf group is too small to make a proposal for both companies and is probably only interested in Ansaldo Breda. The subsidiary AnsaldoSts also decreased -0,8%.
Still down StM -1,5% and Fiat -1%. Telecom Italy -2%. News from the Brazilian front: it is a question of a possible integration between Oi and Tim Brasil, in case a super-offer for the Italian group's Carioca subsidiary does not materialise. Eni is finally positive +0,3% which finally recovers after seven consecutive sessions of decline. Among the luxury stocks, Yoox falls, down by 6% after the profit warning of the English Asos which operates in the same field as the Italian company (online sale of luxury clothing and accessories).
Among the minor stocks, Falck Renewables, a group active in the production of energy from renewable sources in Italy and abroad, rose by 0,5%. The group completed the acquisition of the entire share capital of the Vector Cuatro Group. Enel -1% and Enel Green Power -0,8% down. Iren +0,6%: the Ministry of Economic Development has recognized the Ogt floating regasification terminal (controlled together with E.On) as a strategic infrastructure which entitles it to secure tariff recognition even in the event of tank failures. Falck Renewables, +0,5%. The group has completed the acquisition of the entire capital of the Vector Cuatro Group. Finally Buzzi acquired 100% of Uralcement from Lafarge. Kepler has estimated the EBITDA of the new acquisition at 20 million with an enterprise value/EBITDA ratio of 6 times.
