SPREADS LIVE, BANKS UNDER STRESS
MILAN DOES NOT RECOVER THE COUPON EFFECT
Business Square does not absorb the impact of coupons. At the end of the meeting, the Ftse Mib index closed with a drop of 1,6 to 20318, slightly higher than the amount of 7 billion in dividends estimated at 1,49%.
But the "flat" closing should not mislead: under the pressure of the increase in the spread, banking and insurance stocks suffered the effect of strong volatility, with thuds exceeding 3-4% during the day.
The spread between BTPs and Bunds remains at high levels: 181 basis points, for a yield of 3,14%.
It also widens by 15 point the gap between Btp and Bonos.
The other European Stock Exchanges were less agitated: Frankfurt +0,36%, Paris +0,33%. In negative territory London -0,12 and Madrid -0,42%.
Deutsche Bank loses 2% to 30,1 euros after the announcement of the capital increase of 8 billion (1,7 subscribed by the royal family of Qatar)) and is together with Commerzbank (-2,2%) the worst blue chip of the Frankfurt Dax.
The American Stock Exchange is uncertain, despite the announced M&A operations: with the S&P index up 0,15%, Dow Jones unchanged, the Nasdaq up 0,5%.
The latest disappointing data on the house prices in China or, even more, the news from Libya, where a coup attempt by former general Khalifa Haftar is underway. The price of oil is up with Brent at 119,1 dollars a barrel (+0,3%).
Gold up to 1.300 dollars an ounce (+0,5%) thanks to the agreement between central banks not to sell reserves. The rumor that the new Indian premier Modi could lift the restrictions on the import of the yellow metal also favors the rise.
Pfizer Sale +1.9% after Astra Zeneca's rejection of the offer of 117 billion dollars.
On the contrary, AT&T fell -1,2% after the conclusion of the purchase of Direct TV, an operation worth 67,1 billion dollars.
The percentage changes are distorted by the coupon detachment.
It weighed on the credit system the “competition” from Deutsche Bank –2,2%: the institute announced a capital increase of 8 billion, of which only 6,3 was offered to the market. A 1,75 billion tranche will be subscribed by the Qatari royal family.
Among bank stocks, Intesa loses 2,47% (0,9 if the dividend is taken into account). Unicredit -3,20% (-1,54 ex coupon).
Ps, which does not issue a dividend, limited the shock of Antonella Mansi's resignation to 0,13%.
In positive ground Bpm +1,25% in the last day before the closing of the capital increase.
Generals –3,75% (-1,06%). The prospect of placing the stake held by Fondo Strategico Italiano weighs heavily.
Eni is in tension, which in any case held up despite the news arriving from Libya. The six-legged dog falls by 2,95% (unchanged and taking into account the coupon). Enel -0,65%.
Well St +2,27%.
A2A accelerates in the final session, up by 2,25 to 0,8225 euro. The placement of 5% of the company by the two reference shareholders, the municipalities of Milan and Brescia, will be postponed, as the stock market price has fallen below the minimum threshold set by the resolution, 0,87 euro. The new head of the company will be Luca CCamerano, ex Gdf Italia.
