KIEV EFFECT: ASIA UNCERTAIN, WEAK OPENING IN SIGHT
IN MILAN UNDER THE SPOTLIGHTS OF POPULAR AND TELECOM
The tension rises in Ukraine, the price of thegold ($1329 an ounce) as well as that of the Petroleum (104,3 the Wti to Tokyo). in flexion theeuro, to 1,3851 on the dollar from 1,3906 on Friday, thanks to words from Mario Draghi at the IMF summit.
The Asian stock markets are weak but not too much. The Nikkei Index, after a downward start, fluctuates around parity, Hong Kong +0,15%. Down Shanghai –o.42% pending first quarter Chinese GDP data, which will be announced tomorrow. Tokyo -7,3% is the worst Stock Exchange since the beginning of the year. The emerging ones, on the other hand, are rebounding: +8,7% since 21 March the MSCI index.
The tensions in Ukraine weigh on European openness. During the day, EU ministers will meet to decide on possible new sanctions against Moscow. Futures on the main markets are in negative territory. In the foreground, the reactions to Mario Draghi's speech from the Monetary Fund rostrum.
La European Central Bank, was the president's message, is ready to respond with new monetary stimuli to a further strengthening of the euro to avoid downward pressure on the inflation trend.
Spotlight on Wall Street after heavy losses on technology stocks. The attention of the operators is focused on the quarterly, starting from Citigroup accounts which will be announced before the opening.
In the next few days, the parade of budgets, probably the "leanest" since 2009, will continue with: Google, Ibm, Yahoo, General Electric, Pepsico, Coca-Cola, Goldman Sachs, Bank of America and Morgan Stanley. On the macro front, the focus is on the speeches of the Fed governors. Janet Yellen will speak on Wednesday. Speeches by Dennis Lockhart, Charles Plosser and Jeremy Stein are also planned.
BTP ITALIA FORMULA SIX YEARS AT THE START
In this context, which favors the race for European public debt, the Treasury relaunches the Btp Italia, this time in a six-year version. Since March 2012, the five previous issues have raised a total of 66 billion, guaranteeing a good result for subscribers. In particular, the first three issues (in circulation for more than a year) yielded 5,5%, 7,7% and 6,2% respectively.
The new security, indexed to Italian inflation (ex tobacco) can be subscribed on the Mot (through a bank or an online broker) with a minimum denomination of 1.000 euros and offers a minimum real annual coupon (the last issue was at 2,15. 14%) to protect against high prices. The retail public can subscribe to the issue from 16 to 17.30 April, except for early closure. However, all requests received by 15 pm on Tuesday XNUMX will be satisfied.
RATING, ITALY REMAINS WITH SERIES
Italy retains its only A. The Dbrs agency confirmed Italy's long-term sovereign rating at A (low), with an outlook that remains 'negative'. DBRS is the only one, among the four agencies followed by the ECB, to have maintained the Italian sovereign rating in the 'A' area during the financial crisis, preserving the country's government bonds from a deterioration in their valuation as collateral in refinancing operations at the central bank.
The next pronouncement on the calendar on the Italian sovereign rating is expected on Friday 25 April by Fitch (which currently has a BBB+ rating with a negative outlook).
The government bond market remained quiet during the auction week. The 10-year BTP recorded a slight increase in yield to 3,20% (from 3,16% the day before), the spread is at 169. During the day, the Treasury placed 7,5 billion Btp at auction at declining rates: the three years fell to 0,93%, new all-time low.
More, Greece it returned to being financed successfully on the market, obtaining a yield of 4,95% for new 5-year securities. Mediobanca (-9,4% in the last week) secured a bookrunner role in the recapitalization operation of Eurobank, the fourth largest Greek bank.
BPM IN THE SIGHT, AFTER THE NO TO THE STATUTE
Waiting for the reaction of Piazza Affari after the unexpected rejection of the governance reform proposal by the shareholders' meeting of Banca Popolare di Milano a few days before the launch of the 500 million capital increase scheduled for May 5th.
The votes in favor of the amendments to the statute, agreed with the Bank of Italy, did not in fact reach the two-thirds quorum required for resolutions in extraordinary shareholders' meetings by a hundred or so votes. Since the beginning of the year, the BPM share has recorded an increase of over 50% against a gain in the sector index of around 20%.
BPER, CREVAL, ETRURIA. POPULAR IN FERMENT
Weekend of intense work for the Popolari. In front of the 3.200 participants at theBper assembly the president Luigi Odorici said that the decision on a capital increase "will be taken in a few weeks". The request for 700 million is almost obvious. In the last week the title has suffered a loss of 11,5%.
In an extraordinary session, the Creval assembly approved the capital increase up to 400 million euro through the issue of ordinary shares to be offered as an option to shareholders. The operation is assisted by a guarantee consortium. Banca Etruria and Popolare di Vicenza in the meantime, they have reached an agreement to define the "structure, methods and conditions" of a "possible integration". A note states that "until 30 May, Etruria will abstain from other similar negotiations to allow Vicenza to present a binding offer within that period". The IPO of Anima has successfully closed and will make its debut on the Piazza Affari price list on Wednesday. The offering price of the ordinary shares was set at 4,20 euros per share. The demand, at the offer price, was approximately 5,4 times the quantity of shares offered. The capitalization of the company will be equal to 1,259 billion euros, calculated on the basis of the offer price.
TELECOM ITALIA, SAWIRIS TRYES AGAIN
Sometimes they come back. Naguib Sawiris, in an interview with Il Sole 24 Ore, he let it be known that he was always ready to invest 2 billion in Telecom Italy (unchanged during the week) provided that he leaves the shareholding structure Telefonica, whose presence “is conflictual”. “I'm waiting – says the Egyptian tycoon – because the Italian banks have already said they want to exit in June. And the Brazilian regulator told Telefonica that it must decide whether to stay at Telecom Italia or control all of Vivo's mobile operations.
Sawiris' sortie falls on the day beforeassembly on April 16 who will appoint the new board of directors. The prediction is that the board, made up of independents, will give Telefonica more time to resolve the Brazilian game with the consent of the authorities, ie organize a consortium for the purchase of Tim Brasil together with other competitors. Meanwhile, the title has benefited from the agreement that will allow its customers to access to the Sky television offer, thanks to a new IP platform and a dedicated decoder: a similar contract with Deutsche Telekom has yielded excellent results in Germany.
DIVIDENDS ON THE RISE AGAIN, AVERAGE YIELD AT 2,3%
The dividend campaign is expected to be the most generous in recent years. The companies, according to data processed by S&P Capital Iq, are preparing to distribute coupons for a total amount of 12,4 billion against 11,1 a year ago. The average yield it is 2,3%, down from 3,6% a year ago, a circumstance that stops with the strong increase in prices.
The FtseMib index instead lost 4,4% in the last five sessions, reducing the gain from the beginning of the year to +11,7. The worst blue chip of the week was Azimuth -13%. From the communications to Consob on significant shareholdings it emerges that Helm Fiduciary, the holding that brings together employees and promoters of the Azimut group, has reduced its stake in the company to below 20% from the previous 22%. Kepler Cheuvreux reiterated the Hold recommendation with a target price of 23 euros.
Also declining Mediolanum – 13% e Mediaset -10,3%.
They bounce luxury stocks: Ferragamo +5% and Yoox +2,6%, despite the slide on Friday (-2,4%).
