European markets rose in the morning, however less euphoric than Asian lists. The most tonic Stock Exchange is that of Frankfurt +0,60%, driven by the reorganization of energy, ahead of Madrid. In Milan, the Ftse Mib index rose by 0,3% just above 22.800 points, in line with Paris. Flat London: today the Eurogroup (the entity that brings together the finance ministers of the countries of the euro area) takes a position on Brexit.
European utilities (+2,2% the sector index) are up sharply after the agreement in principle in energy which redesigns the sector in Germany. RWE (+8,36%) will yield to E.ON (+5,3%) 76,8% of Innogy (+12,8%) at 40 euros per share focusing on electricity grids with regulated tariffs and on services. The agreement also provides for Rwe to acquire 16,67% of E.ON and take over all the renewable energy assets of the companies involved in the operation which will have a total amount of 43 billion euros.
Tonic the Italian companies: Enel earn 1.1%, Italgas+ 1,4% Snam + 1,2% A2A +0,8% and Terna +0,7%. The Energy Authority has published the new regulatory indications on incentives for the construction of new capacity built in the 2020-2023 period. In addition, remuneration is introduced for certain types of investments in new projects. In the spotlight too Erg +2% and Falck Renewable +4%. Kepler-Cheuvreux raised the recommendation to Hold from Reduce, bringing the target price to 2,0 euros from 1,80 euros.
The German Bund 0,65% moved little, the yields of the Btp 2,02% rose slightly. The spread widens to 138 basis points. This morning the Treasury placed all 6,5 billion annual BOTs with a yield of -0,403%.
Today in the US 21 billion ten-year bonds will be auctioned.
Brent oil was little move at $65,5 a barrel, closing up 3% on Friday, the widest daily change since July. There are signs of a slowdown in US mining activity. The number of active rigs has been declining for six consecutive weeks.
Eni (+0,6%) announced that it had sold 10% of the Zohr field at a price of 930 million dollars. The Egyptian field was valued at $9,3 billion, almost double the valuation two years ago. The same company also announced the purchase of shares in two oil fields in Abu Dhabi: a total investment of 875 million dollars. Saras +2,7% awaiting the results and the industrial plan.
In Piazza Affari he wakes up Leonardo (+1,2%). Saudi Arabia will purchase 48 Typhon Eurofighters for a value of 10 billion dollars. The share pertaining to the Italian group is 1,7 billion euro.
fca +0,28%, despite the air of trade war also threatening the car. After the confirmation of the Magneti Marelli spin-off "Our positive vision - writes Mediobanca Securities - has not changed, the share is up 15% since the beginning of the year and now trades at a multiple of 5,6 times the price- expected earnings for 2018 compared to the competitors' average of 6,6”, calculates the investment bank, which confirmed the outperform opinion on the stock with a target price of 22 euros.
Slows Atlantia (-0,22%). The joint offer with Acs on Abertis will be done through a new vehicle, without any break up for at least 5 years. The developments are provoking protests from the funds that have taken a stand awaiting the opposing offers of the two former duelists. Some managers are considering whether to file a lawsuit against the companies involved for having withheld relevant information and against the Spanish Consob, which today approved the offer by Acs/Hochtief.
It also misses out Telecom Italy (-1%) after Elliott's clarification that it intends to provide indications on the participation "in the times and in the manner established by Italian legislation". During the week, by 20 March at the latest, the new shareholder will request the forfeiture of at least five directors. Vivendi could respond by dismissing the board of directors. Mediaset + 1,8%.
Among the banks, Unicredit -0,2% on the day in which the conversion of savings into ordinary shares becomes effective. Understanding + 0,5%. FinecoBank (+0,8%) today marks a new all-time high at 10,43 euros.
In January there was a leap in business loans (+1,9%), plus a drop in net non-performing loans, which fell below the 60 billion euro mark (-17,6% year on year), the Bank of 'Italy.
Hit new all-time highs Italian post (+2%), promoted by some important brokers: JP Morgan raised its rating to Overweight from Neutral, bringing the target price to 9,0 euros from 6,60 euros. Equita switches to Buy from Hold, target 8,10 euros. Goldman Sachs adjusts the target to 7,70 euros from 7,40 euros, Neutral opinion confirmed.
Generali + 0,6%. Catholic +3,7%. Alberto Minali opens the Board of Directors to Warren Buffett's representatives.
It is worth noting the braking of Astaldi (-4%). According to Il Sole 24Ore on Saturday, the construction group intends to increase the capital increase from the previous 300 million up to 200 million euros, without proceeding with the issue of financial instruments for another 200 million.
Down too MolMed (-5%), a biotech company specializing in innovative cancer therapies reported its 2017 accounts. Net loss down by 39% to 8,5 million euros. Operating revenues +5,1% to 24 million.
