Stock exchanges in Asia and the US moved little, after an eventful hearing by Janet Yellen in the US Senate. The Fed chairman reiterated his strategy on the interest rate front and defended the new control rules on banks. Strong protests from the Republican majority who accused the president of excessive closeness to the White House. The confirmation that the rate hike is not imminent has however favored a new record for Tokyo +0,8%. The civil servants' pension fund has announced that the portion of assets invested in shares will rise from 8 to 25%, as requested by Abenomics.
Hong Kong also up +0,2%, supported by the growing data of the Chinese PMI. Flat Wall Street: Dow Jones +0,08%, S&P 500 -0,1% and Nasdaq -0,02%. Hewlett-Packard dropped 10% after the company lowered its 2015 earnings estimates. Aruba Networks jumped 20% in talks to own integration with HP. The euro/dollar is 1,136 from 1,134 at the previous close
EUROPE, ON THE SEVENTH DAY THE BAGS STOPPED
After six consecutive rising sessions, the rally of the Milan Stock Exchange has stopped. The Ftse Mib index lost 0,9% compared to Tuesday when it was the highest since June 2014. The Stoxx 600 index (-0,3%) also marks the first decline after six positive days that had pushed the indicator on the record levels of the last six and a half years. Frankfurt lost 0,13%, London 0,37%, Paris 0,27% and Madrid 0,24%. The Athens Stock Exchange lost 1,6%, after +9,8% two days ago. In Europe, sales hit automotive companies in particular (Stoxx index -1,5% and banks -1%).
ITALY PASSES THE EXAMINATION, FRANCE DOESN'T. BERLIN: NO DISCOUNTS IN ATHENS
Work in progress in Brussels in view of the country specific recommendations that will be released tomorrow by the EU. The European Commission has given the definitive go-ahead to the 2015 Italian and Belgian Stability Law. On the other hand, the infringement procedure against France has been opened. However, Brussels has warned that Italy still has work to do to correct the macroeconomic imbalances and an assessment of the approved reforms has been scheduled for next March.
Berlin's position towards Athens remains tough. German Finance Minister Wolfgang Schaeuble warned the government of Alexis Tsipras that if the bailout program is not fully respected and no "numbers" on the reforms arrive at the end of April, then no aid will be granted.
Meanwhile, the Spanish Constitutional Court ruled that referendums for independence or self-determination cannot be organized by individual regions, thus confirming the sentence which had led to the suspension of the consultation organized by Catalonia last September.
TODAY ON OFFER 8,75 OF MEDIUM-LONG-TERM SECURITIES
The spread between the BTP and the Bund closed at 112 basis points and the domestic 1,45-year yield fell to 7%, a new all-time low. New record for the Treasury auction, which placed all 0,09 billion six-monthly BOTs with yields down to 0,16%, from 12,6% in January. The amount requested was €1,81 billion and the coverage ratio was 10 times. Today will be the turn of Btp ae 6,75 years in addition to the Ccteu: the quantity offered fluctuates in the range between 8,75 and XNUMX billion.
THE TREASURY SELLS 5,7% OF ENEL: VALUE OF 2,2 BILLION
The Treasury has sold 540 million Enel shares, equivalent to 5,7%, thus decreasing to 25,5% of the share capital. The operation, at yesterday's Stock Exchange prices (4,048 euros -0,34%) is worth 2,2 billion euros. The controlling share thus falls below 30%, the threshold beyond which it is mandatory to launch a takeover bid, thus making the company more contestable on the market. Now, with the sale of a further Enel stake having been liquidated, the Treasury can concentrate on the forced privatization of the Post and Railways.
A meeting is scheduled for the week at the Ministry of the Economy on the Post Office dossier. On the other hand, the operations relating to Sace, Stm and Enav appear to have stalled. The situation in the oil sector advises against the sale of shares in Eni or the subsidiary Saipem, the prime minister repeated several times.
The government's plan goes on like this: between 2014 and today, the listing of Fincantieri was completed, the sale of 35% of Cdp Reti (the box that contains the equity investments of Terna and Snam) to State Grid of China and that of 40 % of Ansaldo Energia to Shanghai Electric. During the week, the transfer of Ansaldo Breda and Ansaldo Sts to the Japanese company Hitachi was defined. Finally, let's not forget the listing of Rai Way on the Stock Exchange, the subject of a takeover bid yesterday by Ei Towers (Mediaset).
RAIWAY, THE GOVERNMENT IS HOLDING BACK THE MEDIASET TAKEOVER
Yesterday it was Rai Way +9,46% that dominated the attention of the market after the launch of the tender offer by Ei Towers (subsidiary of the Biscione) +5,26%. Mediaset gained 1%. The offer includes a cash component (3,13 euros) and one in shares, thus valuing the company of the Rai transmission towers at 1,22 billion euros, equal to approximately 4,5 euros per share (Rai shares on Tuesday had closed at 3,70 euros). The offer, which includes a cash component (3,13 euros) and a share component, values the company of the Rai transmission towers at 1,22 billion euros, equal to approximately 4,5 euros per share.
In the evening, a note from the Ministry of Economy froze market expectations: “The government recalls that, also considering the strategic importance of network infrastructures, a Decree of the Presidency of the Council of Ministers of 2 September 2014 established to maintain Rai holds a share in the capital of Rai Way of no less than 51 per cent".
The theme of the towers favored Telecom Italia +1,57%, best stock in Piazza Affari. The company led by Marco Patuano is preparing to launch the IPO of Inway, the newly established company that brings together the transmission towers of the former incumbent.
RCS ACCELERATES THE SALE OF THE BOOKS TO Mondadori
The transmission towers dossier did not exhaust Fininvest's activism. The Berlusconi finance company also dissolved the shareholders' agreement in Molmed: the biotech stock lost 1,35%. Finally, Mondadori's -2,16% acquisition of Rcs libri picks up speed. The board of RCS Mediagroup (-0,34%) was convened for next 2 March with an agenda relating to the "progress of the sales plan and strategic projects in progress". It is not excluded that the offers received by the publishing group for the acquisition of the radio stations of the Finelco group will also be examined.
BANKS
Day of realizations in Piazza Affari for the banking sector. List sales involved the entire segment: Banco Popolare - 2,23%, Bpm loses 2,10%, Bper 2,13%. Ubi Banca -2,85%. Mediobanca loses 2,66%, Intesa 1,51%, Unicredit 2,21%. Setback also for Monte Paschi -2,70%. Countercurrent Finecobank (+2,24%) which updated the all-time high to 5,485 euros +2,24%.
In the meantime, the Chamber is tightening the time on the popular reform. Today is the deadline for the presentation of the amendments to the Finance and Productive Activities commissions, meeting to continue examining the measure. The text, which expires on March 25, should therefore arrive in the Chamber as early as next week, in time to be dismissed and transferred to the Senate in the competent commissions.
EXOR MAKES CASH WITH CUSHMAN. MARCHIONNE HAS 0,851% OF FCA
Exor is preparing to sell Cushman & Wakefield, one of the global giants of real estate services purchased for 500 million dollars in 2007, on the eve of the subprime crisis. According to The Wall Street Journal, the financial house of the Agnelli house has hired Goldman Sachs and Morgan Stanley to look for a buyer for the group. Asking price: $2 billion. Exor itself confirmed that it is evaluating the sale but "at the moment there are no transactions to communicate nor is there any guarantee that the ongoing analysis will end with a sale".
Meanwhile Fiat Chrysler, after the long rally, dropped 2,12% at 13,38 euros. From the files delivered to the SEC, it turns out that the CEO Sergio Marchionne has increased his stake in the FCA capital to around 0,851%. Instead, the manager sold 600 shares of Cnh Industrial -1,60% for 4,551 million euros.
THUD OF PRYSMIAN AND HERA
In the rest of the price list, Prysmian's -2,2% after the presentation of the 2014 accounts should be noted. A sharp drop for Hera (-3,69%) in the face of the prospect that the percentage of common shareholders will fall to 33%. A2A also slows down (-0,33%) after the leap following the placement of 5% by the Municipalities of Brescia and Milan. Finally, Kinexian (+25,4%) flies after the president Pietro Colucci announced that the objectives of the plan will already be achieved in 2015, one year in advance.
