The rebound of the banks and the news of the forthcoming sale by Fiat Chrysler (8,2%) of Magneti Marelli to Samsung have been tonic for Piazza Affari after a nightmare Tuesday. And so, after an ups and downs session, the Ftse Mib index +0,40% resists above 16 thousand points together with Frankfurt +0,2%. The other European price lists were negative, albeit slightly.
The Btp/Bund spread was stable between 130 and 133 basis points.
Little move Wall Street: the three major indices, S&P500, Nasdaq and Dow Jones are essentially unchanged. Declines in health care and consumer stocks offset gains in energy and financials.
The fact that slightly higher than estimated jobs were created in July (179 new jobs) is not enough to support the US indices, also because the decline in the ISM index was higher than expected. Investors are preferring to sit by the window for tomorrow's Bank of England and US jobs report on Friday.
The pressure on oil prices continues after data on inventories in the United States climbed by 1,413 million units as analysts expected a decline. Saipem +0,59%, Eni +0,69%) and Tenaris +2,01% rose.
Fireworks for Fiat Chrysler +8,26% after the Bloomberg scoop: the group is preparing to sell Magneti Marelli to the Korean Samsung for about 3 billion dollars (a figure almost double compared to estimates). Thanks to this operation, Sergio Marchionne could significantly reduce the group's debt (expected at 5 billion euros at the end of the year); Exor also advances +3,5%: Lee Jae Yong, vice president of Samsung Electronics was a member of the board of directors of the Agnelli holding company.
In Europe, the Stoxx index of banks rose by 1,7%, thanks above all to the good results of the Dutch Ing +8,2% and of the French Société Générale +3,1%.
Large trading volumes on Unicredit -2,28%, which experienced a day of great volatility: a start in deep red (-4%) due to a lower than expected Cet1 value at 10,33%. Then a recovery is why the bank closed the second quarter of 2016 with a net result of 916 million euros, more than double the result of the first quarter of 2016 and due to the effect of the latest disposals: The sale to Sia of the credit card payment business was announced today, a transaction which brings in revenues of half a billion euros in cash and generates a positive effect on Cet1 of 12 basis points. If the effects of the sale of the stakes in Pekao and Fineco Bank are added, carried out after the closure of the accounts, the CTier1 is equal to 10,55%.
The words of Minister Gian Carlo Padoan who reiterated in Parliament the good health of the Italian banking system had a beneficial effect on the rest of the system. Good Bper +4,02%, Monte Paschi +1,81%, and Bpm +1%.
Rcs - 8,19% to 0,7435 euros fell sharply, after announcing good second quarter results, better than expected. The quarter closed with a net profit of 19,9 million from the loss of 60,2 million in the same period a year earlier, on revenues down by 1,9% to 284,3 million.
The uncertainty over top management weighed on the share: in this afternoon's press release (issued while the board is still in progress) there is no mention of the resignation of the current directors, to make way for Urbano Cairo and his men, nor of the summoning of a forthcoming shareholders' meeting. Urbano Cairo has asked that a meeting be convened in September for the renewal of the board and in the meantime has proposed that four directors resign to allow him and his team of managers to immediately take over the leadership of the company.
Poste Italiane closes up 3,5% to 6,195 euros after yesterday releasing the results for the first half, which closed with total consolidated revenues of 17,7 billion, from 15,95 billion in the same period of 2015, and a net profit of 565 million from 435 million, against an analyst consensus of 473 million. Poste Italiane confirmed its dividend policy for 2016.
