While awaiting the onset of the Trump era on Wall Street, the markets are struggling to find a direction. TO Business Square, although in turmoil due to the maneuvers on Generali, the Ftse Mib index, after having almost canceled the initial losses, marks a drop of 0,15% around 19.400. The decline of the other lists was more marked, between 0,3 and 0,4%.
Salt it spread on the Bund to 170 basis points from 167 at Friday's closing, while the rate on the ten-year December 2026 fell from 2,03 to 2,02%. The dollar was weak, losing ground against the euro (down to the lows for the month and a half of 1,0754 dollars per euro) and the yen.
Also declining Petroleum: Brent at 54,9 dollars a barrel (-0,9%). Eni drops by 0,5%, Saipem -0,8%, advance Tenaris (+1,1%). The number one of Rosneft, Igor Sechin, today asked the president of Russia, Vladimir Putin, to receive the partners Banca Intesa, Glencore and Qatar investment Authority, according to reports from the Kremlin. Sechin said that Rosneft is planning new projects with these three partners and that he intends to inform Putin about the prospects of these projects.
The protagonist of the day in Piazza Affari is Generali, up 5,91% after the rumors about the future of Leo. There are various rumors, starting with the forthcoming (probable) resignation of general manager Alberto Minali and the promotion of managers arriving from Axa (who are themselves fleeing Paris after the changes at the top). But there is also talk of a possible entry into the capital of Intesa with an investment of 5-6 billion, it is not known whether in opposition or in alliance with Allianz.
The reaction of the other titles involved in the puzzle is different. Back off Understanding (-2,19%): the president Gian Maria Gros-Pietro opposed the no comment to the rumors. Salt instead Mediobanca (+2,26, Generali shareholder with 13%) on the wave of the company's earnings. Banca Generali is on the rise (+6,4%), which also benefits from the promotion of Mediobanca to Outperform from Neutral.
Analysts about the operation are skeptical. Mediobanca Securities considers an operation involving Intesa's entry into Generali as "very complicated from a regulatory point of view", underlining that it would be a surprise for the bank's investors, eager for dividends and strategic visibility. Hence, he says, the negative effect on the performance of the stock.
Banca Akros defines an acquisition by Intesa as "improbable" due to the high risks of integration and says it is also "skeptical" of Allianz "for antitrust and political reasons". Icbpi recalls the recurring rumors of a takeover on Generali, especially after the downsizing of its market value: "The Intesa Sanpaolo hypothesis seems rather unlikely to us (due to the market share that the group has achieved in the Life business, which could raise problems of Antitrust)".
Fight the other banks. salt Creval (+2,3%) again on the assumptions of business combinations with Bper (-1%). Bpm bank is unchanged, positive Ubi (+ 1,1%). Unicredit drops by 2,5% with the quotation at 26,30 euro: starting today the grouping of 10 old shares for a new one is effective. Mediolanum Bank loses 1,9% after Mediobanca's downgrade to Neutral from Outperform.
Enel it is traded at 4,10 euros after detaching a dividend of 0,09 euros today. The change adjusted for detachment is +1,3%. The industrial stocks moved little: Fiat Chrysler + 0,1%, like StM. Good boosters for Prysmian (+ 1,5%) and Cnh Industrial (+ 0,7%).
Among the mid and small caps they stand out Fincantieri (+ 3%) and Mondadori (+ 2,5%).
