Piazza Affari gains confidence thanks to the corporate results (Generali), the announcement of more lenient banking rules by the Supervisory Authority, and the official start of the duel in Telecom Italia between Elliott and Vivendi. Thanks to these factors Piazza Affari +0,35%, index Ftse Eb above 22.500 points, leads the rise of European lists: Paris e Frankfurt +0,1%, in negative ground Madrid (-0,3%).
London +0,1%. This morning Unilever, the third company in the City by market value, has announced that it will move its headquarters from the English capital to Rotterdam to react to the consequences of Brexit.
The currency markets are calm (euro/dollar at 1,237), for now fears about the Italian political situation have subsided: the BTP trades at 2%, the Bund at 0,59%.
Oil rises: Brent at 64,9 dollars a barrel. Eni +0,74%. Friday the new 2018-2021 strategic plan. Equita expects a capex of 7,5-8 million a year, a dividend of 80 euro cents and a new share buyback programme.
Brilliant the accounts of Generali (+ 1,73%). The company closed 2017 with an operating result of 4,89 billion euros, up 2,3% yoy, slightly better than expected. Growth was driven by Life business, investments and cost cutting. New Life business recorded a 54% growth. Net profit rose to 2,1% billion euros, up 1,4%. The combined ratio is also better (92,8%). The real surprise is the Economic Solvency Ratio, equal to 230%, well above expectations. The combined ratio is also better (92,8%). The real surprise is the Economic Solvency Ratio, equal to 230%, well above expectations. The proposed dividend is equal to 0,85 euro, in line with expectations (yield 5,2%) up by 6% compared to the previous year.
in Frankfurt Munich Re rose 1,4% after raising its 2018 profit forecast and announcing a €1 billion share buyback.
Fight the banks: Unicredit -0,3% Understanding -0,1%. Bpm bank + 1%.
In Paris it loses ground Socgen (-2,3) after the unexpected departure of the deputy managing director Didier Valet following some disagreements with the management.
This morning the ECB published the addendum to its guidelines on the management of banks' non-performing loans. The regulator calls for full coverage on secured credits in two years and on unsecured credits in seven years. The addendum, specifies the European central institute, is non-binding and will form the basis of the case-by-case supervisory dialogue between the significant banks and the ECB's Banking Supervision, the results of which will be integrated for the first time in the 2021 SREP In fact, the ECB gives the banks four years to reach the required NPL levels.
The winds of war raise the prices of Telecom Italy (+2,66%). The company has reported that it has received Elliott Partners' request to integrate the agenda of the meeting of April 24 with the revocation of six directors: the chairman Arnaud Roy de Puyfontaine, the deputy Giuseppe Recchi and the directors Hervé Philippe, Frédéric Crépin, Félicité Herzog and Anna Jones. In their place, the activist fund proposes the appointment of Fulvio Conti, Massimo Ferrari, Paola Giannotti De Ponti, Luigi Gubitosi, Dante Roscini and Rocco Sabelli.
On positive ground too Leonardo (+2,5%), which released the data for the fourth quarter yesterday evening: Ebita of 363 million euros, about 10 million above estimates.
It also advances stmicroelectronics (+1,3%) on Capital Markets day.
Brake instead Atlantia (-2,14%) in the wake of the details on the division of Abertis which provides for the entry of the group into Hochtieff. In addition, the holding is given a pre-emption right to acquire 29,9% of Cellnex, a telephone tower operator, from Abertis at a price of 21,20 -21,50 euros.
Aedes (+6%) published 2017 results above expectations.
MailUp (+5,5%) closed the fourth quarter of 2017 with growth of 21% to 8 million euro.
It highlights itself for the same reason too Technological investments (+ 3%).
In reverse sapphire (-2%) the fall continues after yesterday's -5%.
