Recovery or stagnation? There are conflicting signals from the economy on both sides of the Atlantic.
In the USA, sales of existing homes slow down -3,3% against a growth forecast of 0,8%. Conversely, the super-index, the most complete indicator of trends in the American economy, surprisingly rises by 0,7% (against a forecast of 0,3%). There is great anticipation for Janet Yellen's speech tonight.
In Germany, meanwhile, the PMI index falls, against expectations, to 52,8 from 54,3. The spotlights are on today on the German Ifo data. The market response reflects the general uncertainty.
Little movement this morning Tokyo, at its highest since 2000, awaiting communications at the end of the central bank meeting. Other markets rose, starting with Dhanghai: the market is expecting new monetary stimuli over the weekend. New York stocks rose slightly: Dow Jones unchanged, S&P 500 +0,23% (new record), Nasdaq +0,38%.
In Europe, Piazza Affari is the only Stock Exchange to close in negative territory: Ftse Mib -0,14% at 23.740 points. Modest increases for London and Frankfurt +0,1%. Paris +0.2%.
The euro/dollar exchange rate is stable at 1,111. Oil advances: Brent at 66,54 dollars (+2,3%).
BTP AT 1,86%M WEIGHTS THE SHADOW OF ATHENS
The Btp/Bund spread stood at 122 bp. The yield on the ten-year BTP rose again to 1,86%. The expectation is growing for any solution for the unknown Greece.
Yesterday Alexis Tsipras met Angela Merkel and François Hollande on the sidelines of the EU summit in Riga. Even if the Greece case is not on the agenda of the summit, dedicated to relations with Eastern Europe, efforts are multiplying for an agreement in extremis, before the installment to be repaid to the IMF, set for 5 June, expires.
The latest rumors speak of a possible compromise: postponement of Tsipras' decisions on pensions and salaries but new fiscal measures. In this way, the EU will be able to anticipate part of the aid and the premier will be able to return to Athens with some results to present to the country.
IN SIENA, THE TREASURY AT 4%, FIRST SHAREHOLDER
A balance offer for the new securities of Monte Paschi, offered with the next capital increase. The Board of the Bank, after a five-hour meeting, resolved that the new securities, offered to shareholders at a rate of ten new shares for each one already held, will have a subscription price of 1,17 euros, with a theoretical discount on the terp of 38,9%, slightly higher than that applied on the occasion of the last capital transaction (35%).
Furthermore, on the basis of the conditions of the offer, approximately 118 million shares will be attributed to the Ministry of the Economy as interest on 2014, equal to 4% of the capital. While awaiting the decisions of the board of directors, the pressure continued yesterday on stocks, which fell by 3,05%. The capital increase for 3 billion will start next Monday and finish in June. The option rights will be exercisable from 9 May to 25 June and negotiable until 12 June.
Carige was also down yesterday (-2,7%). The other banking stocks were weak: Unicredit – 0,8%, Intesa -0,3%. CEO Carlo Messina has announced the forthcoming opening of a private banking branch in London. The losses of Mediobanca (-1,7%) and Bper (-1,8%) were more massive. Bpm also slips (-1,9%). Generali fell (-0,4%) which yesterday announced the reorganization of its activities in Germany. Unipol Sai +0,8%.
Azimut's recovery in asset management (+1,6%) after Wednesday's 5% plunge. Citigroup upgraded its rating from Neutral to Buy. Mediolanum is down in the rest of the sector (-1,1%).
EXOR READY TO DEAL WITH PARTNERRE
Fiat Chrysler +0,6%. At the end of May, the first installment of the group's profitability bonus will be paid, equal to 82,5 euros per quarter. Cnh Industrial advances (+1,6%). Exor unchanged. The company declares that it is "willing to negotiate with PartnerRe to finalize the purchase offer provided that the board recognizes that its offer is higher than that of Axis”. This is what can be read in a note from the finance company relating to a letter sent to the reinsurance company.
TELECOM PUTS INWIT FOR SALE
Telecom Italy -0,5%. The TLC group announced the next one yesterday placement of 40% of Inwit, the newco that controls the group's broadcast towers. The value of the company, according to initial estimates, should be around 2 billion.
Enel unchanged. Using the electricity group's cable ducts to bring optical fiber into Italian homes would cost between 2,5 and 3 billion euros, or one fifth of the estimated figure. This was stated by the CEO of the electricity group Francesco Starace who yesterday also ruled out the sale of a further stake in Endesa.
Lightning placement of the Terna bond: the offer of 750 million received requests for 2,1 billion.
OILS AT THE TOP OF THE LIST. AT THE TOP IS TENARIS
European oil stocks are on the rise due to the recovery of crude oil: developments in the conflict in Syria, with the advance of ISIS, are weighing heavily. The sector's Eurostoxx index rose by 1,2%. Eni rose by 0,4%, Saipem +0,3%. Better Tenaris (+1,9%).
BREMBO PROMOTED BY BANCA IMI. BIODUE, RECORD NUMBER
Brembo is on positive ground (+0,51%): Banca Imi confirmed the buy opinion. Positive debut of the Biodue freshman (+28,9%), on the second day of listing. The company is active in the field of biomedical devices and food supplements.
