THE MARKET BETS ON THE NEW TELECOM PARTNER
PRICE LISTS STOPPED, WAITING FOR DRAGHI'S WORDS
European stock exchanges around parity, after a promising start.
In Piazza Affari, the Ftse/Mib index now marks an increase of 0,09% at 16727. The other lists are down slightly: Paris - 0,01%, Frankfurt - 0,18%. London -0,01%. Madrid scores +0,2%.
The waiting position of the Stock Exchanges is justified by the events of the next few hours. In fact, the day will be dominated by the communications arriving from the ECB and by the words of the president Mario Draghi which could use the 14.30pm press conference to reaffirm its commitment to keeping the cost of money low. The Central Institute will also provide the new estimates on inflation and growth.
Long awaited also for the opening of the G20 who will deal with the "cold war" (ie the US/Russia tug of war on the Syria case) but also with the "currency war", after the landslide of the Emerging Countries, India, Turkey and Brazil in the lead.
Keep getting stronger the dollar on the euro (1,318 from 1,320 last night). Gold falls to 1.388 dollars an ounce (-0,3%), Brent oil rises to 115,2 dollars.
Btp/Bund Spread at 245, seven points less than Bonos/Bund. Spain placed 4 billion euros of 5- and 10-year government bonds this morning with declining yields.
On the bond market, the yield on the 10-year Bund is close to 2%, on the highs of the last year and a half.
Telecom Italia returns to fly +5,36%. At the meeting of the board of directors on September 19, the chairman Franco Bernabé is expected to present a cost-cutting plan of 800 million and illustrate the proposal for a capital increase reserved for an investor. The market is betting on a possible return of interest from Sawiris , which already a year ago said it was willing to enter the giant telecommunications company with a reserved capital increase at market prices. But there is also talk of At&t and America Moviles, possibly as a partner of Telefonica.
Finmeccanica's run continues, up 1,68%. Yesterday, at the request of Consob, regarding the indiscretions on the negotiation for the sale of Ansaldo Energia, the holding company said that "binding agreements have not yet been reached". Doosan, according to rumors, could acquire 45% of Ansaldo Energia from First Reserve while Finmeccanica would sell 30% to Cassa Depositi e Prestiti, remaining with 25%.
Ansaldo Sts is up by 0,3%.
Fiat loses 0,26%. Bloomberg reports that there is a risk of a delay in the negotiations with Veba. Pirelli rises by 0,8%.
Indesit +4,45%, Equita raised its recommendation to "buy". Analysts believe that the sector offers an interesting investment opportunity thanks to the expected recovery of demand in developed markets (already started in the USA, but now also in the UK to continue in Europe ) and from a less unfavorable commodity price scenario than in the recent past.
Buzzi goes up by 3% and Italcementi by 2,5%.
Egypt is in talks with Israel to restart gas imports. Given Italcementi's significant exposure to Egypt (approximately 20% of the group's EBITDA), according to Mediobanca Securities analysts, a more stable domestic gas supply would help the group better sustain its profitability.
The financial sector is weak: Unicredit -0,33%, Intesa -0,93%, Ubi Banca -0,55%, Generali -0,07%. Fondiaria Sai +1,46%.
Banco Popolare it rose by 0,28% following the sale of 2,09% of Azimut -0,44% which generated a capital gain of 29 million euro. The stock of the asset management company rises by 0,1%.
The asset management sector recorded the seventh consecutive month of positive deposits, picking up the pace compared to the slowdown seen in June and with assets rising again. In July, asset managers collected more than 6,3 billion euros, a value that brings the flows recorded since the beginning of the year to 44,7 billion euros.
After a meeting with the management, Equita reiterates its positive opinion on Mediolanum unchanged, renewing the buy recommendation with a target price of 7 euros.
