The takeover bid launched this morning da Mediaset (+4%) and F2i on EiTowers are helping the Milan Stock Exchange to stay on positive ground pending this afternoon's hearing of Fed Chairman Jay Powell in Congress. Piazza Affari rises by about 0,11%, one step away from 22 points. Slightly decreasing Frankfurt, Paris and London. Also in the red were Madrid and, outside the eurozone, Zurich (-0,3%).
In anticipation of Jerome Powell's first congressional hearing, the dollar lost previous gains against its major counterparts. The market is waiting for the Fed chairman to give some indication of the pace of US monetary tightening to come.
In the meantime, the pressures on the government bonds: the two-year rate is at 0,593%, its lowest since mid-June, the yields on 10-year BTPs ease to 2,515% to their lowest since the end of May, as well as their differential with respect to equivalent German Bund rates. The spread narrows to 215 basis points.
Stable just above 72 dollars Petroleum Brent. Some breaks on the side
of supply offset the impact of increased production in some countries. Prices fell by almost 10% after the reopening of ports in Libya and due to the growth of exports from OPEC countries and Russia. But some fields in the Sharara area, also in Libya, are expected to lose at least 160.000 barrels a day after two workers were kidnapped by an unknown group, National Oil Corporation announced.
Eni -0,2%. Equita, in view of the accounts of 27 July, sees adjusted EBIT jump to 2,259 billion euro (+122%) and adjusted profit to 864 million (+87%) thanks to production growth (+4%) and all crude oil price rise. Eni remains one of the broker's favorites in the oil sector with a target price raised to 18,5. Saipem+ 0,5% Tenaris -0,3%.
The EU and Japan signed a free trade agreement today in Tokyo. It is 'a powerful message against protectionism', declared Prime Minister Shinzo Abe and the president of the EU Commission, Jean-Claude Juncker.
In May, the seasonally adjusted index of orders to industry it rose 3,6% month over month from -0,6% (revised) in April, Istat said.
After so many announcements, the restructuring of the tower sector has started. F2i and Mediaset they will launch a takeover bid EI Towers. The offer at 57 euro per share was launched on all EI Towers shares by the vehicle 2i Towers, 60% controlled by F2i TLC and 40% by Mediaset, and is aimed at delisting.
The stock jumped 15,7% to €57,10. Also buzzing Rai Way (+18,2%). In fact, the merger of the EiTowers broadcasting towers within the Rai company is looming, while the TLC antennas could so far be Cellnex. Mediaset underlines its intention to concentrate on the core business of generalist TV and underlines that EI Towers will be an independent operator which will be able to participate more easily in the process of consolidating the business of broadcasting and TLC towers in Italy and abroad.
The decline in the spread stimulates the banking sector (+0,5% the sector index).
The last ABI report, the association of Italian banks, reports that loans granted to households and businesses grew by 2,6% on an annual basis in June. The growth of the mortgage market was also confirmed (+2,3% in May). Net non-performing loans in May amounted to 49,3 billion, the lowest since March 2102, from 50,9 in April and are down by 43% in the last 17 months.
The rates charged to customers remain at historic lows. The average rate on loans in June stood at 2,6%, that for new home purchase transactions at 1,80% and that for new business loans at 1,37%.
They advance Unicredit (+ 0,5%) and Understanding (+0,67%). It highlights Ubi (+1,12%): the Chinese e-commerce giant Alibaba chose Zhong Ou Asset Management, 25% controlled by the Italian institute, as manager of one of the liquidity funds made available to its customers.
Leonard (+2%) consolidates gains after deal announcements at Farnborough International Airshow.
Fiat Chrysler +0,4%. In June, the European car market grew by 5,2% year on year (+2,9% since January 6,5st). FCA's stake was reduced to XNUMX%.
