After an uncertain morning, even in the afternoon the European stock exchanges are struggling to find a direction. The markets have not reacted to the confirmation of interest rates by the European Central Bank and Bank of England. The decisions were widely awaited by the operators, which did not give any change to the performance of the price lists: Milan, Paris, Frankfurt and London continue to fluctuate around parity.
Operators' attention now turns to forecasts for inflation in the Eurozone, which will clarify the extent of the risk of a change of course in the ECB's monetary policy.
Then there is waiting for some important macro data from the US (GDP and unemployment). Yesterday evening, the Federal Reserve's Beige Book showed that the US economy is improving growth "from a modest to moderate pace".
It weighs on Piazza Affari Telecom Italy (-1,68%), the worst stock on the list, which however is reducing its losses compared to this morning. The Tlc group discounts the news arriving from South America: the Brazilian Antitrust (Cade) has resolved that Telefonica must exit its direct and indirect stakes in Tim Participações (Tim Brasil) or sell Vivo (the first Brazilian mobile operator controlled by Telefonica Brazil). The Authority explained that Telefonica's decision to grow in the capital of Telecom Italia, which controls Tim Brasil, has opened up serious competition problems.
“Telecom Italia sells Tim Brasil or Telefonica bails out of Telecom Italia”: this is the either-or launched by the president of Cade, Vinicius Marques de Carvalho, in a statement quoted by the Wall Street Journal. Marco Fossati, shareholder through Findim of the Italian telephone company with a 5% stake, spoke out against "the forced sale of Tim Brasil, considered strategic by Telecom's management itself". Fossati asked for "immediate and decisive intervention by the Italian supervisory authorities" to recognize Telco's de facto control over Telecom.
Of a completely different sign the day of Banco Popolare, which in the same minutes gains more than two and a half percentage points. The wave of purchases was triggered by rumors about the possible sale of a substantial package of non-performing loans. According to Mf, there is already talk of an operator in pole position (Primus Partners) and the operation could take place in the first half of 2014. The credits covered by the maxi transfer are worth around four billion and are contained in the bad bank Release, born on the ashes of Italease is also owned by Popolare Emilia, Popolare Sondrio and Popolare Milano.
Well also several other titles of the banking sector: Pop Milan +2,04%, Unicredit +0,5%, Mediobanca +2,5%, Ubi +1,41%. Intesa Sanpaolo, on the other hand, dropped 0,4%, while the decline in Mps continued (-1,44%), with all investors' eyes focused on the fate of the reference package in the hands of the Sienese Foundation.
As for insurance, this morning Moody's released a report in which it underlines that the prospects for the Italian market remain negative in the life sector, because the low savings rate and the high unemployment rate will limit sales and profitability. As regards the Italian insurance sector as a whole - adds Moody's - Italian insurance companies present a significant risk of concentration in sovereign bonds and the quality of their assets depends, to a large extent, on the quality of Italian sovereign credit.
The judgments of the American agency do not weigh on the performance of insurance stocks in Piazza Affari. At the end of the morning, Generali yields 0,36%, but Fondiaria Sai gains 3,12%, marking itself as the best stock of the Ftse Mib. Unipol travels up by 0,6% and Milano Assicurazioni by 3%.
Down Fiat (-1,41%), A2A (-1,37%) And Finmeccanica (-1,18%).
