The European stock exchanges falter under the broadsides arriving from Athens and the Spanish political earthquake (Podemos wins the mayor in Barcelona, Prime Minister Raloy's party drops from 40 to 26%) in a frame of activity reduced to a minimum, due to the closure of New York, London and Frankfurt.
The most affected price lists were Milan and Madrid (-2%)%. The Paris Stock Exchange lost 0,5%. The dollar strengthened and traded against the euro to 1,097, from 1,101 by Friday's close. Oil is up slightly with WTI at 59,8 dollars a barrel (+0,1%) and Brent at 65,9 dollars (+0,8%).
construction sector
With the Eurex platform closed for the holidays, trading on debt securities was very modest. This did not prevent the tensions on the Eurozone front from making themselves felt: the BTP/Bund spread widened again to 136 basis points with a yield of 1,96 for ten-year Treasury bonds.
In this context, the end-of-month Treasury auctions begin today with the offer of Ctz and Bpei. Yesterday the Mef announced that 1,25 billion Ccteu, from 2 to 2,5 billion Btp over 5 years, from 1,75 to 2,5 billion Btp 10 will be offered at Thursday's auction.
GREECE
The Athens authorities have tried to throw water on the fire after radical statements over the weekend.
Syriza's central committee rejected the request of the extremist wing of the party not to repay the loans to the IMF and rejected the request to nationalize the banks. The spokesman of the Greek government, Gabriel Sakellaridis, corrected the statements of Yannis Varoufakis ("We will not pay the IMF because we have no money").
Athens, he said, will make every effort to service all debts. Today, negotiations with the Brussels Group will resume with the aim of reaching an agreement at the end of May, after the G7 in Dresden, or at the beginning of June.
"Greece's budget proposals are insufficient to guarantee a surplus this year," the chief economist of the International Monetary Fund, Olivier Blanchard, said yesterday.
BANKS
In Piazza Affari all sectors suffered a bit. But the most targeted sector was the banking sector: Unicredit -3,1% Understanding -2% Pop.Milan -2,5% Banco Popolare -2%.
The tiring start of the capital increase of Monte Paschi deserves a separate discussion. The share priced only during the closing phase, rising by 11% to 2,14 euros. The option right, on the other hand, closed down by 18% at 6,14 euros, compared to the reference price of 7,525 euros.
The foundation Ps will subscribe to the increase for a share equal to 1,55% of the capital “to give a sign of confidence in the bank; otherwise we would not have done it” said the president Marcello Clarich.
The prospectus shows that Banca Mps does not rule out the possibility of expressions of interest in being acquired or in a merger, even before the closing of the capital increase.
"The realization of a business combination - we read - depends, inter alia, on exogenous factors which, as such, are largely outside the total control of the issuer and which it is not excluded that they may materialize, in whole or in part, even before of the conclusion of the capital increase, including: the receipt of expressions of interest from counterparties interested in an acquisition or integration with the Montepaschi group”, is written in the prospectus, in the risks associated with possible combinations.
Carige rises by 0,9%: the Malacalza family has concluded the agreement with the Bcpe to acquire another 4,66% of the French shareholder, thus bringing its stake to 15% of the bank's capital. The purchase price was set at the close of the stock on the Stock Exchange last Friday at 6,74 euros.
MEDIOLANUM
Asset management companies were down: Azimut -1,7%, Anima -1,9%. Mediolanum -0,8%. The reverse merger between Mediolanum Spa and Banca Mediolanum was decided yesterday. The parent company will merge into the bank, of which it holds the entire capital. The transaction will result in the listing of Banca Mediolanum shares on the Stock Exchange. The operation, reads a note, among other things achieves the objective of "shortening the chain of participation". The merger plan provides for the assignment of one Banca Mediolanum ordinary share for each Mediolanum ordinary share. The right of withdrawal is envisaged for the shareholders of Mediolanum spa.
The chairman Ennio Doris, during a press conference, anticipated that net inflows in the month of May are going very well and that performance fees, at record levels in the first quarter of 2015, are destined to normalize in the near future. As for the future of Banca Esperia, 50% controlled by Mediobanca, Doris reiterated that it is no longer strategic, but that he is not interested in share swaps.
UnipolSai fell by 0,4% after announcing today that its subsidiaries Atahotels and UnipolSai Investimenti sgr signed an agreement on 22 May worth almost €287m to acquire the management of Una's hotel business and its destination real estate portfolio hotel.
From the union between AtaHotels and Una, a national leader in the Italian hotel sector will be born, with more than 50 structures (both business and leisure), about 8.600 rooms, an aggregate turnover of over 170 million euros. Generals -1,8%.
Fiat Chrysler drops by 3%. According to the New York Times, the management of General Motors would have rejected an official request from Sergio Marchionne to open negotiations on a possible aggregation.
Exor -2,8%, Finmeccanica -4,4%, StM -1,7%, Buzzi loses 2,6%. Instead, it has weathered market losses well Ferragamo -1,22%. Banca Akros confirmed the accumulated recommendation on the stock and the target price at 30 euros, underlining in an interview that the CEO of the group, Michele Norsa, stated in an interview, among other things, that profitability continues to grow faster than revenues .
Weakness also on oil Saipem at -3% ed Eni at about -2%. Seat rose by 2,5% to 0,41 cents above the takeover bid price of 0,39 cents by Italiaonline which belongs to Orascom Tmt Investments of Naguib Sawiris. “I don't think it's due so much to the hypothesis of raising the takeover bid price but because the market believes that the merger can create value”.
Among the other few upward titles, Lazio rise by 8,4% and As Roma rise by 4,4% in the wake of the Derby.
