Bounce in Tokyo the Nikkei index (+0,4%) supported by the weak yen. Wall Street closed just above parity: the Dow Jones index rose by 0,17%, the S&P 500 by around 0,3% and the Nasdaq by 0,37%. Modest gains also in Europe. the Paris Stock Exchange rose by 0,5%, London +0,2%, Frankfurt +0,3 The Milan Stock Exchange was almost unchanged. The index FtseMib he finished the session with a 0,09% increase. The spread between Btp and Bund closed at 155 basis points, unchanged since the opening, even if the Italian 2,90-year rate rose from 2,96% to XNUMX
Thus the markets have consumed the eve of the decisions that will arrive tonight from the Fed. The expectation was characterized by the first signs of a recovery in US inflation (+0,4% in May) which caused a rebound in T bonds and the dollar. But the dominant impression is that the Fed will still tolerate higher inflation in the immediate future, lest it run the risk of strangling a still fragile recovery. It is therefore expected that the Fed will maintain interest rates at the current historic low of 0-0,25% and will announce a further reduction of the bond purchase program of 10 billion.
The wait is thus concentrated on the words (or rather the commas) of the press release, the first after the reshuffle of the central bank's monetary committee (Stanley Fischer makes his debut as deputy) and on Janet Yellen's press conference.
According to forecasts, rates should not rise before the third quarter of 2015, given that it favors the fall in volatility (for 40 days the S&P 500 has not shown a negative or positive change of more than one percentage point, the longest series of its kind since 1995) and the return to the hunt for yield: yesterday Kenya (single B rating) able to issue 2 billion dollars with 5 and 10 year bonds with coupons of 5.875% and 6.875% respectively, and Cyprus (Caa3/B / B-) announced a 5-year bond with a yield of around 5%.
Oil fluctuated weakly around the previous day's close, and then started to rise in the evening: Brent is traded at 113,5 dollars a barrel (+0,5%).
BANK INCREASES: MPS CORRE, UBS IN CARIGE
Monte Paschi Bank start at the close of the rise with a big sprint. Yesterday, between one suspension and another, the stock closed up 15,8% at 2,562 euros. The right rose by 7% to 19,57 euros. . therefore, by buying 5 rights, 214 new shares can be subscribed at 1,457 euros each, with a discount that expands to 43% compared to around 35% yesterday. Friday 20 June will be the last day of trading for the option rights with exercise by 27 June.
Banca Carige is also advancing and on the second day of the capital operation (800 million) it closes up 10% to 0,1815 euro, while the option rights soar by 18,7% to 0,2578 euro.
To favor the upside the news that ubs bought 4% of the capital. Alessandro Repetto, vice president of the bank, said he expects new important shareholders in the shareholding structure. Andrea Bonomi and the Malacalza family are mentioned among the most accredited names to enter.
POPULAR TO THE RESCUE, AZIMUTH IN MEXICO
Contrasted the banking sector on the day in which the ABI's monthly report revealed that in April Italian banks reached a new record for non-performing loans at 166,4 billion (+25% per annum), while in May funding fell by 0,72% trend to 1.724,5 billion and loans by 2,94% to 1.837,4 billion.
The best stock in the industry was the Banco Popolare with a gain of 3,1% (14,14 euros) which comes after 5 consecutive negative sessions. Bpm also rises, +2%. Standard & Poor's removed the negative credit watch and confirmed the rating (B/B+) with a stable outlook. The board of directors has given the green light to the merger project of WeBank into Bpm.
Unicredit rises by 0,15%. Mediobanca lost 0,39%, Intesa 0,7%. Among other financials, Generali rose +0,8%: Morgan Stanley raised its recommendation to Equal Weight from Underweight, bringing the target price to 17,25 euros from 16 euros. UnipolSai +0,2%.
Asset management was negative: Mediolanum lost 0,6%. Azimuth -2,1%. The company has announced the purchase of 82,14% of Profie, the Mexican holding that controls 100% of Màs Fondos, for approximately 6 million euros.
TITO ON TARGET: TELECOM, GTECH, SALINI AND YOOX IN THE SIGHT
Continue the descent of Telecom Italy -1,1% after the heavy drop the day before. Credit Suisse revised upwards its estimates on the stock, raising its target price from 0,7 to 0,85 euro, while confirming the neutral recommendation.
In the meantime he suffers Salini Impregilo -3,75% after the announcement of the launch of an offer of ordinary shares to expand the free float on the market and strengthen the capital structure: Banca Akros cut the target price on the stock from 5,3 to 5,1 euro , while confirming the hold rating.
Negative closing, the eighth in a row also for GTech –2,6%. which slips to the new lows of the last 12 months at 18,67 euros. Since the all-time highs in March, the stock has lost 23%.
The sales were triggered by the news that the company is negotiating the acquisition of International Game Technology, a slot machine manufacturer based in Las Vegas, an operation that could require a capital increase. According to Equita Sim, the operation would allow Gtech to become a global player in the casino gaming machine sector, but there is still some concern about the poor performance of IGT in recent quarters compared to its competitors.
Yoox -2%, conditioned by the decline of the British Asos, is also approaching the lows of the year. Among the industry stocks, the decline of Finmeccanica -2,2% and of the subsidiary Ansaldo Sts -2,6% stands out.
Saipem -2,31% discounted some profit taking after the excellent performance of the last period. Eni fell by 0,5%, while Enel rose by 0,5%. Snam's rise +1,8% was brilliant.
Mondadori closed down 1,6%. A private placement reserved for institutional investors was announced with the Stock Exchange closed. The offer, which concerns a total of 29.953.500 shares, is divided into a placement of 15 million newly issued shares equal to 6,09% of the current share capital and a placement of treasury shares equal to 6,07% of the share capital. At the end of the operation, Fininvest will have a stake of just over 50% compared to the current 53,06%.
