October debuts on tiptoe in Piazza Affari. After a bad start, the index Ftse Eb it moved slightly above parity (+0,06%). Goes better Paris (+0,3%), while Madrid is in negative ground. Closed Frankfurt for the reunification festival, the most effervescent bag is London (+1,13%), conditioned by the sharp drop in the pound to a five-year low following the words of Prime Minister Theresa May on thestart of Brexit procedures by March 2017. The British currency trades at 0,8744 against the euro, at its lowest since October 2011.
There is finally some good news from Italian situation. Manufacturing sector activity returned to expansion in September, after contracting in August for the first time in a year and a half. The manufacturing PMI rose to 51,0 from 49,8 in August, better than expectations stuck at 50,3.
The leap forward of the Spanish bonuses: The ten-year government bond yield fell to the new historic low of 0,862%, widening the spread with the BTP to +34 basis points, the highest level since the beginning of the year. The market reacts positively to the news of resignation of the secretary of the socialist party Pedro Sanchez, intransigent opponent of a national unity government led by Mariano Rajoy.
The closing of the German Stock Exchange served to ease the tension on Deutsche Bank: CDS (instruments that allow you to protect yourself from default) travel at the levels of Friday. CEO John Cryan should sign an agreement with the unions this week to cut XNUMX employees on the domestic market.
Meanwhile in Holland Eng Group announced cutting up to 7.000 jobs, mainly in Belgium and the Netherlands against a cost reduction program of 900 million euros per year by 2021.
Little move Ubi (+0,09%) pending the outcome of the summit at the Mef (Governor Ignazio Visco was present) to take stock of the sale of the four banks placed in resolution at the end of 2015, after the ECB raised its requests to give the green light to the four banks in resolution from the end of the year.
Stable Unicredit. Bloomberg reports that Amundi, Macquarie and the Italian consortium composed of Poste Italiane and Anima are in pole position in the race for Pioneer. Amundi should be ahead of the other two with an offer well above €3 billion.
Understanding -1% Mount Paschi -0,1%. Down too Carige (-0,3%): Mediobanca has restarted coverage with a Neutral recommendation and a target price of €0,31.
The European sector of the asset management industry was much more effervescent, driven by the news of the merger negotiations between the American Janus and the British of Henderson (+12%). Also the quotations of competitors such as Aberdeen, Jupiter e Schroders.
Italian titles also take off. Azimuth rises by (+4%) following the go-ahead for the transformation into an asset management company, as there are no longer any constraints on the minimum guarantee capital, the company will be able to proceed with the payment of the extra dividend of 1 euro within thirty days. Banca Mediolanum salt by 2%. General Bank + 1%.
Oil is also doing well, back above 50 dollars a barrel: Eni +1% and Saipem +1,5%. Stop Tenaris (-0,1%) after last week's jump. It also advances Fiat Chrysler (+1,4%) awaiting the sales data for September in Italy. They give up positions StM (-1,4%) And A2A (-1,2%): Kepler Cheuvreux lowered the judgment to Hold da Buy leaving the target price unchanged at 1,37 euro.
Spotlight on Red shrimp which today rebounds by 10%, to 0,43 euros, after the communication of the results. The group closed the first half of 2016 with a production value of 7,7 million, up 6,5% on the previous year. The positive performance of the Events and TV segment more than offset the slight reduction in revenues from the Training and Editorial Content segments.
Finally, after the perfect storm that hit him, The Sun 24 hours it is down by 14% to 0,4374 euro, the worst stock on Piazza Affari. The publishing group it closed the first half of 2016 with a loss of 49,80 million euros Assets drop by 59 million to 28,2 million euros. The group is now capitalizing less than 20 million euros.
At the same time, 5 directors resigned from the board: Giorgio Squinzi, president, Livia Pomodoro, Claudia Parzani, Carlo Pesenti and Mauro Chiassarini replaced by the new president Carlo Robiglio and Luigi Abete as deputy. The willingness of the lending banks to redefine the debt structure and the willingness of the majority shareholder (Confindustria) to positively evaluate a possible capital increase was obtained.
