The extraordinary summit in Brussels on the budget ended in stalemate. This is better than a break with Great Britain, reported Italian sources. “There are no winners or losers,” commented Jean Claude Juncker. EU Council President Herman Van Rompuy (who says agreement is possible at the beginning of 2013) has now been given the "mandate" to present a new compromise draft that will be discussed at a subsequent summit in February. Meanwhile, on the Greek front, a teleconference between the finance ministers of the Eurozone could take place tomorrow to prepare for Monday's meeting in Brussels and to already have a hypothesis of agreement on the table or alternatively, according to other sources, only the Working Group on the Eurozone , informal technical body preparing the work of the Eurogroup. How will the impasse be resolved? On the table various hypotheses such as the repurchase of bonds by Athens or the redistribution of part of the central banks on Greek bonds. According to Athenian ministerial sources, the IMF could accept a reduction of the debt/GDP to 124% in 2020 instead of 120%, an objective that would replace the extension of the deadline from 2020 to 2022 on which an agreement in principle had been reached in the Eurogroup.
Confident expectations for an agreement that contribute to the closing in positive territory of the European indices, in a day with little movement, thanks to a US Friday without macro data and Wall Street at half service. Today the US price lists remain open only half a day (until 13 pm or 19 pm Italian time) for Black Friday, the day that opens Christmas shopping after Thanksgiving and is characterized by deep discounts. The positive opening of Wall Street however helps Milan to consolidate the recovery in the early afternoon. The Ftse Mib closed up by 0,53% and the spread fell to 331 basis points with a yield of 4,75%. Frankfurt +0,89%, London +0,49% and Paris +0,87% also grew. Athens drops by 0,21%. At the end of the European lists, the Dow Jones rose by 0,91% and the Nasdaq 100 by 1,28%. Blackberry 13 rebounded 10% on expectations, Walmart jumped 1,23% after reporting its best start since Thanksgiving shopping. Macy's +1%, Groupon rises by 2,84%.
The WTI rises to 87,95 dollars (+0,65%) and the euro strengthens again against the dollar to 1,2956 also helped by the surprise rise of the German Ifo index on business confidence, after six months of decline. In November, however, the index rose to 101,4 points from 100 in October against analysts' estimates for a drop to 99,5.
In Piazza Affari Buzzi Unicem stands out +2,52% thanks to the good recommendations of analysts, A2A +1,97%, Saipem +1,75% with new contracts for $500 million and Finmeccanica +1,15% on the rumors of a meeting with Siemens for Ansaldo Energia. Marina Grossi, wife of Pierfrancesco Guarguaglini and former CEO of Selex Sistemi Integrati of the Finmeccanica group, was indicted for embezzlement and tax fraud in competition with the former sales manager Manlio Fiore in the proceeding on the alleged creation of black funds. Selex SI has been admitted by the gup as a civil party.
At the bottom of the Ftse Mib Exor -0,74% while Fiat loses 0,18%. The Supervisory Board of Volkswagen in the strategic plan 2013-2015 will invest 50,2 billion euros in its Automotive division over the next 3 years. Lending to plant, property and equipment will reach 39,2 billion (of which more than half in Germany) and further investments of 10,6 billion are expected. For the first time the plan includes the consolidated Man and Porsche.
Mediobanca loses 0,56%. Except Mps -0,05%, the other banks were positive. Intesa rises by 1,03% and Unicredit by 0,40%. Banco is unchanged, Ubi Banca rises by 0,57%. bpm +1,08%. Today Draghi, president of the ECB, noted that work should be done in order to "create the legal bases for single banking supervision in Europe by the beginning of 2013".
Telecom +0,36%, with HSBC upgrading its assessment of Telecom Italia from underweight to neutral pending the important board meeting on 6 December. For analysts, the unbundling of the network is ineffective for reducing debt.
Camfin -1,33%. Today the limited partnership of the Tronchetti family, Mtp Sapa transferred the 57,52% stake of Gpi (the holding that controls about 42% of Camfin) to a new company called Mtp Partecipazioni Spa. The newco will join Sapa in the pact shareholder agreement of Gpi with Malacalza Investimenti (30,94%) as well as in the other shareholders' agreement that binds Sapa to Massimo Moratti, a shareholder of Gpi with 6,5 per cent. The creation of the new vehicle Mtp Partecipazioni Spa could be preparatory to the entry of Clessidra and Investindustrial alongside Tronchetti to complete the corporate simplification and rationalization upstream of Pirelli. Investindustrial and Clessidra signed a commitment on 20 November with Tronchetti to deal exclusively until 15 December with the start of an entrepreneurial and financial partnership.
According to what emerges from Consob communications, Caltagirone Editore (+0%), as part of the treasury share buyback program announced last 19 June, between 15 and 222 November last, purchased 16.161 ordinary shares at a weighted average price of 0,905221 euro, for a counter value of 14.629,28 euro. Caltagirone Editore holds a total of 389.500 treasury shares, equal to 0,3116% of the share capital
