IRAK, UKRAINE AND ARGENTINA: THREE ARNINGS ON THE MARKETS
BTP AND WEAK SPREADS, TELECOM. RESIST MPS
La Iraq crisis scares. The tug of war on the gas between Russia and Ukraine mashed potato. Correspondingly, the prices of oil (+0,11% the wti at 107,3 dollars per barrel) and gold (exchanged at around 1.284,5 dollars an ounce) rose.
They go up Eni +0,7% and Saipem + 0,8%.
Meanwhile, on the eve of the FOMC meeting, the market is also discounting the possible tightening of US monetary policy.
The cocktail of negative news pushes the price lists down: Milano, despite recovering in the final, it lost 0,86%, the Ftse Mib index at share while the spread remained at 154 points.
Down too Paris -0,73% Frankfurt -0,23% and London -0,18%.
On the foreign exchange front, the euro changed hands at 1,3571 dollars (1,3553 on Friday) and 138,18 yen. The dollar-yen is equal to 101,81.
To complicate the picture was added the Argentine crisis. Meanwhile, the peso plummeted after the US Federal Court rejected the latest appeal against Paul Singer, the hedge manager who claimed default payment of Buenos Aires bonds in 2001. The Argentine currency plummeted by around 8%, while the stock market of Buenos Aires landslide of 18%.
Argentina, once the appeals have been exhausted, he will have to pay by June 30, under penalty of seizure of the assets on US territory.
In Business Square Telecom Italia falls -3,4% (-4,4% in savings) . Mediobanca and Intesa have communicated that they will exercise the option to exit Telco and the market fears possible sales of the stock.
In decline banks: the worst are Pop.Emilia -3% and Banco Popolare -2,5%. Unicredit -1,2%, Intesa Sanpaolo -1,13%.
Azimut -2,15% is also down.
The exception is Monte dei Paschi, which has returned to trading after a suspension due to excessive increases, the right to subscribe to the capital increase rises by 2,2% to 18,39 euro. This morning Exane raised the recommendation to Neutral from Underperform. Carige also rose +0,86% on the first day of the increase.
Gtech it lost 2,4%, after the company confirmed its interest in acquiring the American International Game Technology.
Bounce World Duty Free +2%. This morning Deutsche Bank started hedging the stock with a Buy recommendation and a target price of 12 euros (about +20% upside).
In the stable Benetton Atlantia advances +1,3%. Among the industrial companies, Prysmian -1,4%, Fiat -1%, Finmeccanica (-1,4%).
Cobra has soared among the small caps +49%: Vodafone has launched a takeover bid offering 1,49 euros per share, a price that values the entire company at around 145 million. Intek was also well bought +10,5%, given that the holding company will collect 42 million euros, selling 51% of Cobra.
