Today will probably be the day the UK discount rate is raised, the first for seven years. For the first time since the 119.756s, a publisher, Urbano Cairo, will cross the threshold of via Solferino as the controlling shareholder of Corriere della Sera. Samsung is looming for the first time in Europe, i.e. the purchase of Magneti Marelli which could allow Sergio Marchionne to put FCA's debts under control, once and for all, which so condition the judgments of analysts. And, just to add a note of color, there is also a sensational theft: Bitfinex, a virtual platform in Hong Kong, had to report the disappearance of 604 bitcoins (2014 dollars in value each), the biggest loss since XNUMX, the Mr. Gox's Crack Year. There is no shortage of news in this start to August which is however dominated by the banking crisis, causes and victims of volatility.
Avanza Wall Street under the impetus of the recovery in the price of crude oil. US oil climbed 3% above the $40 barrier. The Dow Jones rose 0,23%. S&P500 +0,3%. The Nasdaq, +0,43% to 5.159,74 points, is again one step away from the all-time high.
Employment at private companies rose by 179 in July. The survey, which anticipates tomorrow's labor market data, has rekindled expectations of a rate hike after the summer, as aired by Governor Charles Evans.
In great evidence, pending an increase in the cost of money, the insurance giant Aig - American International Group (+6,9%). The insurance company ended the second quarter with a net profit higher than analysts' expectations, thanks to cost cutting and a good level of collection. Announced a $3 billion buyback.
Unlike in Europe, banks in the US appear to be in good health: Goldman Sachs + 0,9% JP Morgan + 0,6% Bank of America + 1,1%.
The expected rebound of European banks after Tuesday's meltdown was alternating and other sectors were also affected by the climate of uncertainty. Piazza Affari closed a nervous session slightly higher, characterized by frequent ups and downs.
The index FtseMib it eventually rose 0,2% to 16,130 points. The expected recovery of the banks was alternating and the other sectors were also affected by the climate of uncertainty. On positive ground too Frankfurt +0,2%. Under parity, however, Paris -0,28% London -0,1% and Madrid -0,15%.
Little moved it BTP/Bund spread in a range of 130 to 133 basis points. Today, French and Spanish bonds worth 10,5 billion euros in the medium-long term will go to auction. The euro lost ground against the dollar to 1,116, from 1,122 at the previous close.
Above all, Bloomberg's scoop contributed to giving Piazza Affari the boost: Fiat Chrysler is negotiating the sale within the year of Magneti Marelli to the Korean Samsung. The operation should close on a valuation of around 3 billion dollars, much more than the value, around 1,5 billion euros, attributed by analysts to the Lombard subsidiary of FCA (40.500 employees for a turnover of 7,3 billion realized in 89 production units on 5 continents).
The market response was immediate. Fiat Chrysler climbed 8,26% amid strong trading. The parent company Exor achieved an increase of 3,04%. Operators appreciate the prospect of a sharp drop in the group's debt (currently estimated at 5 billion euros at the end of the year). Furthermore, after the agreement with Google on the self-driving car, FCA signs another alliance with a big name in technology (with a cash base of 70 billion dollars): the "Korean" Magneti Marelli will continue to assist the evolution technology of Ferrari and Maserati.
The banking sector is still in the limelight. In Europe, the Stoxx index of banks rose by 1,7%, mainly thanks to the good results of the Dutch Ing (+ 8,2%) and of Societe Generale (+ 3,1%).
But in Milan the spotlights were on Unicredit results, which recorded a net profit of 916 million euros, more than double the result for the first quarter. After an initial downward plunge of more than 4%, the stock recovered to then close down by 2,2%. The initial reaction can be explained by the data on Common Equity Tier 1 which stood at 10,33% at the end of June (down from 10,85% at the end of March).
But if the effects of the latest sales are taken into account, i.e. 10% of Banca Pekao and FinecoBank and the sale of credit card payment activities to Sia, the Cet1 rises to 10,65%. For this reason, the market's expectation for a capital increase does not decrease. Meanwhile, the hypothesis of an IPO of the German HVB makes its way.
Mount Paschi recovers 1,8% after Tuesday's collapse (-16,1%). The Bank, according to Exane Parubas, could leave the pan-European STOXX Europe 600 index as part of the next review in September. Contrasted the performance of the other banks: Understanding -0,5% Pop.Emilia + 4%.
Urban Cairo it became last night president and CEO of RCS, following the resignations of the president Maurizio Costa, of the CEO Laura Cioli and of the councilor Gerardo Braggiotti. Marco Pompignoli and Stefania Petruccioli join the board together with the publisher.
“Three of us have entered this transition phase – said Cairo – I as president with powers therefore also as CEO. I have to say it was exciting to enter here. I thank the president Costa, the engineer Cioli and the councilor Braggiotti who have given their willingness to resign. It wasn't obvious, I really appreciated it. Today I will go to via Solferino to greet the director and all those who work there".
Thus ended a mixed day: RCS shares fell by 6,3% to 0,749 euros, after announcing good results for the second quarter, better than expected. The quarter closed with a net profit of 19,9 million from the loss of 60,2 million in the same period a year earlier, on revenues down by 1,9% to 284,3 million. The further drop in speculative tension after the rejection of the emergency appeal by Diego Della Valle and Marco Tronchetti Provera to the Lazio Regional Administrative Court contributed to conditioning the performance of the share.
“I can only say – Cairo concluded – that we have operated in a very clear and transparent manner. I'm very calm. Then if there is someone who has doubts it is good that they make them (appeals) and someone will judge”. The Tar should express its opinion on the merits on August 30th.
Poste Italiane it closed up 3,2% at 6,18 euros after yesterday's release the results of the first semester, closed with total consolidated revenues of 17,7 billion, from 15,95 billion in the same period of 2015, and a net profit of 565 million from 435 million, against an analyst consensus of 473 million.
Eni +0,6%, the Brent rise also pushes Tenaris (+ 2%). Enel closes down 0,4%, Telecom Italy -0,3%. Negative closing also for Leonardo (-3%). A2A it lost 1,5% to 1,25 euros. Imi Bank it lowered the rating to hold from add on the stock, with the target price going from 1,3 to 1,33 euro.
