The Stock Exchange reserves a triumphal welcome to “Transform 2019” plan of Unicredit and to the hypothesis of a takeover bid by Vivendi on Mediaset. Piazza Affari closed at +2,49%, at 18.827 points, the queen in Europe, on the wings of these two stocks which achieved stellar increases, respectively of 15,92% and 31,86%.
The other squares on the continent are also in tune, on a day where the green wave laps all shores: Madrid +1,58%; London +1,13%; Paris +0,91%; Frankfurt +0,84%.
Wall Street, at the opening, further extends the bullish trend, with the Dow Jones towards the psychological threshold of 20.000 points, never touched before. Among the growth stocks Exxon Mobil, after the CEO Rex Tillerson was chosen as secretary of state by the new president Donald Trump, despite criticism of the manager's ties to Russia and President Vladimir Putin. Attention, however, is catalysed by the Federal Reserve which meets today for the last meeting of the year and which tomorrow will communicate the decisions on the cost of money and the estimates on the economy: a 0,25% rate hike is expected. the first since December 2015, and Janet Yellen's press conference is expected to clarify the future trajectory of monetary policy in the new and unexpected US political context.
The political context has also changed in Italy, but the apparently rapid solution to the crisis brings confidence: the ten-year spread with the German bund drops by 6,63%, to 150.80 basis points, yield 1,87%; while Paolo Gentiloni promises that the government will address the problems associated with the banking system and will be ready to intervene where necessary to ensure the stability and savings of citizens.
"Self help" however is one of the mottos of Unicredit, which does not seek public money, but a capital increase of 13 billion euros, the most impressive ever seen in Italy, practically equal to the entire current capitalization of the institute . The CEO Jean Pierre Mustier, in the 2016-1019 plan, is preparing to clean up the accounts with 12,2 billion of extraordinary losses in 2016, almost all loan adjustments and to cut costs by 1,7 billion, based largely part on redundancies in Germany, Italy, Austria. The bank also concluded two agreements for the sale of 17,7 billion of non-performing loans.
The other great protagonist of the day is Mediaset, suspended several times due to excess increases. The purchases were triggered by a note in which Vivendi, a 3% shareholder, announced yesterday evening that it could acquire up to 20% with the aim of creating a media platform in Southern Europe and that it will continue to buy shares to become the group's second shareholder. A "hostile takeover" for Fininvest, which denounces its former French friends for "market manipulation". An attempt facilitated by the depreciation of the stock caused precisely by the French backtracking on the acquisition of Premium. Moral: today there is a boom in share purchases and a price of 3,584 euros; about 125 million pieces traded, more than 10% of the capital. Consob turns on a beacon and lets it be known that it has started the checks on the title.
Mediobanca Securities branded the French move as "big and aggressive", the "confirmation that Vivendi has an interest in all of Mediaset and not just in the pay TV business". According to Equita, Vivendi's strategy could also have an impact on Telecom Italia (+1,39%), of which it controls around 24%. The match seems destined to still reserve many twists and turns.
Ups and downs in the rest of the list. Sparkling Finecobanck +7,69%, of which Unicredit does not intend to sell other shares. Saipem +5,18%, the purchases were triggered by the Morgan Stanley report which raised the recommendation from underweight to overweight with the target price rising to 0,75 from 0,35 euro. Ubi +3,39%; Intesa San Paolo +3,85%. Positive day for Mps +1,29%. The popular ones were especially weak, Bpm -3,03% and Bp -3,49%. Negative day Buzzi, -0,91%; down Tenaris -1,44%. Eni +1,01%.
Brent fractionally down: -0,31%, 55,52 dollars a barrel. Euro little moved.
