Since the beginning of December, Italian banks have risen by 22%, the best performance since April 2009. A record is reduced if we consider that there is still a gap of 37% compared to the beginning of January. But the thrust of the 20 billion plan to secure both Monte Paschi and other institutions promises great results, not only financial: the approval of the ECB Supervisory indicates that, despite the obvious hostility of the Bundesbank, the European authorities have finally taken note that, without restructuring the banks, there will be no recovery of the growth necessary for the stability of the Bel Paese (and beyond).
In the meantime, the show is ensured by the Mediaset show, at the center of Vivendi's E climb, which burns every record: yesterday + 23,33% after trading for almost 100 million pieces (9% of the capital), +95,07 from the beginning of the month. The yellow promises to be winding down: the decisions of Consob will be decisive, invested by the complaint for market manipulation and abuse of privileged information presented by Fininvest, after the complaint to the Milan prosecutor's office on 13 December last.
It's not just Italy that is giving a positive shiver to the markets, shaken by the massacre in Berlin which confirmed the fragility of old Europe. The run of the dollar continued, on the wave of the growing spread in favor of US bonds, a trend that both the euro and the yen welcome. And so the Tokyo Stock Exchange continues to break records, like Wall Street. Everyone is happy except for the Emerging Markets and China grappling with the problems associated with capital flight, the real estate bubble, frictions with the USA and the competitive devaluation of Japan, one of the Dragon's main commercial rivals.
NIKE +3% AFTER COUNTS, FLY TRIPADVISOR
In this context, Meteo Borsa reports:
– The Tokyo Stock Exchange corrects downwards -0,4% after an upward start in which the Nikkei index has reached a new record for the year. China's Stock Exchanges are up. Hong Kong +0,7% and Shanghai +1,1%.?Seoul and Mumbai price lists showed little change.
– On Wall Street, the Dow Jones took another step towards the historic threshold of 20 points: at yesterday's close, the index +0,46% reached 19.774,01 points. The S&P 500 +0,36% and the Nasdaq +0,49% also rose to 5483 points, a new record.
Waiting for Donald Trump's plans in the field of taxation guarantees new upward fuel: the border tax adjustment promoted by the new president provides for a drop in taxes for companies that export to the detriment of importers.
The financials again led the race in the price lists. Best Goldman Sachs stock +1,68%.
In evidence Caterpillar +1,76%, boosted by good data on the growth of machinery sales in the last quarter in the Asia/Pacific area (+11%).?
– Jump up in the after Nike stock market +3% after the announcement of the quarterly accounts.
– TripAdvisor +7,1% was the most effervescent title: the company has signed a partnership with Expedia which significantly increases the number of hotels that can be booked online from its platform.?
– Day of increases also for oil; Brent at 55,37 dollars (+0,8%), Wti at 52,23 dollars (+0,2%).
Oil companies rose in Piazza Affari ?with the exception of?Saipem -0,2%, downgraded from Mediobanca to Neutral by Outperform.?Eni gains 1,2%,?Tenaris +1,4%.
MILAN REDUCES THE DECLINE SINCE THE BEGINNING OF THE YEAR TO -10%, SPREAD AT 157 BP
The wind of the rise has also reached the European stock exchanges, which have metabolized the massacre in Berlin.
Leading the race is once again Piazza Affari. Indeed, the Ftse Mib index closed the session at 19.247 points, up 1,47%, the highest since the end of January thanks to the push from the banks after the government's decision to ask Parliament for the ok to a fund with resources for 20 billion euros as a safety net for institutions in difficulty. The drop in the index compared to the beginning of the year was reduced to 10%.
The other Stock Exchanges were positive: Paris +0,56%, Frankfurt +0,33%, London +0,38% and Madrid +0,86%.? The Eurostoxx returned to positive ground compared to the beginning of the year.
?Prometeia has trimmed downwards the growth estimate of the Italian economy for next year, which will be affected by the uncertain trend of consumption and investments after the victory of the no in the constitutional referendum which sanctioned the end of the government led by Matteo Renzi. The research institute corrected its growth forecast for next year to 0,7% from 0,8%, while that for the current year was improved to 0,9% from 0,7%.
Lower closing for the secondary market. At the end of the session, the Btp/Bund spread fell back below 160 basis points, reaching a low of the day at 157.
The Italian ten-year rate fluctuated during the session between a minimum of 1,84% and a peak of 1,89%.
Noticeable widening, by 5 basis points, of the yield spread between Italian and Spanish ten-year bonds, to 52, after a peak during the day at 55, again in view of the highs since the beginning of 2012 reached in November.
TREASURY FUNDS WAKE UP BANKS, BUT NOT MPS
Will 20 billion (with the addition of subordinated candidates for conversion) be enough to solve the Italian banking problem? “It's hard to say, after so many disappointments” replies Giuseppe Sersale from Anthilia who however adds: “State intervention, if done without being a pharmacist, is better than patching up forcing the banking system to cover the losses of the weakest members”.
The boost from the state guarantee was not enough to support Monte Paschi's increase -0,4%, after an encouraging start. ??The conversion offer of subordinated bonds into Monte dei Paschi shares yesterday registered subscriptions for 350 million euro, bringing the total to 500 million against a final target of 1,5 billion. Today at 14 pm the offer to convert some subordinated bonds into shares closes. Ansa wrote that last night the subscriptions amounted to 500 million euros: 150 million collected on Monday and 350 million on Tuesday. The goal of the reopening is 1,5 million. The board of directors will meet in the late afternoon.
UBI SUPERSTAR, S&P POSITIVE ON UNICREDIT
The other banks are gaining: Unicredit +2%. considers sufficient to guarantee the institute a higher rating than that assigned to Italy. “We believe – reads the report – that the execution of the plan can have a positive impact”. Overall, the rating agency deems the targets defined by the plan at the capital level achievable, i.e. a Tier2019 ratio rising from 1% in 10,5 to 2015% in 12,5 and a return on tangible assets rising from 2019% to 4 %. There is less optimism, on the contrary, about the goal of keeping revenues stable?
Intesa?+2,1%,?Banco???Popular?+4,3%. Leading the race was ?Ubi? +5,8%. With yesterday's leap, the Lombard bank achieved a rise of 37% in three weeks (since 28 November), but nevertheless the performance since the beginning of the year remains a 55% drop.? The institution is about to complete the purchase of three good banks born from the bankruptcy of Banca Marche, Banca Popolare Etruria and CariChieti.?
Azimut +0,63% has reached an agreement to acquire the 49% it does not own in Compagnie de Gestion Privée Monegasque, which controls 100% of CGM Italia sgr. This was stated in a note from the company, recalling that CGM was acquired in 2011 and has grown to double its assets under management to approximately 1,6 billion euros.
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BERLUSCONI: AT MY AGE I DON'T WORRY
?”Do you think that at my age there is something that still worries me?”. Thus Silvio Berlusconi, on the sidelines of the greeting ceremony at the Quirinale, replied yesterday evening to those who asked him if he was worried about Vivendi's offensive on Mediaset in flight at + 23,33%.
In the meantime, the offensive by the French group continued, announcing in the evening that it had achieved control of 25,75% of the capital of the Cologno group and 26,77% of the voting rights.
THE BOD OF THE BISCIONE SENDS A COMPLAINT TO AGCOM
In the meantime, the board of directors of the Italian company, meeting yesterday, unanimously decided to continue the legal battle according to the deadlines established against the non-execution of the binding contract for the sale to Vivendi of 100% of Premium pay TV signed on 8 April. a note il Biscione also notes that the entry of the French media giant to an extent of more than 10% - the French have just announced that they have 25,75% of the capital and 26,77% of the voting rights - configures a risk of paralysis of Mediaset's industrial development activities. Hence the complaint to the AgCom in which it reports the illegitimacy of the conduct implemented by Vivendi "in violation of sector regulations".
It still goes up Telecom Italia +2%.
ENEL COMPLETES THE PURCHASE OF METROWEB
In the rest of the list:
– Enel rises by 1,5%. iOpEn Fiber was born yesterday with the completion of the operation that led the Enel subsidiary to acquire Metroweb for 714 million.?
– Positive industrial stocks.??Fiat???Chrysler? salt by 1,8%. According to the Wall Street Journal, the company aims to more than triple Jeep sales in China by 2018 to 500.000 units.
Among medium-sized companies, the rise of?Fincantieri? stands out. +8,5%, which obtained official confirmation of a 2 billion euro order for three cruise ships from Virgin Voyages.?
Svetta Beghelli +8,36% well bought after the news of the early exit from the bankruptcy procedure.
