MARKETS WITH SUSPENDED BREATH WAITING FOR THE FED. FONSAI-UNIPOL: 457 MILLION TO BE PAID BY THE CONSORTIUM
An important week for the fate of autumn continues quietly. This morning both Tokyo -0,69% and Hong Kong -0,62% closed lower. What seems to dominate the attention are the problems of the European recession. But the signals coming from Chinese politics are more worrying, starting with the prolonged absence from the public scene of Xi Jinping, the future president a month away from Congress who, strangely, is not mentioned. An uncertainty that risks influencing the Dragon's anti-recession strategies.
Wall Street is mixed with investors at the window waiting for the Fed's moves to be announced this week. All indices closed lower: S&P -0,61%, Dow Jones -0,39%. Nasdaq -1,03%, two days before the awaited press conference by Apple, dedicated to the launch of the iPhone 5. The euro is down slightly against the dollar, to 1,279, from 1,281 at the previous closing. Gold stabilizing at around 1.730 dollars an ounce.
A day of calm also on the European markets after the strong emotions of last week and, above all, in view of the appointments of the next few days. In Milan, the FtseMib index fell by 0,1%, London and Frankfurt ended in parity, Paris -0,3%. The apparent calm could continue even today, on the eve of a trio of fire. On Wednesday (September 12) there will be a double appointment: the elections in Holland and the sentence of the Constitutional Court of Germany on the legitimacy of the ESM, the permanent relief fund for the countries of the Euro zone.
Thursday (September 13) ends the meeting of the Fomc, the body of the Federal Reserve that decides on monetary policy: the governor should announce a third bond purchase program capable of stimulating the economy. On Friday 14 September, the grand finale with the Eurogroup, Spain could break the delay and present its formal request for financial assistance.
The decline in the spread continues to favor Atlantia +2,9% and A2A +4,9% but for other utilities it's already time to realize: Enel fell by 0,3%, Enel Green Power -1,1%. Fashion titles are back on the catwalk. Sharp rise of Ferragamo +3,4% and by Tod’s +1,5%, after Deutsche Bank raised the target prices of both stocks.
Conversely weak banks, with the exception of MontePaschi, which jumped 5,8%, buoyed by a Bank of America report and despite unexpected complications from the sale of Biverbanca. Unicredit closed up 0,3%, Intesa Sanpaolo on the day of the board meeting on governance it fell by 0,8%, Popular bank -0,7% Mediobanca -1%. Among the insurance companies, a sharp rise in Fondiaria Sai +7,6% and Unipol +3,3%. Today was the last day to exercise unopted rights. Milan Ass. + 5%.
The banks of the consortia guaranteeing the capital increases of Unipol and Fonsai will intervene for a total of €457m, taking over the shares not subscribed in the two transactions, which had a total value of around €2,2bn. Unipol, for its part, will subscribe Fonsai savings shares for around €136m and has subscribed Fonsai shares as part of the increase for a further €30,9m.
20,34% of ordinary shares and 34,64% of preferred Unipol shares are not subscribed. As regards Fonsai, 21,57% of the ordinary shares were not subscribed, while 74% of the privileged ones, for a total of 135 million, were taken over by Unipol. Down Saipem -1,5%, after UBS lowered its recommendation to neutral da buy. Saras +4,3% thanks to the increase in the refining margin.
Among the industrialists, StM fell by 2,6%: Deutsche Bank cut the target price to 3,9 euros from 4,2 euros. Ansaldo it lost 3,5%, the victim of a recommendation change by Goldman Sachs. Finmeccanica -1,9%. Pirelli the parent company rose by 1,1%. Camfin it gained 11,9%. Lottomatica +3,3%, it is on the highest level since January 2009.
