The European Stock Exchanges do not follow the rise of Wall Street. The worst of all is Business Square, weighed down by the new problems of the banking world, fueled by the Carige case. The Ftse Mib index falls by a good half point, just over 22 thousand points. Paris resists (+0,01%). In pale red Frankfurt (-0,03%), Madrid -0,17%. Prices outside the euro area are also down: London -0,15% Zurich -0,12%.
The words of have not helped the price lists Mario Draghi. The ECB president underlined that the decision to extend the bond purchase program until September 2018 was crucial in moving market expectations forward on the first rate hike. The task of the ECB, however, “is not finished. We are not yet at a point where the recovery in inflation will be able to sustain itself without our accommodative policy”. Draghi also issued a reminder to Italy: it cannot be expected that growth will reduce debts.
The unknown factor weighs on the banking sector Carige, which will remain suspended from trading until clarity on the capital increase is clarified. The banks in the consortium are asking for an official commitment from the main shareholders to subscribe to the capital increase at least pro-quota (to date, commitments have been received for 11,75% of the capital). The shareholder Malacalza (17% of the share capital) confirmed that he had asked the supervisory authority for authorization to increase the share capital of Carige up to 28%. Consob has ordered the temporary suspension of securities trading until a correct information framework is restored.
It's scary too Valtellinese credit, down 19% yesterday: today the stock is priceless. The theoretical opening is -25%. The repercussions on the other banks are inevitable: Unicredit -1,3% B for Bank -0,7% Bpm bank + 0,5%.
Bank is an exception Monte dei Paschi (+4%). The representatives of the holders of the Mps Fresh 2008 bond filed a complaint with the competent court in Luxembourg against the bank and other subjects contesting the treatment reserved for the bond, included in the instruments involved in the burden sharing, and asking for damages of 1 billion of Euro.
Returning to the general picture of the Eurozone, almost all sectors are in the red, but there is a rebound in energy on the heels of crude oil. The Petroleum it goes up by more than one point. Brent is traded at 62,1 dollars a barrel, +1,1%. Saipem (+1%) announced that it has received orders for a total of one billion dollars; these are works in Saudi Arabia and Mexico. Since the beginning of the year, order collection has reached 6 billion euro. Eni + 0,4% Tenaris + 0,2%.
The bonds moved a little: Waist German 0,39%, BTP 1,84%. The Treasury has assigned the maximum amount of 2 billion of the February 2033 BTP in the exchange.
In the price list it shines Exor (+1,8%). The subsidiary Partner Re, an American reinsurance company, has released the data for the quarter: the loss before taxes linked to compensation for natural catastrophes last summer, is only 71 million dollars, in the low end of the range indicated previously. Kepler Cheuvreux raised the target price of the holding company to 60,9 from 59,6 euros.
Slight rebound for Leonardo (+0,5%): Citigroup has raised its recommendation to Buy with a target of 13 euros. Instead, the landslide of Trevi (-4%) and of Astaldi (-1,4%). For the latter, Moody's has placed the assessment under review, in view of a rating downgrade.
Among other blue chips, it loses positions Telecom Italy (-1,6%). In Paris Vivendi rose by 1,5% after an initial drop following the release of the quarterly.
Ferragamo +0,7%, even if Equita reduced the target to 20,70 euros. stmicroelectronics -1,2%.
