Piazza Affari takes courage after a mixed start. In the middle of the day the index Ftse Eb gains 0,19%, above 19 points, despite the difficult start of the Monte Paschi capital increase. In red the other price lists of the Old Continent: Frankfurt -0,04% Paris 0,3%, Madrid -0,4%. Down too London (-0,2%).
Morning up for i BTP. The Italian ten-year rate fluctuated between 1,84% and 1,89%; the Btp/Bund spread travels between 152 and 156 basis points. The 50-year BTP rose by more than one point at the end of the morning, with a yield in the 3,29% area, about 25 cents below the highs of mid-November. The gap between Spanish BTPs and Bonos drops to 46 bp (10 points below the pre-referendum maximum).
It benefits the markets the comforting figure of the Ifo, the German confidence index: the data for December rose more than expected, to 111,0. According to the head of the institute, economist Klaus Wohlrabe, “Italy's crisis is not having any effect. The market knows that the European Central Bank is ready to use its fire extinguisher”. Furthermore, the depreciation of the euro makes companies more optimistic and German consumers spend without too many brakes.
painful departure ofcapital increase of Monte Paschi, which has three days to raise the 5 billion requested: the stock was immediately suspended due to excessive downtrend and then opened with an 8% drop, which widened during the session. At 12 the stock lost 8,9%. The price of the new shares does not exist: it will be fixed on the basis of the performance of the conversion of the bonds and the willingness of new subjects to take a significant part of the increase. The deal will close on Thursday, but the switch offer closes one day earlier, Wednesday afternoon at 14pm.
In the meantime, a new tile has arrived. Ps communicated that on 17 December 2016 Quaestio expressed to the company strong perplexities regarding the termsheet of the senior bridge loans in respect of which the Bank has already expressed its approval by signing it. The Bank specifies that “following this letter, investigations are underway between the company and Quaestio in order to identify possible alternative solutions. If a positive settlement of the issues indicated by Quaestio could not be achieved, the transaction could not be concluded in compliance with the terms and conditions of the authorization received from the European Central Bank”. If an agreement is not found, the increase will still be at risk.
Among other banks Unicredit down 2%, Intesa -0,1%, Banco Popolare +0,5%. Rising sharply Carige (+6%). The sector is also weak in the rest of Europe: Deutsche Bank loses 2,62% e Barclays the 2,1%.
In the meantime, exchanges on Mediaset (+2,76%), another hot front of Piazza Affari, have regained strength. A similar increase for Telecom Italia (+2,73%), indirectly involved in the challenge between Vivendi and Fininvest.
Softly Generali (-0,5%). Negotiations with Allianz on the possible sale of Generali France should restart today. UnipolSai -1,17%, positive Unipol (+ 1%).
Note the leap forward of Saipem (+5%), to the highest since February. Goldman Sachs intervened on Friday confirming the Buy judgment. The target price was raised to 0,59 euro from 0,54 euro.
Among industry stocks, Leonardo -0,3% Fiat Chrysler -0,1% and StM +1,5%. Among the small caps, Trevi + 5%.
