Positive closure for the European markets which, after the partly well-tuned start of Wall Street, archive a day with an uptrend, albeit modest. The Ftse Mib marks +0,46% and almost all the lists travel just above parity, while the rise in oil prices and another good quarterly, that of Morgan Stanley, also give a slight boost to the Dow Jones (+ 0,3%) and S&P 500 (+0,05%); Nasdaq slips 0,08%. Oil in November at the Nymex marks a +1,4% to 50,99 dollars a barrel in view of US weekly inventories.
Queen of the main price list of Piazza Affari remains the Monte dei Paschi di Siena, which scores a new rise of 7,16%. The return to the stage of Corrado Passera and the fact that the bank does not exclude a priori from consider the banker's plan strengthens confidence in Rocca Salimbeni and allows the Sienese institute to recover some ground. Today the share is back above 0,20 cents, for a capitalization of more than 600 million euros, after having slipped 15 days ago to 17 cents, below half a billion in capitalisation.
Overall, however, the best stock of the day is Banca Intermobiliare, listed on the FTSE Italia Small Cap, which totals an increase of 26,62%, thanks to a change in top management and the words of the new president Maurizio Lauri to relaunch the company in private banking in a short time.
Among the bankers, the popular Emilia-Romagna region remains exuberant (+4,77%), awaiting the transformation into a joint stock company by the assembly convened for November 26th. There is expectation for future developments in the sector but the CEO Alessandro Vandelli claims that "there is nothing on the table right now" and only after the transformation will it be possible to begin and formulate hypotheses. Credito Valtellinese and Popolare di Sondrio "are realities with which we have excellent relationships, so maybe it were possible to do something" with them, but for now, however, the priorities are the corporate ones.
Good Saipem +4,06%, after Goldman Sachs confirmed the "buy" with a target of 0,6 from 0,59 euros.
Poste Italiane which, according to Il Sole 1,68 Ore, defined the structure of the consortium with CDP and Anima for the offer for Pioneer, which should be around 24 billion euros, rose by 3%.
Purchases on Unipol (+2,12%) and Unipolsai (+1,05%) increased.
Atlantia drops by 0,18% on the day in which the CEO Giovanni Castellucci, during a presentation to the City, said that in the space of "a few weeks the non-binding offers will arrive" for the sale of 15% of Autostrade per l'Italia. The economic-financial objectives of Atlantia identify for the four-year period 2016-2020 revenues growing from the current 5,5 to 6,8 billion euros, an increase in the Group's Ebitda of around 7% on average per year, with the distribution of dividends increasing by 10% yearly, a ratio between financial debt and EBITDA decreasing from the current 3,2 to 2,4 in 2020.
Sempione Retail, 35% controlled by Ovs (Mid Cap) anticipates tomorrow the start of the takeover bid on the Swiss Charles Voegele.
Always on the subject of corporate news Fiat Chrysler is recalling some Jeep Wrangler models, according to Reuters produced between June 16 and August 14, 2016 due to airbag issues. The vehicles affected could be around 180.
As for the Btp Italia, October 2024, minimum guaranteed coupon 0,35%, investor orders reached 2 billion euros only this morning. The underwriting phase for institutional investors is scheduled for tomorrow, in which the allotment could proceed.
Me too'Saudi Arabia enters the bond market and collects 17,5 billion dollars in its first issue on global markets, marking, according to the Financial Times, the new record for an emerging country. Ryad's debut includes three maturities (5, 10 and 30 years) and should have a pricing with expected yields around 2,63%, 3,44% and 4,64% respectively. The issue is part of a plan to transform the Saudi economy after the collapse in oil prices and a growing deficit in the public accounts.
Today the black gold dates back (+1% today in London trading; around 12,40 Italian time the Brent derivative trades up by 65 cents to 52,33 dollars a barrel) and Saudi Arabian Energy Minister Khalid al- Falih, at a conference in London, argues that the agreement reached by the cartel of exporting countries for a modest cut in production will accelerate a process of balancing supply and demand: "We are at the end of a phase of significant decline," he says. Without going into the details of the non-OPEC countries that will follow the cartel's orientation (officially only Russia has expressed its intention to freeze production), Al-Falih thinks that negotiations will continue until the November 30 meeting in Vienna.
There is a lot finally, the markets are waiting for the next moves of the central banks. In the United States, this evening the Beige Book, a monthly report drawn up by the Federal Reserve on the performance of the American economy and the basis for the next meeting on 1 and 2 November, was announced, but, partly because of the lessons, an increase seems unlikely rates before 4 December. On the macroeconomic front, the start-up of new construction sites fell for the second month in a row (-9% against estimates of +3,5%) even if permits, a sign of future activity, grew (+6,3 %). On the European front, there are questions about tomorrow's ECB meeting and the words that Governor Mario Draghi will pronounce.
