INDICES BRAKING DESPITE THE BANKS
BOUNCES THE SPREAD WAITING FOR THE AUCTIONS
The week started quietly, despite the push to the banks arriving from Basel 3.
The FtseMib index it dropped by 0,38% to 16.895, after exceeding the peak of 17 points in the morning for the first time since last March.
La Paris Stock Exchange loses 0,68%, Frankfurt -0,56%, London -0,31%.
Lo BTP/Bund spread rose by more than 280 basis points to 283: during the week, 6 European countries, including Italy (next 10 January), are turning to the market to place government bonds.
Wall Street proceeds at a slow trot awaiting data from listed companies. The indices mark a decline: Dow Jones -0,1%, S&P 500 -0,25%, Nasdaq -0,4%.
Tomorrow, later the closure of Wall Street, the quarterly season will kick off. As usual, Alcoa will kick off -0,1%. Guy Foster, manager of Brewin Dolphin Securities, told Bloomberg that the market does not expect news from the quarter's data that could provoke major reactions from the stock market.
To return to the banks, the European Stoxx index for the sector rises by 1,1% led by Unicredit which advances by 1,8%.
The rise of Monte dei Paschi stands out, gaining 6,89% (after +13% last Friday). Intesa +1,59%, Banco Popolare +1,34%, Pop.Milano +3,77% are also doing well.
Great maneuvers are looming in the insurance field. Among the insurance companies emerges +5% of Cattolica +5,1% and new tops since mid-September. Flat, during the session, Generali -0,07% and Fondiaria Sai.
In the evening, however, the board of directors of Generali examined the new agreement with Petr Kellner, Czech financier adviser to Leone, regarding Generali Ppf, the insurance joint venture with interests in around fifteen Eastern European countries. An extraordinary board of directors of the Trieste company has been convened for today at 18 pm to approve the redefinition of the alliance with Kellner which also includes a joint company (Beta fund) which is a 38% shareholder of Ingosstrakh, the leading Russian insurance company.
According to the new agreement, the Italian group led by Mario Greco should immediately acquire half of the stake in Generali Ppf (currently 51% in the hands of Trieste, 49% plus a put option exercisable from July 2014 to the Kellner holding) thus rising to 76% with a payment of around 1,2-1,3 billion. On the remaining 24% stake in PPF Holding's portfolio, a new put option would be stipulated with expiry at the end of 2014 at a more or less equal value.
Generali could also take over the entire Beta fund (today 51% of Kellner), the key to the expansion on the Russian market. The acceleration in the reorganization of the agreements with Kellner was wanted by Greco to enter the new three-year industrial plan which will be presented in London next Monday.
Without particular changes Fiat +0,1% while in Germany Daimler rises +0,7%, after the rumors in the Beijing press according to which the Chinese sovereign wealth fund CIC (China Investment Corporation) is preparing the purchase of 10% of the German giant of trucks and Mercedes cars.
StM rises by 2,42% after Bank of America raised its target price to 7,1 euro.
Tod's drops below 100, reached on Friday - 2,11% at 97,5 euros.
Immsi flies among the mid caps, +16% on the rumors of a possible sale of Alitalia to Air France. Immsi, Roberto Colaninno's holding company, owns 7,1% of Alitalia. The subsidiary Piaggio was also positive +2,6%. But Air France has denied having ongoing negotiations with Alitalia partners.
