The crisis of Mount Paschi falls, throwing a gray area on the recovery of the sector. The emergency helps to curb the rally of the Milan Stock Exchange: the Ftse Mib index falls by 0,54% just above 19.100 points. Paris -0,26% and Madrid +-0,7% were also down. Frankfurt records a slight gain +0,03%. London +0,07% does the same.
Parliament approved the authorization to update the public finance targets for 2017 by providing for increased spending of up to 20 billion euros, to prepare a safety net for the banking sector.
But the news coincides with two new torpedoes against the battered Monte Paschi ship (which reached a minimum of -18,18% at 15,17 euros) for a capitalization that has fallen below 450 million euros: a) the the bank communicated that liquidity remains in cash for only four months (the 10,6 billion cash will be reduced to 200 million at this rate); b) Atlante's investment in junior mezzanine securities will only take place if the State puts no more than 1 billion euros into the increase as part of a market transaction, reads a supplementary document published during the night. In the event that burden sharing is triggered, Atlante will withdraw from the operation. Today at 14,00 the reopening period of the offer for the voluntary conversion of subordinated bonds into shares ends, while tomorrow the increase reserved for institutional investors ends.
The performance of the rest of the system is quieter.
Unicredit -0,43%. The agency Moody's confirmed the rating on the bank in Piazza Gae Aulenti, leaving the long-term rating at the Baa1 step, with a stable outlook. According to Moody's, the mix of a capital increase, the reduction of problem loans and the growth of provisions puts Unicredit in a better position to face the challenges posed by an adverse operating environment in Italy. In an interview with Repubblica, the CEO Jean-Pierre Mustier he says he is convinced that "any solution will be found" on MPS and other banks in difficulty, the Italian banking system will be stronger after Christmas and underlines that after the planned capital increase (according to him already necessary 18 months ago) "the equity center of gravity is likely to be more international“. The manager says that Unicredit does not intend to sell the stake in Mediobanca -0,9%. Banco Popolare and Bpm -1%.
Still uphill this morning Mediaset +1,4% after Vivendi rose to 25,7% of the capital. With 29,9%, which he will soon reach, Vivendi will have an effective blocking minority and at that point Berlusconi will be forced to negotiate, is the opinion filtering through the Bolloré group. Mediaset's Board of Directors has unanimously decided to continue the legal battle against the failed transfer of Premium to Vivendi and to present a complaint to Agcom asking for interventions "even on a provisional and urgent basis". In the meantime, we learn that Arnaud de Puyfontaine, CEO of Vivendi, will be in Consob on Friday to be heard on the complaint presented by Fininvest.
telecom italy, involved for now only marginally in the dispute, it loses 1%.
On the macro front recover the gold, traded at 1.134 dollars an ounce (+0,2%). The government bond market remained unchanged: the Btp/Bund spread remained at 157 basis points, while the slight pressure on the Btp/Bono differential continued in the 50 basis point area.
Oil goes up with Brent marking an increase of 0,6% to 55,6 dollars a barrel. In Piazza Affari, Saipem loses 1,4%: Ubs has lowered its Buy recommendation to Neutral. Tenaris drops 1%.
Eni +0,2%: today Ubs raised its target to 17 euros from 15,5, confirming the Buy rating.
The utilities are negative Enel -1,4%. Go Internet boom +12% after the signing of the definitive 15-year agreement with Open Fiber.
Also good Prelios +5,6%: yesterday the board of directors confirmed the positive trend of ordinary operations and reiterated the estimates for 2016 already communicated on 10 November. Recovery +11% after an agreement with the tax authorities.
