WAITING FOR DRAGONS THE GOLD SHINES. FONSAI-UNIPOL, THE SECOND ROUND AT THE START
On the one hand the Bernanke effect, on the other the fears for the recession. The result, on the Asian Stock Exchanges, is a slight increase: Tokyo +0,03%, the increase on the Hong Kong market +0,51% is more robust. The confirmations on the decline in activity in China, more marked than expected: premier Wen Jiabao risks failing the objective set for growth for the first time since his appointment in 2003. An ugly visiting card for the party congress of next month.
The real winner is gold which rises to 1693 an ounce, consolidating last month's gains (+50%): easier money, combined with the expectation of rising inflation, favors bets upwards on the yellow metal. Gold speculation positions jumped 4,5% to a five-month high. Both Wall Street and European stocks closed higher on Friday following Fed Chairman Ben Bernanke's Jackson Hole speech. The US indices closed with increases between 19 and 0,5%.
Piazza Affari and the other European stock exchanges closed sharply higher. In Milan, the FtseMib index rose by 2,1% with increases spread across the entire list. Paris and Frankfurt rose by 1%, leap by Madrid (+3,1%) on rumors according to which the government would not use EU aid to recapitalize banks in difficulty.
Ben Bernanke hinted that he wanted to proceed with a new round of stimulus for the economy, inviting Europe to act in the same direction. The invitation to the ECB to choose the path of government bond purchases, opposed by the Bundesbank, comes from the central bankers present in Wyoming and from international institutions. OECD Secretary General Jose Angel Gurria is asking the ECB to send a "credible signal" to resolve the crisis. Regarding the purchase of Italian and Spanish bonds by the ECB, the number one of the organization: "The sooner they do it, the better."
The attention of the markets, therefore, is already focused on Thursday's ECB directorate meeting. At that time, the president of the ECB Mario Draghi will have to explain the plan to purchase the titles of the countries in difficulty but which have access to the markets (ie Italy and Spain, while Portugal, Greece and Ireland are excluded). As early as tomorrow, the members of the directorate should receive a first draft of the modalities under study: a flexible ceiling beyond which to trigger purchases; the types of securities involved; the publicity to be given to the interventions.
This morning Draghi will hold a hearing, behind closed doors, to the Economic and Monetary Affairs Commission of the European Parliament on one of the key issues of the eurozone's hot autumn: the banking union and the supervision of institutions, another issue of bitter confrontation with the Bundesbank . Eurozone diplomacy is in great turmoil. The summit between Mario Monti and the French president François Hollande will be held in Rome tomorrow.
Wednesday the troika's mission to Athens will resume, decisive for the disbursement of the loans already agreed with the European Union. In particular, the granting of a two-year extension to allow Greece to achieve the objectives agreed with the European Union depends on the mission.
On Friday, Piazza Affari and the other European stock exchanges closed sharply higher. In Milan, the FtseMib index rose by 2,1% with increases spread across the entire list. Paris and Frankfurt rose by 1%, leap by Madrid (+3,1%) on rumors according to which the government would not use EU aid to recapitalize banks in difficulty. There is certainly no shortage of "hot" topics in Piazza Affari at the recovery in September.
This morning, first of all, the auction on the unopted shares of the Fonsai and Unipol increases will start. The Bologna-based company, just on the eve, announced its intention to proceed with the purchase of the rights at the auction to subscribe another 4,9% of Fonsai. This lightens the task of the consortium led by Mediobanca and made up of Unicredit, Credit Suisse, Deutsche Bank, Ub, Nomura and Barclays. The price reached by the shares involved favors the company to place the shares in search of placement, for an amount of 665 million (out of 2,2 billion): the Fondiaria share has risen above 1 euro, the price of offer of new securities.
Crucial week also for Mediobanca: Wednesday the awaited board of directors will be held on the Nagel case, investigated in relation to the papello signed with Salvatore Ligresti. But above all it will be an opportunity to reflect on the strategies of the institute and the portfolio of its subsidiaries, which are in great turmoil. Last week, in fact, was characterized by five sessions of frantic increases for RCS Media Group shares, with an overall increase of almost 140%.
Meanwhile, the challenge between the Malacalza family and Marco Tronchetti Provera has involved the Pirelli galaxy, the traditional historical partner of Piazzetta Cuccia. Friday the parent company Camfin has made a leap of 26%: now the open war between the two large shareholders of Camfin, Marco Tronchetti Provera has 29%, the Malacalzas 25%, he moves to the Gpi, the group's control safe.
Prelios, which like Pirelli is controlled by Camfin, fell by 6,4%.
Good upside of Generali +3,4%, which benefited from rumors according to which several Asian investors are interested in the BSI subsidiary. Positive week end for credit. It highlighted, above all, MontePaschi up 6,4% with all banks positive: Understanding + 4% Pop.Emilia + 5,3% Pop.Milano +3,2%. Among the best titles on the list there is Saipem +2,4%, which benefited from the Credit Suisse promotion a performer da neutral. The target price was raised to 44 euros from 40 euros.
Great maneuvers also around theEni +1,6%. September could be the month for the placement of the 3,4% stake held by CDP with some international investors, a move that will allow the Treasury subsidiary to raise cash in view of the transfer of Snam shares to CDP scheduled for October.
