MPS, SHAREHOLDERS' MEETING UNDERWAY WITHOUT AGREEMENT
THE WEAK YEN INFLAMES TOKYO: +49% IN 2013
High voltage end of the year in Piazza Affari. Thanks to the New Year's Palio in Siena, or the extraordinary assembly of Monte Paschi (+4,31% in the pre-Christmas session) for the three billion capital increase, which will already be held this morning given that before Christmas adhesions equal to 49,2% of the share capital, just a whisker from the 50% threshold necessary to resolve on the first call.
Barring last-minute agreements, a sensational break will thus take place: the Foundation, 33,5% strong, is in fact preparing to reject the start of the capital increase in January, as requested by the president Alessandro Profumo and the general manager Fabrizio Viola, proposing the postponement to the end of May to find a buyer for part of his package in the meantime. But in this case we risk the resignations of Profumo and Viola and, above all, the challenge of the resolution for "obvious conflict of interest", as emerges from the opinion of Pier Gaetano Marchetti. From a financial point of view, the postponement would put the guarantee consortium led by UBS out of the game, which will expire on January 31st. In the event of failure to execute the operation, it will not be possible to pay the interest on the Monti bonds (339 million) and the Treasury would find itself in hand, at current prices, 16 per cent of the capital. It is certain that to avoid such an epilogue we will work until the end on an alternative solution. But the attempt by Minister Fabrizio Saccomanni to put together a consortium of Northern Foundations to acquire, together with the Al Aabar fund, a substantial portion of shares held by the Foundation, failed.
In Piazza Affari all that remains is to trust in a surprise ending. As always happens in a self-respecting Palio.
THE TREASURY HAS GOODBYE TO 2014: 6-MONTH BOT AUCTION THIS MORNING
This morning the Treasury opens financial 2014 with the auction of 6-month Bots (offer 8 billion) and Ctz (from 2 to 3 billion). Monday will be the turn of the 5-year Btp and the 10-year Btp.
On Monday, Piazza Affari closed the pre-Christmas session with a 0,7% rise on the Ftse Mib index to 18.697 points, in line with the other European stock exchanges (+0,8% for the Dax, +0,96% for the Ftse100 and +0,51% the Cac40), in a session with thin volumes.
Piazza Affari closed the pre-Christmas session with an increase of 0,7% to 18697 points of the Ftse Mib index, in line with the other European stock exchanges (+0,8% the Dax, +0,96% the Ftse100 and +0,51% the Cac40), in a session with thin volumes (the Milan stock exchange will be closed for the next three days).
ABE RELAUNCHES QE AND CHALLENGES CHINA AND KOREA
The end of 2013 gives new records to the Tokyo Stock Exchange +0,03% which closes the week with a rise of 1,1%, the highest since 2007. Since January the list has gained a spectacular 49%. This morning the yen broke the barrier of 105 points against the dollar downwards (105,03) as it hasn't happened since October 2008. Against the euro, the Japanese currency fell to 144,06. At the origin of the rally there are technical and political reasons. The governor of the Bank of Japan Kuroda reiterated the strategy of market purchases for 67 billion a month, predicting that the objective of an inflation rate above 1% will be achieved within six months.
Shanghai also recovered +0,8%, after the interventions of the central bank in favor of liquidity. Slight decline in Hong Kong.
But the most significant and disturbing aspect is political. Prime Minister Shinzo Abe yesterday visited the Yasukuni Shrine to pay homage to the fighters who fell to the Rising Sun, including those responsible for war crimes in China and Korea. Even the date of the visit was considered a provocation by Beijing: December 26, in fact, was the 120th anniversary of Mao's birth, the start date of the celebrations which will cost 2,5 billion dollars. China announced that GDP growth in 2013 stood at 7,6%, above the 7,5% expected but slowing down compared to 2012 (7,5%). Spotlights on the Istanbul Stock Exchange -1,2% and the Turkish lira weighing down against the dollar and the euro under the pressure of a serious political and institutional crisis caused by the investigations that strike at the heart of the system created by Prime Minister Erdogan.
The US stock exchanges reopen on the wave of some positive news. New jobless claims in the United States fell by 42.000 to 338.000, The Monetary Fund has announced that it will revise upward its growth estimates for the US economy for next year, which in October had been indicated at 2,6, XNUMX%.
STOCKS IN THE SPOTLIGHT: FIAT IN POLE POSITION
Eyes on Fiat +4,46% to 5,85 euros on Tuesday thanks to the resumption of negotiations with Veba on the 41,5% stake in Chrysler. “The idea is that an agreement is around the corner,” said a trader, underlining that the divergence on the share price does not appear to be huge from the rumors that have emerged. Chrysler has cut interest on a $22 billion loan by $2,9 million. This was stated in a note by the US company, controlled by Fiat, adding that the deadline remains May 24, 2017.
Indesit also performed well, +0,61% after the Ancona court upheld the Merloni family's proposal to appoint Aristide as legal guardian of their father Vittorio. Goldman Sachs has until the end of January for the strategic review of Fineldo's stake in the company.
Awaiting confirmation StM which closed up 3,9%. The European chip leader benefits from the prospects for increased sales of iPhones in China, after the agreement between Apple and China Mobile. Apple, of which StM is the supplier for the MEMS, rose by 2,8%.
Among the financial stocks, the market's reaction to between bank creditors and Carlo Tassara, which finally approved the 2012 budget, closed with a loss of around 600 million, mainly due to the adjustments to the securities in portfolio, held the stage. The shareholders' meeting of the Brescia holding also approved the issue of equity financial instruments which will be subscribed, in proportion to the respective credits not guaranteed by the banks, starting with Intesa. The agreement provides that the institutions immediately subscribe to a first tranche of these instruments for around 650 million. The commitment, in the event of further losses deriving from the company's financial management, may rise up to a maximum amount of 1 billion.
Rcs Mediagroup also under the spotlight, which finalized the sale of the Milanese properties in via San Marco and via Solferino to Blackstone for 120 million and the associated re-lease agreements
