Oil flies, the dollar rises and US government bonds are selling off, resulting in higher yields. The Stock Exchanges thus suffer from the competition from the bonds and close negatively in Europe, while Wall Street, after the long weekend, reopens its doors in deep red.
BUSINESS PLACE STILL BALLASTED BY TIM
Piazza Affari closes with a drop of 0,74% to 27.483 basis points, still weighed down by Telecom (-3,2%) while the hypothesis of a takeover bid by the American fund Kkr is moving away. Today the general manager Pietro Labriola, in pole position to become CEO, should have illustrated the guidelines of the new three-year industrial plan to the directors. The prospect is that of a split of Tim into two companies, both listed, one for the network (NetCo) and one for services (ServiceCo), to facilitate the merger with Open Fiber, which in any case would take a long time. Thus the expression of interest by Kkr fades into the background and therefore the speculative appetite on the stock collapses, especially after the downgrade of Exane. Furthermore, the landing of Iliad in the fixed network weighs. He writes Intesa in the daily: today's launch of Iliad's fixed line offer "is destined to further increase the competitive pressure on the segment of fixed network services in Italy".
The other title at the center of great maneuvers in recent weeks is more bold: Generali, which after the weakness on the eve of today appreciates by 1,48%, with the game for control becoming increasingly interesting after the resignations of Caltagirone and Bardin from the board. A move that frees the "agreement holders", Caltagirone and Del Vecchio, from any communications to the market for an increase in shares that bring them closer to 20% (today the pact that binds the two entrepreneurs and the Crt Foundation holds 16,133% of the capital).
Il Sole 24 ore also refers to rumors relating to other resignations, which they call into question this time Sabrina Pucci, whose name would be associated (but improperly) with Fondazione Crt. “As it turns out, a few hours before the start of Generali's board of directors, called to examine a series of key points, including above all the long list for the appointment of the future board, Pucci would have decided to communicate his farewell to the committee company appointments. Committee which, in this phase, “obviously plays a central role and if this were the case it would find its members almost halved. Last September there were seven members of the restricted body while at present, considering that Caltagirone and Bardin were also part of it, it would have gone down to four”.
Some stocks linked to oil, in particular, are still strong on the Ftse Mib today Tenaris +2,09% ed Eni +0,44%, while Saipem drops 2,7%. Shy stellantis, -0,24%, on the first birthday since its debut on the Stock Exchange following the merger of Fiat and Peugeot with the stock having greatly appreciated over the course of these 12 months.
The worst blue chip is Diasorin -3,3%, after yesterday's good performance. Bad too Prysmian -2,77% Banking Generali -2,68% Buzzi -2,55%.
In the rest of Europe they are in red Frankfurt -1,01%; Paris -0,94%; Madrid -0,66%; London -0,59%. particularly penalized Amsterdam -1,49%, the most "technological" market in the Old Continent.
WALL STREET HEAVY, GOLDMAN SACHS COLLAPSES
The comeback is heavy for Wall Street, which travels with the three main indices in sharp decline, starting from Nasdaq. The collapse of Goldman Sachs weighs on the Dow Jones, which it has disappointed expectations with earnings down in Q2021 XNUMX on weak trading activity, although full-year results were supported by strong M&A activity.
Sales also hit Microsoft, -1,54%, who will buy the giant of video games Activision Blizzard for $68 billion. Cheers to the outlook Activision, which is the best stock on the S&P 500 with more than 27% upside. For Microsoft it is the biggest purchase ever and it is made with a view to putting a foot in the development of the platforms of the metaverse, a possible new Eldorado of the big technologies.
YIELDS ON GOVERNMENT BOND RISE
The ongoing movement of a rise in US government bond rates (but also in the Eurozone) continues, following forecasts of three or more corrections in the cost of money by the Fed starting in March. The two-year bond exceeds 1% for the first time since February 2020 and the 1,84-year bond (+2020%) is at its highest level since January XNUMX, at pre-pandemic levels.
On the Italian secondary salt lo spread and the Italian 1,31-year bond reaches a rate of +0,06%, against -137% for the Bund in line with yesterday's closing. The differential thus grows to 0,93 basis points (+XNUMX%).
DOLLAR AND OIL ON THE RISE
The desire for super is back on the currency market dollar and the greenback index marks an increase of more than 0,5%. suffers from count theeuro with the exchange rate falling back to 1,133.
Oil travels at a seven-year high, with one eye on the Omicron pandemic, which is not affecting the demand for black gold and the other on the ongoing crisis in the Persian Gulf.
Brent shows an increase of 0,9% to 87,26 dollars a barrel; the Wti +0,85%, 85,01 dollars.
