The providential intervention of the Banco de Santander on the Banco Popular averted a systemic crisis in the European banking sector. The Exchange of Milano, the most exposed to credit trends, thanks you. The Ftse Mib index is up by half a percentage point around 20.800 points. Madrid on the other hand, it lost 0,6% after the sacrifice of the Banco de Santander (-3%). On positive ground Paris (+0,4%) and London (+0,16%). Weak Frankfurt (-0,04%).
The change euro/dollar it is slightly downhill. at 1,125. Gold at 1.291 dollars/ounce (-0,1%).
Oil returns to decline after yesterday's positive recovery: Brent is traded at 49,8 dollars a barrel, down 0,5% (yesterday +1,3%) pending the data on American inventories. In Tehran, where Parliament was attacked this morning by four men armed with machine guns, the forces of order have regained control of the situation. The attack, claimed by ISIS, caused at least one victim. Oil prices are down: Eni -0,2% Saipem -0,4%
Under pressure i debt securities. In addition to the launch of the new thirty-year bond, Italy continues to be weighed down by uncertainty regarding political developments, first and foremost the possibility of early elections. Around 12,30, the yield premium between the BTP and the Bund on the ten-year stretch is worth 201 basis points, the highest since the beginning of the month, up from 199 at yesterday's close. At the same time, the 2,26-year reference sees a rate of 2,25% from XNUMX% yesterday.
The 0,25-year Bund rate hits a six-week low, at 74%, following the release of a Bloomberg report according to which the ECB will cut its inflation estimate tomorrow. The spread with Spain grew to 2012, the widest value since XNUMX. The increase is not unrelated to the appreciation for the speed and effectiveness of the system's reaction to the Banco Popular crisis.
Il Banco Santander, chaired by Ana Botìn, acquired the shares of the bank in crisis at a value of 1 euro, thus avoiding its bail-in. For the Single Resolution Board of the ECB, the Popular was "unable to pay its debts" and other "obligations" and therefore "about to fail". Thus was born the largest Spanish banking group for deposits and loans. But the sacrifice was heavy. Santander has communicated that it intends to proceed with a capital increase of 7 billion (already fully subscribed) to adjust capital levels and strengthen the bank's balance sheet in crisis. Furthermore, Kepler Chevreux cut the rating of the Spanish giant from buy to hold, target price unchanged at 6,5 euros for the fear that on the Popular bonds, for which the agreements provide for the zeroing, heavy lawsuits could start against the bank for fraudulent sale of securities.
The Eurostoxx Banks index is up 0,8%. Positive reaction also from Italian banks to the news from Spain. Unicredit +1,3%: UBS raised its target price to 15 euros from 13,8 euros, confirming the Neutral rating.
Ubi +2%: the broker Keefe, Bruyette & Woods raised the rating to Outperform from Market perform and the target price to 4,71 euro from 4,15 euro. Understanding + 0,7% Bpm bank -0,8% Bper + 2,5%. Valtellinese credit rises by 4% following the announcement of the sale of a part of the real estate assets to Beni Stabili, a sale that generates a 70 million capital gain. Among the insurance Generali + 0,4%.
The European utility sector also gains, driven by the Germans E.on and Rwe up about 5% after the Constitutional Court ruled that the nuclear fuel tax is illegal, effectively triggering a 6 billion euro appeal by the two companies
Enel +0,2%: Goldman Sachs raised its target price to 5,7 euros (from 5,5 euros) and confirmed the Buy rating. Among other blue chips, in industry stm + 1,8% Fiat Chrysler +0,5%. Well Prysmian (+2,5%), weak Leonardo (-1%) And Recordati (-2,6%). Mediaset +0,7%. Raise your head Telecom Italy (+ 1,3%).
