The time has come for a payback for bank stocks, under the leadership of Unicredit. The index Ftse Eb rises by 3,1%, fully recovering yesterday's disastrous drop (-2,4%). The other European Stock Exchanges are recovering, albeit on less stressed numbers: London is up 0,5%, Paris +0,8%, Frankfurt +0,9%. Yesterday Paris and Frankfurt fell by 0,9%.
The trend reversal is made possible by the wait for the government's project to be launched of the vehicle company endowed with the necessary capital to subscribe to the unopted shares of future recapitalizations of Italian banks. The project could be officially announced on Monday.
Strong market reaction: Unicredit salt by 7,8%, Intesa +5,5%, Monte Paschi +8%. Equally vigorous was the reaction of Ubi +8,6% and Banco Popolare +11,7%. Banca Popolare di Milano rises by 8,1%, the best is Pop.Emilia +12,5%. The appointment with the Mediobanca rebound +4,6% is not missing.
The recovery of the banks has infected the other sectors of financefrom insurance to asset management. Generali gains 2,3%, UnipolSai +2,4%. Banca Mediolanum rises by 3,1%, Soul +2,5%.
The general climate of the markets improves, thanks also to the oil rebound (+2,1%). Eni gains 2,5%, Tenaris +1,9%, Saipem +3,8%. The Italian secondary appears to be recovering after yesterday's drop, with a return to risk appetite. The spread, which yesterday went up to 133 basis points, today reached 125.
Il exchange euro Dollar it is little moved at 1,138. Yesterday evening Janet Yellen underlined again both the strength of the American recovery and the caution with which the US central bank will move to raise rates.
In Piazza Affari, thewaiting for the board of Mediaset +2,3% which this evening should approve the agreement with Vivendi which provides for the sale of Mediaset Premium to the French and a share swap between the two groups (3,5% of the capital).
After the sharp declines, Telecom Italia also rebounds +4%. Vivendi has declared that it does not exclude a participation in the Enel initiative +1% on ultra-broadband project which should wire the whole country also thanks to the State contribution for the areas that would not be economically profitable.
Throughout Europe, the Automotive companies are gaining (Stoxx +1,5%). Fiat Chrysler leads the movement with an increase of 4,2%. CNH Industrial rises by 2,3%, Exor +3,5%. Ferraris +2,7%. This morning, Kepler Cheuvreux analysts started recommending the stock to "Reduce" with a 12-month target price of 30 euros per share.
Among others industrial titles, Prysmian +2,4%, StM +0,8%. Finmeccanica did well +2,6%. This morning JP Morgan signaled that it has reduced the target price to 12 euros from 12,40 euros, maintaining the Neutral recommendation.
