CONTINUE THE SCALE OF MPS
BRAZIL WEIGHTS ON TELECOM
Cautious morning for the main European stock exchanges, with the indices unchanged in London, Paris and Frankfurt. However, the rise remains at home in Piazza Affari, where the FtseMib index gains 0,65% to 15.222, thanks to the rally in the banking system. Frankfurt +0,50%, Paris +0,1%, London -0,1% also rose.
On the market for government bonds, the Btp improves after the rumors of the German weekly Der Spiegel on an alleged project by the ECB to set maximum ceilings for spreads. The yield on the Italian 5,70-year government bond fell to 5,75% from 414% on Friday, spread at 12, down XNUMX basis points.
Corre MontePaschi +14,4% on the assumption that the Foundation reduces its share and new investors enter the capital. The stock gained 17,6% on Friday, up 21% last week.
Today's movement is supported by very strong volumes: 207,5 million shares changed hands in the late morning compared to a daily average of 109 million over the last thirty days. According to Reuters, the fuel of the rally remains the statements of the president Alessandro Profumo on the possibility that the Foundation reduces participation, making room for new important members. Over the weekend, the newspapers raised the prospect that the Foundation would soon loosen its grip on MPS. Bloomberg reports the considerations of some analysts on the possibility that Monte Paschi will end 2012 with a loss due to write-downs of goodwill. If this were the case, the bank could pay the interest on the bonds subscribed by the Treasury (Tremonti Bond) in new shares instead of in cash: according to Cheuvreux, the Italian State would thus find itself, within two years, holding 7% of the capital of the bank.
Unicredit it rises by 2,2% and Intesa advances by 1,9%, supported by the Cheuvreux report which defines it as the most interesting bank in the "periphery" of Europe. The recommendation is outperform and the target price is 1,5 euros.
Banco Popolare +6,6% and Banca Popolare di Milano +4,58% were also positive. The increase of Mediolanum +1,59% and Generali +2% complete the picture of the financial sector.
In Europe, however, the Stoxx index of the banking sector is down by 0,3%, dragged down by Deutsche Bank, which loses 2,2% after rumors according to which the German bank is among the four European banks under investigation by the US authorities (Treasury, Fed and of Manhattan) for alleged violations of money laundering laws. Also down were the French BnpParibas and the Spanish BBVA -0,9%.
Weak industrial stocks and in particular Fiat Industrial -0,94 suffering from the cautious statements on the European market of construction equipment by the CEO of Caterpillar. In Milan, the declines of Finmeccanica -2,83% and Telecom Italia -2,98% offset the rise in the banks. The telecommunications group suffers from two negative news: 19 in Brazil it risks having to pay a fine of 550 million euros for alleged tax irregularities; 2) Jp Morgan lowered the rating to neutral from overweight.
After so much rush in the last few days, Mediaset backtracks, down 1,92%.
