European stock markets are trying to recover after a sluggish start, conditioned by the uncertainty about the German political situation. Milan is the best market: the Ftse Mib index rises by 0,4% just below 22.200 points despite the detachment of various coupons, a breath above Madrid. The progress of Paris was more modest, around 0,2%: Altice it jumped 7,8% after saying it didn't want to raise fresh funds through the issuance of new shares and that it is working on cutting debt.
Frankfurt, on positive ground, nonetheless absorbed the failure of the formation of the "Jamaica" government. At 14.30 President Frank-Walter Steinmeier will give a press conference after a meeting with Angela Merkel. Worth noting is the leap of He +14,1%: the German utility wants to reduce its stake from 16,8 billion to Innogy, a utility active in renewable energy with a market capitalization of approximately 22 billion. The deal could also involve Enel +0,3% who will meet analysts tomorrow.
Outside the euro area, London is not very moved, the best is Zurich +0,8%: Roche it gains almost 4% and is starting to close its best session since March following good news on an ongoing trial. The euro weakened slightly against the dollar to 1,178 from 1,179 on Friday night. The German Bund is unchanged at 0,36%.
Crude oil prices are falling, awaiting the OPEC meeting on November 30, which should decide on the extension of production cuts, currently expected until March 2018. The Brent contract drops 51 cents to 62,21 dollars a barrel . The WTI falls back to 56,38 dollars. Eni + 0,5% Saipem + 2% Tenaris + 1%.
In Piazza Affari it is on the rise Mediaset +3,8%. is significantly up on Piazza Affari thanks to rumors about the progress of the negotiations with Vivendi which could close in mid-December, before the hearing in the Milan court scheduled for December 19th. The agreement should provide for the decrease of Vivendi from 28,28 to 5% of the share capital of the company controlled by Fininvest which would acquire a part of the shares. The rest, apart from a share taken over by Mediaset itself, will be parked in a blind trust. Mediobanca ratified the Outperform rating with a target of 3,76 euro. The Bloomberg consensus has an average "fundamental" target of 3,23 euros
At the center of attention, as usual, the banking sector. The FTSE index of Italian banks rebounded by 0,5% to 11.290 points, after the heavy -1,7% suffered last week. Eurostoxx Banks is up 0,2% today, down 1,1% last week.
This morning the EBA (European Banking Association) released the guidelines on stress tests. The four Italian banks subject to the review will be assessed on the basis of their exposure to sovereign debt and securitization risk.
Banking Carige still fails to make money and loses almost 50% in pre-opening. The major shareholders of the bank, the Malacalza family, Gabriele Volpi and Aldo Spinelli, together with the banks of the consortium (Deutsche Bank, Credit Suisse and Barclays), have given their formal approval to the capital increase of 560 million euro. The consortium has guaranteed 100% of the transaction The shares will be issued at a value of 1 cent with a discount on the Terp of between 26 and 27 per cent.
Splash up Valtellinese credit +22% facilitated by the ban on short selling, the bank's general manager Mauro Selvetti said he was confident about the formation of a guarantee syndicate to support the capital increase.
The drop in tension favors the rebound of Ps +7,8%. Positive Unicredit + 1,2% Banco bpm +2,8%. Almost flat Understanding -0,07%. In the rest of the list:
- stmicroelectronics +0,1%. Kepler reduced the judgment to Reduce. In the late morning came the news that S&P raised its outlook to positive from stable, confirming its BBB- rating.
- Yoox Net to Porter +1,4%. RBC has started hedging with Outperform, target price at 35 euro. Ferragamo -0,7%, Citigroup cut its target to 21 euros.
- Salini Impregilo -2%. Mediobanca cuts to Neutral. It goes back instead Astaldi +5%: S&P downgrades rating.
