The securities of Italian banks collapse on a black Friday for Piazza Affari conditioned by the prospect of a No victory in the referendum. The Ftse Mib index closed with a loss of 1,75% at 16.200. Losses above 1% also for Madrid. The declines of the other European lists are more modest, less than half a point. The American Stock Exchange cancels the gain recorded at the opening. The S&P 500 index falls by 0,2%, the Dow Jones falls by 0,1%, Nasdaq -0,3%.
On the macro front, the run of the dollar continues. The US currency is trading at 1,057. In ten days, from November 4 to yesterday, it gained about 5%. American bonds earn, with the yield on the 2,27-year Treasury Bill declining to 2,30% from XNUMX%. Meanwhile, the differential between the Italian ten-year and the German one closed at quotation 180,829 basis points. In one week the yield rose to 2,08% from 2,01%. The spread with the Spanish Bonos jumped over 50 points.
Oil down sharply: Brent falls by 1% to 46 dollars, while WTI trades at 44,9 dollars a barrel (-0,9%). In Milan, Saipem sold 2,6%, Eni 1,75% and Tenaris 1,78%. Kansas City Fed chair Esther George today pointed out how oil producers said in 2014 they needed an average oil price of $79 a barrel to be profitable while today the threshold is much lower, at about $53. .
At the center of the storm the Italian banking sector: -2,8% after having reached a low since 5 October last, against a drop of 0,6% in the European sector. In the last five days, the sector has lost 10% dragged by the decline of: Banca Pop. Milan and Banco Popolare respectively -15,5% and -14,9%, despite the fact that the future CEO of the group that will emerge from the merger of the two institutions, Giuseppe Castagna, has defined the coverage of the non-performing loans of the financial duo as "absolutely" adequate . Ubi -14,4%.
Unicredit -12,8% (today -0,9%) has officially admitted the possibility of a capital increase to be presented in the business plan of 13 December. Today Mediobanca suffered a setback of 4% despite the 2019 plan presented yesterday. The institute announced a voluntary partial takeover bid on two Lower Tier 2 subordinated bonds up to a nominal value of 200 million euro with the option to accept an additional 15%. The offer will start on November 22nd.
In positive territory, thanks to the strength of the dollar, Stm +1,95%. Caution on utilities adds to the sales on the credit sector. Negative closure for Enel -2,38%: the market that did not reward the restart of coverage by Morgan Stanley, a business house that assigned an equal-weight rating and a target price of 4,3 euros. According to analysts, the stock offers "above-average dividend growth, a strong balance sheet and an attractive valuation," although the upside margin is in line with the sector.
Recover Italgas +0,7% after the Credit Suisse report. Telecom Italia also down -2,2%. Positive ending for Fiat Chrysler +0,57%, the stock benefited from the strength of the dollar and the new Jeep Compass crossover, which is "receiving a lot of attention these days" at the Los Angeles Auto Show. The company has signed an agreement with Amazon for the sale of the cars via the web. In Frankfurt flat closing for Volkswagen after the announcement of the staff reduction plan which will involve around 30 people.
In the evening Mediaset has announced that it has renounced the emergency appeal for the seizure of the shares of Vivendi, equal to 3,5%, involved in the agreement on Premium. The Mediaset subsidiary believes "the danger that its contractual rights will be jeopardized by the physiological duration of the judgment on the merits whose claims remain fully confirmed" no longer exists.
