Piazza Affari leads the rebound of the European stock exchanges after yesterday's landslide. The Ftse Mib index gains around 0,9% around 16.400 points, the increase in Paris +0,6%, Frankfurt +0,1% and Madrid +0,07% is more modest. London -0,4%.
"On Italy there are colossal short positions in the USA and in countries where there are large investors" said Raffaele Jerusalmi number one of Borsa Italiana."I believe - he added - that among investors on the one hand there is the awareness that a victory del Yes will guarantee stability; but there is also a deep conviction by a large number of investors that the 'no' will win. But they have been wrong many times, it is possible they are wrong this time too”.
Leading the recovery, after yesterday's drastic fall (-13,8%), is Mount Paschi +5,85% above 18 euros. It helps the Sienese bank that Generali has decided to convert the bonds it holds in its portfolio into shares, for a presumable value of 400 million euros.
The other banks are positive: Understanding + 2,4% Popular Bank + 1,5% Ubi + 3,8%.
Unicredit +2,18%. The tender for the purchase of Pioneer Investments is destined to come alive after the constitutional referendum of 4 December. This was reported to Reuters by some sources familiar with the situation, adding that the French Amundi remains the competitor with the highest offer, while the Australian Macquarie is practically out of the competition. In a hypothetical two-way race, second place goes to Ameriprise Financial and the consortium led by Poste Italiane with Anima Holding and Cassa Depositi e Prestiti.
In the meantime, the bank is moving the pieces in view of the reaction of the guarantee syndicate for the capital increase (13 billion) to be carried out in February. Among the candidates, in addition to Andrea Bonomi in the front row, there are Morgan Stanley, UBS, JP Morgan, Merrill Lynch. Mediobanca will act as joint global coordinator together with Credit Suisse, Goldman Sachs, HSBC and Citi. The confidentiality letters, preparatory to the start of the due diligence, should be signed by today.
Generali +0,5%: Kepler Cheuvreux raised the target price to 14 euros from 13,7 euros, confirming the Buy rating. Unipol +2,3%.
The Ministry of the Economy this morning placed 5- and 10-year BTPs for 3,25 billion euro. The security maturing in 2021 (1,75 billion) recorded a gross yield of 0,91%, +34 basis points compared to the previous figure, while the 10-year bond (1,5 billion) yields 1,97%, ( +37bps). On the secondary, the ten-year yield falls to 2,00% from 2,05% yesterday. The spread with the Bund drops to 180 basis points.
While awaiting the US macro data on today's agenda, the dollar has recovered part of its losses, although it has not touched its recent highs: it is now trading at 1,05883 (against 1,0613 yesterday). The nervousness linked to the Italian referendum still weighs on the euro, but also the publication of preliminary data on inflation in Germany, in November, in the land of Bavaria, consumer prices showed a change equal to zero, from +0,2, 0,1% in October. The definitive data will be released this afternoon, the consensus expects +0,2% month on month from +XNUMX% in October.
The risk of Italy leaving the eurozone has never been higher than now in the four years of the survey series by the uGerman Studies Office Sentix. The more than a thousand investors questioned between 24 and 26 November give the chances of Rome leaving the single currency at 19,3%. The data recorded for France and the Netherlands is also on the increase.
Risk appetite remains quite contained also in view of tomorrow's official OPEC meeting in Vienna, with crude oil prices maintaining marked volatility due to the lack of agreement among members on production cuts. Brent is trading this morning at 47,4 dollars a barrel, down 1,7%. Tomorrow is the assembly of OPEC countries, according to rumors, the delegates arriving in Vienna disagree on any freezes on production.
Eni -0,3%: aims to further reduce the stake in the Zohr gas field in Egypt to 50%, and is in talks with various parties, said CEO Claudio Descalzi. Tenaris -1%.
Among industry stocks, Leonardo + 1,7% fca + 1,3%.
In the rest of the list:
- Snam +0,6%: Goldman Sachs has lowered its rating to Neutral from Buy, the target price drops to 4 euros from 4,7 euros.
Terna -0,1%. Enel +0,5%
- Italgas +1%. Goldman Sachs and HSBC have initiated coverage of the stock with a buy recommendation. Campari -0,4%: Rbc raised the target price to 10,2 euros from 10,1 euros, confirming the Outperform rating.
– Under heavy pressure Italy Independent -10% after the news of the arrest of the founder Lapo Elkann in New York.
