Fiery start this morning for global finance. Last night At & t he bought Direct for a value, between shares and cash, of 95 dollars per share, equal to over 48 billion dollars, with a premium compared to Friday's prices of 10 percent. Thus, the integration between telecommunications operators and content providers marks a new step forward. AT&T bets on video To compensate for the slowdown in growth in the mobile phone market, Direct TV will be able to offer its customers a package that includes broadband connection, as its competitors already do. Now the word passes to the US authority, the FCC, which will have to authorize the operation, like that between Time Warner and Comcast.
Meanwhile this morning Deutsche Bank will officially confirm the launch of a capital increase of at least 8 billion euros. The news leaked over the weekend, after the go-ahead from the Paramount fund of Qatar, which will participate in the operation for 1,75 billion, thus without diluting its 17% stake in the bank that symbolizes German finance.
Other operations deserve headlines: Pfizer has again revised upwards its offer for the purchase of the i control of Astra Zeneca to 117 billion dollars.
SiemensFinally, he should reveal his cards for the purchase of the same day Alstom, after the Paris government stopped the advance of General Electric.
Great expectations also for the market reaction to the great peace between Apple and Google, who have decided to suspend the legal war on patents fought in more than 200 (expensive) confrontations in court. The truce will allow Apple to concentrate efforts on the eastern front, unleashing a new offensive against Samsung.
LISTINGS CAUTIOUS IN ASIA, ONLY CELEBRATE INDIA
These fireworks didn't excite Asian price lists too much. Tokyo rose by 0,2%, also thanks to the good data on exports of machine tools. The other markets were down: the Asian Pacific index fell by 0,3%. Shanghai (-1,09%) was weighed down by the new negative data on the Chinese economy: the prices of newly built houses fell, as did the prices of cereals.
Operators await more precise indications on the next moves of the central banks. Pending the turnaround by the ECB, attention this week will be focused on the minutes of the last meeting of the Fed, which will be made public on Wednesday.
In the meantime, some Bric are back to running. India celebrated Modi's election with a 4,4% rise in the Mumbai index. Now the new prime minister, much loved by the business community, is expected to form a new government. For the third week in a row, Brazil closed in positive territory (+1,2%) .
THE EX-DIVIDENDS EXCHANGE IS WORTH 1,45% OF THE FTSE/MIB
Will the dividend money return to Piazza Affari? Or will shareholders prefer to wait for less troubled times to invest the 7 billion distributed today by listed companies? Today, meanwhile, the Italian Stock Exchange starts from -1,45%. The impact of the dividends that will be detached this morning in Piazza Affari might be worth it. The operation concerns almost half of the Ftse/Mib basket (19 out of 40 companies), but a total of 47 listed companies are involved in the entire list. In figures, the Big 19 will distribute 6,4 billion to shareholders this morning, a figure to which must be added the Tenaris coupon (not counted because it is a foreign company) and the Unicredit scrip dividend paid in shares. If we take into account the coupons of the small / medium caps, the total dividend is over seven billion.
The companies that will list ex-dividend include: Atlantia (which pays a balance of €0,391, out of a total dividend for 2013 of €0,746 per share), Azimut (€0,7), Buzzi Unicem (€0,05 on ordinary and savings), Campari (0,08), Eni (0,55 out of 1,1), Enel green power (0,032), Generali (0,45), Gtech (0,75), Intesa Sanpaolo (0,05. 0,65), Luxottica (0,15), Mediolanum (0,25 out of 0,4), Salvatore Ferragamo (0,05), Saipem (0,15 out of savings), Snam (0,25 out of 0,218), Tenaris (0,43 dollars out of 2,7 dollars), Tod's (0,06), Ubi Banca (0,1), Unicredit (0,19559), UnipolSai (XNUMX).
EVIDENCE OF COLLECTION AFTER THE BLACK WEEK
The Eurostoxx index remains around its six-year high, favored by the exploits of Thyssen and Airbus despite the slowdown in the German confidence index and the disappointing outcome of the first quarter of the GDP of many countries, including Italy, of the eurozone. At the end of the week, 10 indices out of 18 closed in negative territory, but the three main indexes rose: Frankfurt +0,5%, London and Paris +0,3%.
In Milan, on the other hand, we start again after one of the most difficult two-speed weeks of 2014. But not the worst: in mid-April, Piazza Affari had suffered a drop of 5% in 4,4 sessions. Thanks to Friday's recovery, however, this time the drop is "only" 3,5%. But, beyond the statistical significance, the Stock Exchange reopens its doors in a very delicate climate. Both because the week preceding the European vote, with possible repercussions on the single currency. Secondly, because the sharp reaction of the markets to the disappointing GDP figures for the first quarter raises the suspicion that the honeymoon of major international investors with the Renzi government is drawing to a close.
On the government bond market, the BTP suffered a sharp decline, after months of improvement. The yield rose to 3,05% (improving today from 3,09% yesterday) and the spread widened to 172.
MPS, THE INCREASE IS UNDERWAY. MANSI LEAVE
Highlighting the announcement that Antonella Mansi, after 8 months at the helm of the Monte Paschi Foundation, will not resubmit her candidacy for a second term. On June 9, therefore, President Mansi will leave the leadership of Rocca Salimbeni with an exceptional balance sheet: zero debts, assets of 450 million, and, even more importantly, an even more significant presence in the bank's equity balances.
In fact, on Wednesday the Mps assembly will approve the capital operation which will go into effect in mid-June. Only then will there be a precise measure of the new structures of the institute led by Fabrizio Viola: the Foundation, which retains 2,5% (against 49,9% in February 2011), is part of a shareholders' agreement currently strong in 9 % (but expansion to include new partners is expected) which includes Fintech Advisory (4%) and the Brazilians of Btg Pactual, at the center of the news also for the negotiation for the purchase of Bsi from Generali. 22,2% of the capital, according to what emerged from the shareholders' meeting of 29 April, is controlled by international funds and investors, including BlackRock with a share of just over 3%. .
In Piazza Affari, the banks recovered on Friday, among the stocks most affected by Thursday's sales: Intesa rises by 3%, Mediobanca +2%, BancoPopolare +1,6%, while Unicredit marks an increase of 2%. But several institutes appear in the list of best-selling securities of the week: Ubi -8,3%, Banco Popolare -8,1%, Bper -7,3%. From today, the rights to the capital increase of Banca Poolare di Milano will no longer be processed. The operation will end on May 23.
TELECOM AND MEDIASET
Test of appeal for Telecom Italia (-8,3%) , down sharply after the publication of the quarterly accounts. The fall is partly due to the sharp rises since January. However, the approaching date of dissolution of the Telco holding and the buzzing atmosphere in the telecommunications and media sector, now destined for strong integration, contribute to suggesting a possible reaction. In France it is the purchase of Sfr Bouygues by Orange, Vodafone is in great movement in the shares of Telefonica, active both at home (Digi+ platform) and in Germany.
In this turbulence, in addition to Telecom, Mediaset also retreats (-8,8%), the worst stock of the week. In these days the decision of the Biscione should arrive on the strategy to be adopted in Spain, after the purchase of control of the digital platform of Prisa by part of Telefonica. The Italian company, which has 22% and a pre-emption right, can make a counter-offer (at least one billion) or try to reach an agreement with the Spanish group which, after the dissolution of Telco, is starting to be the first single shareholder of Telecom Italia.
LUXURY TO THE RESCUE, MONCLER RAISES ITS HEAD
Richemont, one of the world's luxury giants, announces that sales in China have returned to growth after 18 months of slow but constant decline. The recovery atmosphere has favored the revenge of the made in Italy. At the top of the weekly performance chart.
Luxottica closed up 2,3% at 41,59 euros and is the best blue chip: in the last 5 sessions Luxottica gained 2,8%. Moncler is also advancing on an equal footing, with a leap of 6,2% in Friday's session, after the results. The company announced that it closed the first quarter with a net profit of 23,5 million euros, up on the 16,4 million of the same period in 2013. Kepler – Cheuvreux has decided to promote the stock to Buy da Hold, with a target price confirmed at 14 euros.
