Weak start to the week in Bag. The launch of North Korean missiles in the Sea of Japan weighs heavily, even more the rain of sales on Deutsche Bank after the launch of the capital increase. The prospect of a rise in US rates advises operators to review their positions in the light of the forthcoming upward adjustments (at least 3 in 2017).
In Milan the index Ftse Eb, back from the most brilliant week in the past four months (+5,7%), loses 0,3%, around 19.600 points. The loss of Paris, Frankfurt and London is similar. Madrid slightly above parity (+0,07%).
The euro the greenback slips 0,2% to 1,0595 dollars, after touching 1,0640.
The fever on the titles of the debt. On the bond market, the spread between the BTP and the Bund is confirmed at its lowest level since the end of January, below 180 basis points. The Italian 2,099-year rate fell to 2,109% from 0,33% at the end of Friday's session. The 63-year Bund yields 6%. The France/Germany spread is widening slightly to XNUMX basis points, +XNUMX.
Four days after the ECB board meeting, the Sentix index, which measures investor confidence, rose to a ten-year high.
The morning was conditioned by the news arriving from the corporate front. In Frankfurt, the drop of 6,22% weighs Deutsche Bank after the announcement of a capital increase of 8 billion euro.
Unicredit (-1%) slows down after gaining 15% since the end of the capital increase.
In Paris, PSA rises by 3% after the announcement of the purchase of Opel and Vauxhall from General Motors for 2,2 billion (including financial assets) thus becoming the second group in Europe after Volkswagen. According to Alfredo Altavilla, head of the Emea region of FCA (+1%) the Peugeot – Opel operation will have no impact on the Italian-American group.
In London standard life rises by 5,7% after the merger with Aberdeen which kicks off the birth of the second largest European asset management group. In Milan Intesa Sanpaolo -0,5%, Similar change for Generali (-0,6%), already a potential partner of an Italian pole in the sector. The bank's CEO Carlo Messina was in the United States in recent days to explain to large investors the reasons that led the bank to abandon the merger project with Generali.
At Piazza Affari the spotlights are on Poste Italiane (+4,28%). The distribution of an extraordinary dividend of one billion is looming in addition to the one already foreseen of 500 million, to be linked to the sale of the share held by the Treasury to the CDP. According to Banca Imi, the market “would appreciate as it could proportionally benefit from the distribution of an extra coupon and the overhang relating to the second tranche would be removed. Governance issues remain, since the CDP would control about 60% of Poste, which is also the distribution network of the CDP's postal bonds".
Imi confirms the target at 8,1 euros and the judgment add. Mediobanca Securities was also positive, reiterating the outperform recommendation on Poste and the target price of 8,6 euros. The opinion of Banca Akros is different (accumulated assessment, target price at 7,9 euro), according to which the best option is still to postpone the placement: "An extraordinary dividend is certainly positive in the short term but could jeopardize the growth potential of Post Office".
Salt too Carige (+3,8%) which intends to set up a joint stock company headed by the current shareholders and which aims to sell all non-performing loans in the best possible way, with the aim of repaying the capital increase of 450 million euro.
Il Petroleum Brent retreats 1% to 55,38 dollars a barrel, on Friday it gained 1,5%. HSBC analysts cut the target price on Eni (-0,4%, to 16 euros from 16,70), confirming the Hold opinion.
Moncler +0,1%: Equita confirms the Buy judgment by raising the target price to 22,6 euros from 20,7.
Brembo it moved down by 0,2% to 65,65 euros. This morning the analysts of Exane BNP Paribas confirmed the Underperform recommendation, reducing the target price to 49 euros from 50 euros. Out of ten analysts surveyed, eight recommend the purchase for an average target of 66,60 euros.
The new Central group of Milk from Italy (+0,8%) closed the first financial statements after the merger of Centrale del Latte di Firenze into Centrale del Latte di Torino, which took place on 2016 October 12,05. The company's net profit was 117,78 million euro. Consolidated turnover reached XNUMX million.
