We start again with the blessing of Fitch. The rating agency gave the Renzi government the promotion of the outlook from negative to stable. Even more generous is the judgment on Spain, promoted to BBB+ or on the improvement of Portugal.
It is in this context that the market is preparing for the key appointment of the week, the data on theinflation scheduled for Wednesday. From which it will emerge whether the risk of deflation is averted or not, thus dictating the moves of the ECB ahead of the meeting on 8 May.
In Use the top of the Central Bank tomorrow and Wednesday shouldn't hold any surprises. The Committee is expected to decide to continue tapering at the recent pace (-10 billion purchases, totaling $45 billion a month). Janet Yellen will not hold the press conference following the meeting but she will speak on Thursday May XNUMXst.
Tokyo it opened down 0,97% again in the wake of tensions between Russia and Ukraine. The United States and Europe are moving towards the imposition of new sanctions. The Hang Seng fell by 0,32% and Shanghai by 1,41%.
Meanwhile today Italy launches an emission of Bots at 6 months up to 7 billion euros, while on Tuesday the test will be more delicate with the offer of 5 and 10-year BTPs up to 6,5 billion and Ccteu up to 2,5 billion.
MPS ASSEMBLY, TOWARDS A NEW GRILLO SHOW
It is probable that the quorum will only be reached tomorrow but Beppe Grillo, in his role as a small shareholder of Mount Paschi, promised that he will be in Siena already this morning, on the occasion of the first convocation of the ordinary meeting to approve the 2013 budget (closed with 1,43 billion in the red) and top management remuneration.
The meeting will be accompanied by an extraordinary assembly to vote on the statutory changes concerning gender quotas and independent directors. Most likely the quorum will form on Tuesday 29.
The most important assembly, the one for the delegation of the capital increase up to 5 billion which will start in June, will only be held on May 20th. But the shareholders' meeting is for the first time in MPS format as a public company, after the step backwards by the Foundation.
The fever of mergers and acquisitions continues. This morning the Financial Times reveals that Pfizer she returned to the fray for Astra Zeneca with an offer in excess of $100 billion. Pfizer shortly confirmed that it had made advances for a takeover at Astra Zeneca.
In Europe, attention is focused on the proposed split and subsequent merger launched by Siemens to Alstom, the European response to the offer made by General Electric for the transalpine giant. Meanwhile, Apple has announced the launch of a new bond issue for 17 billion.
In Italy, attention is focused on quarterly data. Tonight it will be a stm, accompanied by a more benevolent consensus after difficult quarters. Tomorrow will be the turn ofEni, on the first date after the changing of the guard. The age-old and almost insoluble problems of Kashagan complicate the work of the new CEO Caludio Descalzi. Indiscretions give for certain the need to review 200 kilometers of pipeline around the field. The delay will entail new heavy additional costs for the consortium.
Tomorrow, after the meeting, the board of directors of Luxottica. A busy week of assemblies for the insurance world. Tomorrow there will be the meeting of Unipol, Wednesday will be the turn of Unipolsai e Generali. On May XNUMX there will be the quarterly of Tenaris.
