The seventh stock market leading up to mid-August opens on positive ground. Among the liveliest lists Milan +0,7% after having reached an increase of 1%. Paris rises by 0,2%, Frankfurt recovers 0,6%, while London loses 0,1%.
The judgment of the DBRS agency did not matter, it placed the sovereign debt of the Italian Republic under observation and does not rule out a possible deterioration in the coming quarters. Currently, the DBRS rating on Italy is set at "A-low", which classifies the Italian state among non-speculative issuers with regards to ECB loans.
The US stock market moves little, with the S&P500 index substantially unchanged on Friday evening's record level. The Nasdaq and Dow Jones are also unchanged. Among investors, there is optimism about the growth prospects of the global economy, after the very strong data on the trend of employment in the USA. At the same time, the market is convinced that the Federal Reserve will not raise interest rates before the presidential election in November.
Wal Mart's big coup should be recorded: the group acquired the company active in online large-scale distribution Jet.com for 3 billion dollars. This is the largest M&A operation ever carried out for an e-commerce startup. Despite the gigantic blackout of its computer systems that put computer traffic at serious risk, Delta Airlines is up 1%.
In Piazza Affari, the entire financial sector shines. Banco Popolare leads the race +5%. This morning Deutsche Bank raises the judgment to Buy from Hold. Kepler Cheuvreux cuts the target price to 2,7 euros. The half-year accounts show a transitory Common Equity Tier 1 at 14,89% from 12,59% at the end of March, an improvement due to the resources raised with the capital increase. Bpm also up +3,05%.
In great evidence Mediobanca +3% supported by the judgment of Kepler Chevreux and by the rumors on a possible strengthening of Vincent Bollor is interested in consolidating his grip on Generali +2%. At the end of the list, on the other hand, Mps -4,67% which pays Fitch's negative credit watch on covered bonds.
Pending the intervention on the Sienese institute, the Atlante fund has installed the new top management of Veneto Banca. The historic shareholders of the Montebelluna institute "not compromised with past management" will have "in the future the right to acquire shares for 0,10 euros, the same price paid by Atlante, whatever the value of the Bank will be in the future". This was written in a message on the occasion of the meeting by Alessandro Penati, president of Quaestio Sgr, the company that manages the fund which has asked the new board of directors to initiate liability action against the old directors.
Minus sign also for Ubi -0,17%: after the release of the half-year results, Credit Suisse analysts have worsened from "Outperform" (it will do better than the market) to "Neutral", target price from 3,5 euros to 2,7 EUR. Purchases on Saipem +3% and Eni +1,2% in a European sector supported by the strengthening of crude oil prices.
Even the luxury sector pays a price for the sell issued by Fitch. Profit-taking on Yoox -0,7% after the rise of more than 12% achieved on Friday. Ferragamo -0,7%. Luxottica closed down 1,1% at 43,58 euros. The downgrade by Rbc Capital is felt on the stock, which lowered the recommendation to Sector Perform from Outperform. The target price was cut to 45 euros from 57 euros.
