After a negative start, Piazza Affari stands at parity at the reopening of Wall Street, which will remain open only for half a day for the Thanksgiving Day holiday. The Ftse Mib index drops by 13% at 0,07 pm, around 16.500 points. The indices of Frankfurt (-0,07), Paris (-0,19) and London (-0,04%) also fell slightly.
On the Bond front, the spread rises to 188 bp: the BTP yield is 2,13%. the ten-year rate at 2,37%, is getting closer to the maximum since July 2015 of 2,42% reached during Wednesday's session.
This morning the Treasury placed indexed BTPs maturing in 2022 and 2041 for a total amount of 1,2 billion. Yields are on the rise: the 2022 maturity was set at 0,51% (against 0,08% in July). The tranche for 2041 was awarded at 1,74% (against 1,2% in March). The gross yield of the Ctz maturing December 2018 was set at 0,283%.
Euro recovering from yesterday's lows against the dollar above 1,06, in a market that still remains oriented towards strengthening the greenback.
The president of the Bundesbank, Jens Weidmann, argued in an interview with Handelsblatt that the European Commission should be relieved of control over state budgets, because it is too political a role. “I don't think – he said – that a Commission that interprets its mandate as politically as the current one is the most suitable for guaranteeing budget supervision in Europe. Wolfgang Schaeuble and I are convinced that this task should be transferred to an independent institution, not subject to conflicts of interest”.
Monte Paschi fell sharply on the stock exchange in Piazza Affari (-5,82%), after yesterday's shareholders' meeting approved the increase from 5 billion and the reverse stock split, effective from Monday. The operation on the capital should start between December XNUMXth and XNUMXth, at the end of a process in close stages: in fact, the aim is to close before Christmas. The ECB has asked for everything to be finished by the end of the year.
The conversion of 28 billion euro of subordinated bonds into shares will start on Monday 4,3th. A meeting of the board of directors has already been convened for Wednesday 30, which should decide whether or not to include in the voluntary conversion also the one billion Fresh, held for the moment on hold. A second board meeting is scheduled for Monday 5, immediately after the constitutional referendum. On that date, the top management could discuss both the commitment of the anchor investors and the agreement with the guarantee consortium for the increase. Qatar could invest 1 billion euros in Siena while 3-4 funds seem willing to contribute 150.200 million each.
Brilliant comeback instead for Generali (+2,40%). This morning JP Morgan analysts raised their recommendation to Overweight from Neutral with a target price confirmed at 14 euros. Mediobanca maintained the Outperform rating by raising the target price to 15,5 euro from the previous 14,5 euro. The promotion comes two days after the presentation of the industrial plan and on the eve of the probable conversion of the MPS bonds into shares.
UniCredit +0,40%. According to a Polish government official, the negotiations for the sale of Banca Pekao will close within 2016: the Pzu company would buy 20% of Pekao, Pfr another 13%. The remaining 7% would remain in the hands of UniCredit. The value of the operation should be around 2,6 billion euros.
Yoox shines (+1,8%) on Black Friday.
Brent oil loses 1% to 48,5 dollars a barrel. Eni excludes listing the chemical company Versalis on the Stock Exchange because it is not the right time, while for Christmas it estimates selling a stake in the area 4 field in Mozambique and Zohr in Egypt. This is what CEO Claudio Descalzi said this morning.
