We start again with a surprise. This morning, according to the advances of the Financial Times, Intesa and Unicredit will announce a memorandum of understanding preliminary to the creation of a bad bank together with the US private equity firm Kkr and an American advisor, Alvarez & Marsal whose curriculum boasts the liquidation of Arthur Andersen and of Lehman Brothers. The details of the four-way agreement have not yet been defined which, however, after the massive investments by BlackRock and other US managers in our domestic credit companies, marks a new leap in quality in the collaboration between Italian banks and finance over the ocean.
Unicredit announced last month that it had set aside assets of 87 billion in an internal bad bank (of which 55 billion due by 2018), against 46 billion for Intesa. Banco Popolare is also preparing to assign its bad bank born from the restructuring of Italease: KKR is also in the running here as well as Fortress, Prelios and Lone Star. Again in the banking sector, today a test for Monte Paschi after the launch of the 5 billion capital increase.
Among the industrialists waiting for Fiat after the signing of the agreement with the Chinese Guanzhou which should finally mark a leap in quality on the most important market on the planet for the FCA group. The agreement with the Chinese manufacturer, in fact, concerns the production of Jeeps. The dividend campaign also begins in Italy. Today the coupons are released by Chh Industrial, Prysmian and Telecom Italia savings which offers a respectable yield: 4,5%.
The S&P 500 index is up +0,38% for the fifth consecutive day, while the Dow Jones is up +0,25%. Best of all the Nasdaq thanks to the acceleration of Netflix which has passed the test, eagerly awaited by the quarterly accounts: the stock rises by 6%. Today the quarterly campaign gets underway. Yesterday the market focused on the rumors about a possible takeover of over 100 billion dollars of the American Astra Zeneca by Pfizer, for now not confirmed by the two pharmaceutical giants. According to the Financial Times, informal meetings took place last year but there have been no developments for now. Traders are betting that interest has not waned pushing Astra Zeneca shares higher. The desire for mega deals is back on the market. Meanwhile in Italy Edison, according to rumors, could take over Eon Italia. The Alitalia board meets today for an update on the Etihad dossier: the Arabs have imposed harsh conditions to take charge of the Italian carrier. Now the ball passes to Unicredit and Intesa, the two major creditors of Alitalia.
Positive session also for the Asian price lists. Tokyo rises by half a pint thanks to the strength of the dollar, driven by good macro data and, consequently, by the weakness of the yen below 103. The euro also falls below 1,38 against the dollar. A good omen in view of the recovery of trade in the Old Continent.
