Let's start once again. After the long weekend, the London and New York markets reopen today. And demanding tests are looming on the horizon for central banks (ECB summit on Thursday), for oil (the new Saudi energy minister, Khalid al Falih, will make his debut at OPEC in two days) and, no less important, for the auto sector (the Volkswagen quarterly will be released today). In Italy, the bank dossier is enriched. The Atlante fund is about to make an encore: after Popolare di Vicenza, it's up to Veneto Banca, even if the Montebelluna institute has not yet ruled out landing in Piazza Affari. The difficult credit situation will in any case be at the center of the Final Considerations of the governor of the Bank of Italy.
COMING SOON: TOKYO +3% IN MAY. AND SHANGHAI FLY
In this context, the price lists are preparing to say goodbye to the pitfalls of May. Tokyo, the first to cross the finish line, is heading towards a positive end to the month, +0,5% today, thanks to the slowdown in the yen (11,11 against the dollar) and less negative than expected data on the industrial production front (+ 0,3% in the month despite the effects of the earthquake, -3,5% on an annual basis) and consumption (-0,4%). However, the market is supported by the conviction that, once the G7 is over, Japan is preparing for a massive operation to relaunch the economy. According to the Nikkei Times, Prime Minister Shinzo Abe is about to announce the postponement of the VAT increase for two years and a package of fiscal stimuli of between 5 and 10 million yen. Over the course of May the Nikkei gained 3% thanks to the final rally (five consecutive days of upside).
The strength of the US currency (+0,1 the dollar global index), supported by the expectation of a rise in interest rates, favors the recovery of the Eastern markets. Chinese stock exchanges advance by two percentage points, Hong Kong +1%. Oil was stable, just below the 50 dollar barrier: Brent is traded at 49,69 dollars a barrel, Wti at 49,56 dollars (+0,2%). Gold rebounds: 2.013 dollars an ounce (+0,7%) after nine consecutive days of decline.
EUROPE IN LETARGO, MILAN IS THE WAREST
Slow opening in life this morning for European lists, after a day marked by low volumes. The liveliest stock exchange was Milan, thanks to the banking sector. The FtseMib index rose by 0,58% to 18 points, with a high of 291 and a low of 18. The Paris Stock Exchange advanced by 321%, Madrid +18% . In Frankfurt (+197%) the expectation of the possible relaunch of Bayer's offer (+0,32%) on Monsanto held the scene: 0,11 billion dollars.
Good news for Mario Draghi on the eve of the meeting in Frankfurt: the German price index settled at zero, recovering from -0,3% in April. Numerous sensitive data on the Eurozone will be released today, including, for Italy, the unemployment rate and the trend of the gross domestic product.
BTP, AFTER THE AUCTIONS, THE SPREAD FALLS TO 120
Yields on debt securities from the Old Continent are down. The German ten-year bond was traded at 0,17%, the French one at 0,5%. The spread between “core” Europe and the so-called periphery is also shrinking. The gap between BTPs and Bunds narrows to 120,6 points. The 1,42-year yield is 9% (-XNUMX basis points compared to Friday). The market awaits the ECB meeting with confidence which could widen the area of purchases to include corporate bonds.
Thus ended the Treasury auctions at the end of May with a flourish: all 5,5 billion euros of 5 and 10-year BTPs were placed with declining rates. On the 5-year BTP the average yield fell to 0,40% from 0,49%, while on the 1,42-year bond it fell to 1,51% from 2023%. CCTEUs maturing in July 2 were also assigned for 0,53 billion euros, with a yield down to XNUMX%.
ATLANTE GIVES THE APPOINTMENT TO MPS, VENETO BANCA STILL HOPES IN THE IPO
The most volatile bank stocks tried to liven up the session on the wave of the possible strengthening of the Atlante Fund, which will open the capital to Pension Funds and Welfare Funds for an amount of approximately one billion to be allocated to the purchase of non-performing loans of Italian banks.
The spotlights thus focused on the current meeting of the board of Veneto Banca, called to fix the terms of the capital increase (one billion). The IPO, as already happened in Vicenza, will take place with a maxi-discount: 0,10 euros for each new share (up to a theoretical maximum of 3 euros). But compared to Vicenza there is something new: the operation provides for an option right, i.e. before activating Atlante (which has already signed an agreement with the guarantee consortium led by Banca IMI) the unopted will have to be submitted to the current shareholders. And it is not excluded that the subscription of 10-15% of the capital could be reached which, together with the intervention of some large investors (see Mediobanca) could make it possible to reach the free float necessary for listing on the Stock Exchange. Intesa, an interested spectator of the story, rose by 0,8%. Unicredit +0,3% with Pop. Vicenza, the greatest burden should fall on Atlante.
Great animation around two other hot matches: Monte Paschi +1,99%, potential beneficiary of Atlante's interventions on non-performing loans if the fund raises new capital from social security institutions and pension funds; Banca Carige +1,64% on the day of the Board meeting on the business plan that will be sent today to the ECB
UBI is back (-0,6%), which has denied its involvement in the bank of Montebelluna.
BANKITALIA GOES GREEN TO AZIMUTH, PLACED IN EVIDENCE
In asset management, Anima rises by 1,7%, Poste Italiane +1,8%. Azimut + 2% after Bankitalia's go-ahead for the reorganisation: Via Nazionale has authorized the last part of Azimut's reorganization process aimed at excluding the group from the application of the CRD IV. As a result, a large part of the assets is released and this makes it possible to distribute the remaining 1 euro dividend in the fourth quarter of this year (yield 5%). Generali +0,6%, UnipolSai +0,3%.
FIAT SUPERSTAR. PININFARINA INDIANA: PAID 1,10 EUROS PER SHARE
Among the blue chips of Piazza Affari, the performance of Fiat Chrysler stands out (+2,8%), thus recovering the negative performance of last week (-1,4%). It is also the best stock in the European Automotive sector, in turn the best today in the Eurozone (Eurostoxx Auto +1%). Daimler also highlighted, up 1,7%. Volkswagen +1,5% on the eve of the quarterly.
Yesterday the passage of a historic brand of the Italian car was concluded, Pininfarina (+4,31%), to the Indian Mahindra&Mahindra. Pincar, the financial company in liquidation of the founder's family, sold the entire stake equal to approximately 76,063% to PF Holdings BV, a company incorporated under Dutch law owned by the Indian group at the price of Euro 1,10 per share (against a quotation of 2,81 euros). PF Holdings will launch a mandatory public purchase offer for all Pininfarina ordinary shares, at the same purchase price (equal to Euro 1,10 per share) paid in favor of Pincar. The investment agreement entered into between the Investors and Pincar on December 14, 2015 (the Investment Agreement) provides, inter alia, for the commitment by the Investors to invest Euro 20 million through a capital increase of Pininfarina, offered to all shareholders, by the end of 2016. The takeover bid will likely go deserted, as hoped by the new majority shareholder who intends to keep the company listed (and well recapitalised).
EU AX ON CNH, LEONARDO ON THE INDIAN BLACK LIST
CNH Industrial drops by 0,7%. The Financial Times writes that a super-fine from the EU against European truck manufacturers is about to arrive, at the end of an Antitrust investigation which would have highlighted the existence of a cartel in which all the manufacturers would have participated to keep prices high . According to the newspaper, it will be the heaviest penalty ever imposed by the European Union, exceeding 1,4 billion euros, a record penalty so far, established in 2012 against the cartel of television and monitor manufacturers.
Leonardo closes down by 1,5%: the Italian defense company is about to be included in the Indian government's black list for investigations into corruption. The Leonardo-Finmeccanica Group's exposure to India is extremely limited “because – reads a note – for years no new order has been included in the forecasts. In particular, then, the order for the supply of torpedoes has never been formalized through the signing of the relative contract. For all this, the 2016 Guidance and the objectives announced in the industrial plan are fully confirmed".
ENEL ADVANCES, WEAK TELECOM. SALT ENI
Positive changes and new records for the period for utilities: Enel +0,4%, Snam +0,8%. A2A +2,4%. The ICBPI analysts who confirmed the buy rating and the target price at 1,66 euros after the news of the 50-day extension of the terms envisaged for the agreement with Linea Group Holding. Eni +0,8%, little moves Tenaris +0,2% and Saipem +0,4%. Telecom Italia falls (-0,4%). At the end of 2020, when Enel's plan will be completed, Italy will be covered for 50%.
RCS, CONSOB INVESTIGATES MEDIOBANCA
Rcs falls by 1,63% to 0,75 euro but remains above the price of the Investindustrial offer. The Guardia di Finanza, on a mandate from Consob, carried out an inspection of Mediobanca. The subject is the timing linked to the declarations of the top management of Piazzetta Cuccia and the subsequent launch of the takeover bid by the International Media Holding consortium, made up of Investindustrial, Mediobanca, Della Valle, Pirelli and UnipolSai.
NEW MAXIMUM FOR DIASORIN, VOLANO SAES GETTERS AND MONDO TV
Mondo TV (+5,2%) signed a new licensing agreement in Kuwait with Media Relation Company for the non-exclusive terrestrial television broadcasting rights in Kuwait of two animated series.
DiaSorin (+2%) set a new historical record in the morning. The performance since the beginning of 2016 expands to +14%. Last Monday, the stock also posted a dividend per share of €0,65 (yield 1,24%).
Saes Getters +11,7% on the wave of the launch of the "intelligent plastic" business and on possible M&As in Italy.
