The euro is back under pressure, having slipped below 1,04 against the dollar, the safe haven asset par excellence in the most difficult moments. Advance Business Square: +0,6% (Ftse Mib index again above 19 points), animated by the bridging decree on banks and the battle for control of Mediaset. The Italian Stock Exchange is once again the top list (at its highest level since March) ahead of Paris (+0,3%) and Madrid (+0,4%). Just above parity Frankfurt and London.
Little moved i government bonds Europeans: the 10-year BTP trades at 1,85%. Prometeia has trimmed downwards the growth estimate of the Italian economy for next year, which will be affected by the uncertain trend of consumption and investments after the victory of the no in the constitutional referendum which sanctioned the end of the government led by Matteo Renzi. The research institute corrected its growth forecast for next year to 0,7% from 0,8%, while that for the current year was improved to 0,9% from 0,7%.
On the side of the Petroleum, Brent is almost unchanged at 54,9 dollars a barrel. Saipem falls (-0,6%): Mediobanca lowered its rating to Neutral from Outperform, however raising the target price to 0,53 euro from 0,47 euro.
The announcement of the 20 billion euro shield to support the Italian banking system has given new life to risky securities. But the rebound of Mount Paschi (up as much as 3%) shut down. The bank, however engaged in an attempt to raise 5 billion euros in extremis on the market to avoid bailing out the state, traded at -0,57%.
The rise of the rest of the sector was noticeable: Unicredit earn 1,7%, Understanding + 0,7% Popular Bank +2,04%. Banks also on the rise in the rest of Europe: Deutsche Bank + 2% BNP Paribas + 1%.
Mediaset accelerates upwards and rises by 18%, to 4,252 euros, a price it has not seen since December 2015, in the wake of the offensive by Vivendi which announced its intention to increase its share up to just under 30%, a threshold which triggers the takeover bid. Fininvest, the leading shareholder with approximately 39,5% of the capital, replied with a hard face, speaking in its press release of "irregularities and serious violations" in the conduct of Vivendi and announcing imminent judicial actions, "both criminally and civilly and administrative".
"With this share - writes Equita Sim - Vivendi will be able to block any mergers in an extraordinary meeting and could also convene a meeting and propose changes to the company's board", Equita analysts point out. With respect to a possible takeover bid, is the opinion of Banca Akros, "it is not the most probable scenario, taking into account the official position of Fininvest and the opinion of the political world". Not to mention that "on the basis of the average price of the last 12 months, a mandatory takeover bid could be launched at 3,19 euros per share", therefore well below the current price.
Industrial stocks have moved little. Fiat Chrysler salt by 0,4%. The US highway safety authority is opening an investigation into 1 million Rams pickup trucks and SUVs after receiving complaints that the vehicles move after being parked. StM +0,3%, Prysmian -0,4%. Goes down Recordati (-1,3%), retreats Campari (-2%), slips Ferragamo (-1,2%).
Among medium-sized companies, we point out the increase of Fincantieri (+4%), which obtained the official confirmation of an order worth 2 billion euros for three cruise ships by Virgin Voyages.
