We missed the summer catchphrase. But Francesco Gaetano Caltagirone thought to fill the gap by relaunching one of the ever-popular hits of Italian finance: control of the Mediobanca-Generali partnership. The Roman builder has launched the perhaps decisive attack to transform Leone's public company into one controlled by him and by Leonardo Del Vecchio, a friend if not an ally.
Yesterday evening it emerged from the Consob website that Francesco Gaetano Caltagirone has trebled stake in Mediobanca, bringing it from 1% at the beginning of March to the current 2,88%, and which has others two options to climb up to 5,0547% between 20 August and 17 September. Just in time for the institute's assembly, scheduled for October 28th. The potential package, if combined with that of Leonardo Del Vecchio who has been the strength of the Milanese investment bank for a year with 19%, could go close to 25% which can only be beaten by launching the Opa.
At this point Caltagirone could ask space in the governance of Mediobanca, unlike Del Vecchio who has committed himself to the supervision of the ECB to be only a "financial investor". But the real target remains Generali where for months Caltagirone has been in open disagreement with the head of the company Philippe Donnet, to be renewed with the entire Board of Directors in nine months. The by-laws of Generali have recently accepted the possibility that the outgoing board of directors draft uown list of administrators, as is typical for public companies. But now Mediobanca and Generali appear more and more as "diarchies", not companies with widespread capital. The two stocks affected by risk rose.
The local events fall on a day that is in some ways historic, given the success of space flight by Jeff Bezos but also the first competition of the Olympics most tormented in history: in Fukushima, the scene of a nuclear tragedy, the girls of Japan beat Australia 8 to 1 in softball, baseball in pink. The Rising Sun Stock Exchange +0,5% thanks and rebounds from the lows for six months. To push the Nikkei, in addition to the dollar's rise against the yen, are the excellent trade data: exports up 48,6% year on year, fourth consecutive month of double-digit gains, and imports up 32,7% year on year in June. They shine car sales in the USA and those of chips in China, as hungry for semiconductors as its Western rivals. Beyond the fears for Covid-19, this data demonstrates that the recovery, at least in the US, remains robust, supporting the prospects of the price lists:
- Stock exchanges of Asia-Pacific they are mostly higher this morning, supported by the best close in the last four months recorded by Wall Street last night.
- In China, the index Shanghai Composite climbs 0,6% and Shenzhen's technology component increases 1%.
- Il KOSPI of South Korea dropped 0,3%. The producer price index rose 0,4% month-on-month, lower than expected, and 6,4% year-on-year in June.
- In Australia, the ASX 200 is up 1%, with the latest retail sales data released earlier in the day. Hong Kong's Hang Seng index lost 0,63%.
- Last night the three major indexes of Wall Street recorded their best session since March: Dow Jones +1,8%, S&P500 +1,5%, Nasdaq +1,5%.
- On the macro front, i building permits Home sales hit an eight-month low of 1,598 million units, while construction starts came in at a better-than-expected 1,643 million units in June.
- Netflix it lost 3% after the Stock Exchange: the streaming company did not achieve its objectives and expects 3,5 million new subscribers for the next quarter (against 5 in the estimates).
- The return of the appetite for risk caused the Treasury yield US ten-year bonds above 1,20%. It fell in early trading yesterday to 1,14%, a level last seen in February.
- Il Petroleum remains depressed awaiting weekly US inventories -0,5% today. Brent at 69,13 dollars a barrel.
- THEgold fluctuates just above 1.800 dollars an ounce.
EUROPEAN EXCHANGES IN RECOVERY, BTP YIELDS AT THE MINIMUM
Thanks to Wall Street's reaction the European stock exchanges rise again off the mat after Monday's knockout blows. However, confirming that the situation remains high-risk is the disaffection for risk which in the Eurozone translates into a new wave of purchases on the Bund, traded at -0,40%, but also in purchases on BTPs, whose yield fell to 0,68%, its lowest level in four months. Volatility dominates European lists: investors wondering about the prospects for recovery, also in light of the diffusion of the Delta variant which is imposing a series of restrictions in some states. On the one hand, the forecasts remain positive, but on the other, there is a growing fear that a new wave of Covid-19 could freeze the economy.
EURO IN WITHDRAWAL ON THE EVE OF THE ECB
In the meantime, the Euro-Dollar cross dropped to its lowest since April at 1,1765 following defensive purchases of dollars.
Thus the fever for the rises Thursday ECB meeting and for the words that the president Christine Lagarde will say in the press conference at the end of the meeting, especially after the publication of the strategy review last week, with theinflation target which is no longer "near but below 2%", but is 2% with a "symmetrical" approach.
- Business Square it re-emerged from the abyss of the day before with a rise of 0,59%, which brings it back above the level of 24 points (24.107). Since the beginning of the year, the increase is 7,47%.
- Similar rebounds in Frankfurt appreciates by 0,58%; London +0,54%, Madrid +0,68%. Amsterdam +0,13%.
LVMH CONTINUE SHOPPING: BOUGHT OFF-WHITE
- Paris it is the best, +0,81%, with luxury stocks on the rise. Louis Vuitton continues to shop and climbs 0,8%. The French giant has announced the definitive agreement for the purchase of the majority of Off-White, the company that owns the homonymous brand. The 60% purchase is linked to agreements with the stylist Virgil Abloh, artistic director of the men's collection.
THE GREEN PASS BRAKES COINTREAU, FLY UBS
- Remy Cointreau loses ground -0,73% which also achieved a spectacular rebound in sales (+95,3%) in the second quarter, thanks to the reopening of bars and restaurants. But the rules imposed by Emmanuel Macron do not bode well.
- In Zurich -0,78% takes off ubs +4,8% on the back of an excellent quarterly performance, especially in wealth management.
- Crolla Electrolux -6,4% in Stockholm +0,7%, after the quarterly accounts a little below expectations, above all due to problems with the supply of raw materials.
A day of strong fluctuations on the bond market under the pressure of the US T-bonds which slipped at the beginning of the session to a yield of 1,12% and then recovered to 1,20%.
Lo spread between Italy and Germany it thus widened to 113 points, despite the yield of the 2031 BTP slipping to 0,68%.
MILAN: OILS TO THE RESCUE, 32 BLUE CHIPS ON THE RISE
Breath of fresh air for the blue chips of Piazza Affari: 32 close up, 8 down.
The best title is Saipem is +2,68% on the back of the recovery in oil prices, ahead of Tenaris +1,73%. Weaker Eni +0,52%. Recover in the final Maire Tecnimont -0,41%, in the red for most of the session after the 7% drop on the eve. The oil service shares, which have a positive balance of 53% since the beginning of the year, are weighed by the realizations in view of the second quarter results expected on July 29th.
FERRAGAMO +2,5%, REVENUES AT PRE-COVID LEVELS
In luxury it shines Ferragamo +2,5% even before the release of the quarterly published with the Stock Exchange closed. Revenues in the first six months amounted to 524 million euros, up 44,1% at current exchange rates and 46,2% at constant exchange rates2 compared to the same period of 2020. In the second quarter, thanks to e-commerce and retail, growth was 91%. In July, sales stabilized at pre-Covid levels.
FOR STELLANTIS TECHNOLOGY CHOOSES AN AMAZON MANAGER
Among the industrialists they shine Cnh Industrial + 2% Buzzi Unicem + 1,96% Pirelli +1,64% and Interpump + 1,51%.
stellantis +0,25% has chosen the new chief technology officer of the group from Silicon Valley: it is Ned Curic, former deputy of Alexa Automotive (Amazon) who will manage all the resources related to the group's technology, reporting directly to Carlos Tavares.
BANKS, AKROS PROMOTES THE BIG
The banks, particularly affected by Monday's letter, are recovering, also awaiting the ECB's decision on the possible revocation of the limit imposed on the payment of dividends by banks and share buybacks next Friday. The big ones Unicredit e Intesa Sanpaolo they move up by 1,36% and by 1,94% 0,9%, both promoted by Banca Akros respectively from neutral to accumulated, with a target price of 2,40 euro, and from reduced to neutral, with a target price of 8,90 euros.
Slight rebound for Bper +0,81%, while Bpm bank advances by 2,17%.
DIASORIN AT THE TOP, AMPLIFON HOLDING DOWN
Utilities rebound: little harvest Enel +0,12% ed Erg +0,16%: the electricity giant in pole position to acquire the hydro and gas assets put up for sale in Italy by the Genoese group.
Diasorin +0,8%, reaching its highest level since April. It was the best blue chip on Monday with a brilliant 1,8%. Black jersey for Amplifon - 1,7%,
OVS +8,57%, TAMBURI PARTICIPATES IN THE INCREASE
It goes into orbit Ovs +8,57% on the last trading day of the rights to the capital increase. Tamburi Investment Partners exercised its share of option rights relating to the capital increase for a total of 18,7 million euro. Equita sim confirmed the buy rating and the target price of 2,4 euro on the stock. The experts in particular remain “very positive on the investment case, also supported by the highly confident messages expressed by management in the short and medium term.
COVIVIO, PIQUADRO, BIALETTI AND ITALIAN SEA SHINE
- Covivio +3,3%. Leonardo Del Vecchio's real estate lead has announced the acquisition of a residential portfolio in Berlin for approximately 130 million euros. According to the broker Bestinver, “the new investment represents 0,8% of the portfolio”.
- Effect results on Piquadro which jumped 3% on the back of the first quarter revenue jump of 78,6%.
- Italian Sea Group Approximately +3% after a large Italian broker today launched coverage on the global operator in the high-end segment of the yachting industry with a “Buy” recommendation and a target price of 7,5 euros. Giorgio Armani controls 4,9% of the capital.
- Bialetti jumps by 16,67%, with the industrial plan to 2024.
IT'S TIME FOR SPACE ON AIM
- On Aim disappointing debut for Advanced Logistics for Aerospace (ALA), one of the leading groups in the offer of integrated logistics services and in the distribution of products and components for the aeronautical and aerospace industry with a drop of 1,5% compared to the offering price of 10 euro per share
- Instead, he shone Star Workshop +8,39%, after the company and Thales Alenia Space Italia signed a broad industrial cooperation agreement.
