Check cautious for European equity markets, at the start of a week that will be punctuated by waiting for the speech of the number one of the Fed, Janet Yellen, the forum of central bankers in Jackson Hole, scheduled Friday. Investors expect information on the timing of a new rise in US interest rates.
On the political front, the Heads of Government of France, Germany and Italy will be engaged in a summit in Ventotene, in an attempt to relaunch the European project, giving a message of unity, after the coup of Brexit. In the absence of relevant macro data, the euro is falling against the dollar and rising against the yen. The single currency is, in fact, trading at $ 1.1278 and 113.65 yen.
The single currency weakness is due to hawkish comments from some Fed officials, who have suggested that an increase of this year is an option still on the table rates. However, during the week the greenback could face volatility ahead of Jackson Hole. However probably the Fed chairman did not offer specific suggestions on timing of the next rate hike. Faced with a lack of clarity in this regard, “the risk is that of a broad dollar weakness once Jackson Hole will be passed,” said Sue Trinh, head of Asian FX strategy RBC Capital Markets.
the return on Italian ten-year is 1.13% and the Milan Stock Exchange, after black Friday, the Ftse Mib index marks another drop of 0.30% to 16,261 points. Spotlight on the banks because you reopen the dossier for the sale of the four good bank and climbs the hypothesis stew after the funds to purchase the entire block proposals were rejected. In particular, Ubi (+ 0.92% to 2.20 euro) could return to the Carife dossier; Or b (+ 0.31% at 3.23 euro) of Banca Marche and Banca Etruria 
while the People’s Bank of Bari would be interested in Carichieti. Also open channels with the two French banks active in Italy, Cariparma and BNL-Paribas .
” in our view the foreign groups are reluctant at this stage to make small steps “, afferemano this morning analysts Equita. “Ubi and Bper might instead analyze the dossier. While the People’s Bank of Bari seems too focused on the transformation in spa and sulla’integrazione of the banks acquired in recent years to make another extraordinary operation. Both Ubi is Bper could absorb banks without a capital increase in our view, “analysts point out that the sim of Ubi and B to maintain hold rating with a target price, respectively, to 3.1 euro and 4.4 euro.
Instead, about investigation that sees the suspects to, Fabrizio Viola, and the former president, Alessandro Profumo, MPS (+ 1.70% to EUR 0.2329) reiterated the full correctness of its actions and is confident that the ‘ judicial activities that quickly to a clarification of the situation. The institute has also stressed that “the new leadership has also always worked in four years, contributing greatly to the ongoing investigations.”
As for Mediaset (-0.95% 2.72 €) has filed a court in Milan the summons against Vivendi to protect execution of the contract between the two companies last April for the sale of premium. Fininvest also will file in court a writ of summons against the French group, move preparatory to the search for a compromise.
In fact, according to media reports, with the help of Mediobanca , diplomats are working to find common ground. In particular, one thinks of an agreement in two stages: first Vivendi takes over 100% of Mediaset Premium and the two groups will exchange each of the 3.5% stake, and immediately resell the French to a group of shareholders (including the same Mediaset , and probably Telefonica ) the majority of Mediaset Premium avoiding to consolidate the losses of pay TV. And ‘likely that Vivendi address on Thursday dossier, when the board of directors will review the accounts.
Who is not interested in premium is Telecom Italy (+ 0.50% to EUR 0.8025). Meanwhile, the City of Rome withdrew permission for the recovery of the EUR Torri in Rome, where the group was aiming to transfer its headquarters. Following the withdrawal Telecom Italy may withdraw from the project and give in to the CDP’s 50% stake in the special purpose vehicle for the building complex renovations, owned in equal shares.
Salt Autogrill (+0, 38% to 7.83 euro) and through its American subsidiary HMSHost has completed the acquisition transaction by Concession Management Services of catering activities at airports in Los Angeles and Las Vegas in the amount of 36.8 million dollars. The estimate of the annual revenues of the purchased assets is about 50 million dollars for this year.
While the CEO of Eni (-0.30% to EUR 13.43), Claudio Descalzi, It confirmed that in the Egyptian field of Zohr there are “advanced negotiations” with possible buyers of a stake. According to the latest rumors, Eni would be negotiating the sale of a stake of about 20% of Egyptian gas field. This sale is part of the divestment strategy implemented by the Italian oil giant, which provides for the sale of assets to 5 billion over the next two years. According to analysts, 25% of the Zohr field could be worth about 2 billion.
Among the smaller stocks, jumped 5.24% to 0.3676 euro Molmed with the EU Commission which granted ‘ conditioning placing on the market for Zalmoxis, based on the engineering cell therapy of the immune system for the treatment of leukemias and other blood cancers. But in the case of Vianini (+ 0.99% at 1,127 Euros) the right of withdrawal has been exercised for a number of shares representing 10.945% of the share capital, which will now be offered as options to shareholders.
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