A new Italian banks at gunpoint after the publication of the stress tests on Friday evening. The operators do not appear reassured despite the prevailing view (hot) that the bait system stronger by the EBA test. Only Banca MPS (+ 0.58%) held after the green light to the plan of disposal of non-performing loans with a gross value of over 27 billion and the subsequent recapitalization by 5 billion. The rest of the sector closed down. The highest price was paid by Unicredit, which closed down 9.4% on new assumptions related to the institute’s recapitalization. Also hurt BPM (-6.2%) and Ubi (-6.2%). Analysts make a decision of possible shortages of capital considering the suffering of Italian banks will be sold at the price at which those of MPS and many institutions are struggling. Safer, based on these scenarios, would Intesa Sanpaolo (-3.5%) and Credem (-2.65%).
In contrast, Atlantia and Recordati, that after the half-days consolidates recent gains and flies to all-time highs. Little blur on the exchange rate front, the euro changed hands at $ 1.1174 ($ 1.1175 Friday ‘closing) and 114.43 yen (114.69). The relationship between the dollar and the yen is equal to 102.39 (102.29). Yet sales on oil: the future October on WTI stood at $ 41.51 a barrel in
declining 1.94%. Elsewhere in Europe, Frankfurt has sold 0.07%, 0.45% London and Paris 0.69%.
They return to Milan, Leonardo also has paid duty-Finmeccanica (-3.72%) on a day where sales have not spared the industrial sector.
In the energy sector the new drop in oil prices has affected the securities of the fund. Eni has lost 1.97%, 2.38% and Saipem the Tenaris 2.68%. Worst of all, though, did Saras (-8.78%) after the accounts of the first part of the year who have served, in terms of revenues and margins, the decline in crude oil prices. Also fell A2a (-0.24%) despite analysts have positively welcomed the new agreements with the government of Montenegro that allow the company to exit the jv EPCG at the price of 250 million. Eve quarterly accounts by Ferrari (+ 0.15%), Campari (+ 0.16%), Ferragamo (+ 0.76%), Post (-2.33%) and Intesa Sanpaolo (-3.5%) . Among the titles outside the main basket, the store also hit bank stocks lower as Creval (-6.96%) and Carige (-6.85%). Highlights instead Mediacontech (+ 1.28%) and Enervit (+10.34%).
Meanwhile, oil slips below $ 40 for the first time since April with a daily decline of 4 percent . Crude oil is the subject of sell-off in the face of continuing concerns about excess global stocks; the question is considered insufficient to reduce them. The oil thus returns in “bear” territory, having lost more than 20% from recent highs. Compared to June 2014, when prices began to deflate, the drop is more than 60%. Today they weigh two pieces of news: the production in Saudi Arabia in July is expected to have risen to 10.8 million barrels a day and also that Russia should be increased for the third month in a row. Added to this is the fact that Riyadh, the country’s leading OPEC, cut the barrel prices for Asian clients. The intent is to preserve its market share.
MPS, ahead of the ECB to the plane of suffering and capital increase
Banks in the viewfinder, Mps up after bailout The day
It was characterized by the reaction to the stress tests of major European banks. Sales were generalized, but the Italian banks are those who have paid more. In Milan, in fact, the five worst in the main list titles are all members of the banking sector: Unicredit -9.22%, -6.22% BPM, Ubi Bank -6.2%, -5.67% and Banco Bper popular -5%.
Unicredit, which has repeatedly entered into a volatility auction, marked the worst performance among the blue chips. The rest of the bank, despite having passed the exam of the stress tests, has obtained the minimum votes and was among the worst in Europe. Analysts also bring into account that the ad, Jean Pierre Mustier, eventually will be forced to launch a capital increase by 5-6 billion, but some goes to the hypothesis that the operation could reach 8 billion euro. Meanwhile rooms waiting for the first half results, scheduled for Wednesday.
UniCredit, Mustier revolutionizes the first line
The guard remained high on Banca MPS, despite the institution’s rejection by the EBA. According to the European association of banks, Salimbeni Rocca would not be able to overcome a situation of serious economic crisis. On the other hand the MPS leaders fled to safe havens before the spread of the stress tests, the financial community by announcing a plan to secure the institute for the sale of gross non-performing for more than 27 billion Euros at a price of 9 , 2 billion euro. Once deconsolidated the NPL, the Sienese school will launch a capital increase of 5 billion. Operation, the latter, supported by a lifeline of 6-8 captained by banks JP Morgan and Mediobanca. Equita, however, points the finger on the risk associated with the transaction is realized. The Equita analysts, taking into account what they are paid to the suffering of Mps and taking into account the so-called Texas Ratio (formula that calculates the ratio of gross impaired loans and the sum of tangible equity plus provisions, editor’s note) claims that in Italy “are safe havens’ only Intesa Sanpaolo and Credem. For the experts have a shortfall (capital deficit, ed) manageable Popolare di Sondrio and the Bper, while Ubi is facing a ‘significant condition shortfall in case of scenery crisis. ” The new group that will be born from the merger of BPM-Banco Popolare “is in a condition of peace” by negotiating with the ECB a plan to reduce the NPLs 9 billion and being able to release at least a billion of capital through disposals and JV creations product factories . Unicredit Equita provides an account of a capital increase needed to cover a shortage of capital of about 4.5 billion euro. Finally experts estimate one shortfall of 500 million Carige.
General and Mediaset volatile
I realized they did reverse the gait General, so that after Friday’s sprint triggered the semi-annual accounts exceed the estimates, they have reversed course, closing down. Mediaset continued to lurch waiting for news on the front of the battle with Vivendi, after the collapse of talks to sell the pay TV, premium. It is also volatile Fca, who has repeatedly changed the pace, waiting for data on registrations in Italy in July, which will be announced this evening in closed markets.
Espresso Group: integration framework agreement with Itedi Cir will have 43.5%
Espresso rewarded after agreement signed between members
Outside the basket main, Espresso has been well set in the day when it was announced a breakthrough in the integration plan with Italian Publishing (Itedi). After, the Memorandum of Understanding signed last March 2, now there was the announcement of the signing of the Framework Agreement by Cir, Fca and Ital Press Holding the Perrone family, Itedi shareholders. The integration, it said in a statement, provides for the contribution by Fca and Ital Press 100% Itedi in Espresso Group, against a reserved capital increase. At the end of this operation Cir will own 43.4% of the company, it will Fca 14.63 and Ital Press on 4.37%.
In China manufacturing activity decreases, expected on Thursday, Boe moved
Meanwhile this morning investors have not given weight to the index of July manufacturing PMI spread China fell for the first time in five months below 50, exactly 49.9 points, indicating contraction. Europe ‘s index of July manufacturing PMI fell to 52 from 52.8 points in June. In particular in Italy it fell to 51.2 points from 53.5 in June and in Germany has led to 53.8 points from 54.5 in June. And ‘it improved in France, where, however, the activity remains in contraction has led to 48.6 points from 48.3 the previous month. The PMI index in the afternoon will be distributed in the United States, where today is also scheduled data on construction spending for June.
In most rooms waiting for the leaders meeting of the Bank of England on Thursday decide the moves in terms of monetary policy, after the status quo embraced immediately after the outcome of the referendum on Brexit. Many analysts predict that the central bank of the Channel will launch a cut of 25 basis points. It would be the first scissor kick to the cost of money for more than seven years.
(Il Sole 24 Ore Thomson Plus)
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