Negative mid-session, the main european stock Exchanges and on the first day of the week preceding the referendum, the Italian constitutional court (on the calendar for next Sunday) with the Square Business dragged immediately into the red from the banking sector. Mps bank fails even to raise the price on the day of the free Offer of conversion into shares of bonds, subordinated claims and then ends up in deep red with repeated suspensions for excess volatility. The whole of Europe follow the trend of the main indices) pays, therefore, to the negative performance of the financial sector and oil after that, last Friday, Wall Street had closed on a new all-time highs. In Milan, in addition to the Mps, the worst are Bpm, Banco Popolare, Unicredit and Mediobanca. Return to go, the oil in expectation of the Opec meeting on Wednesday (meanwhile, in Asia, the oil yields 40 cents a 45,66 dollars) with Saipem, Eni eTenaris. Among the few positive titers, in a session dominated by fears over the sectors more cyclical, here comes again the utility with the Triad and Italgas, as well as Yoox, Net-A-Porter Group that celebrates the performance record of Black Friday, and its equivalent for online retailers, Cyber Monday, which falls today. The euro back to the dollar at the altitude of 1,066 (1.06 closing Friday) and 119,26 yen. The dollar/yen amounted to 111.8.
Mps, objective 1.5 billion from the bond
Mps in red, via the conversion of subordinated
Sitting painful for Banca Mps who first fails to ask the price, then it collapses and ends up several times in the auction of volatility. Today, after the green light from Consob, the part to the Offer for conversion into shares of bonds subordinate to the bank on a nominal amount of more than
4 billion euros. The official objective of the bank is to reach 1 billion even if the hope is to tap share 1.5 billion, a figure that would increase the probability of success of the capital increase from 5 billion (with the referendum on Sunday, which hangs like a sword of Damocles over the entire operation). Meanwhile, it should be remembered, just about the increase on Thursday, and arrived at the ok of the members in
the assembly and on Friday, the endorsement of the minister Padoan on the participation of the Treasury to the recapitalization, which, translated into figures – it looks to add 200 million to the amou nt potentially, the undersigned, of the five billion needed by the bank.
Black Friday record pushes Ynap
Yoox Net-A-Porter Groupspicca one of the few positive titers to Piazza Affari, in the wake of a Black Friday record in the United States, which has a total recorded sales of 3.34 billion (up 21.6% compared to last year). Clearly the latter is an aggregate figure (which also includes electronic goods and toys), but the indication is, however, comforting to Ynap given that it produces 30% of its sales in North America. “All of this confirms the growing importance of ecommerce and makes us confident on the fact that Ynap will mark a significant growth in its main market, the United States,” note the analysts of Akros evaluate the title buy with target price to 31.3 euros. This morning Ynap has announced a joint venture agreement with Symphony Investments, a company controlled by Mohamed Alabbar, “to give life to the undisputed leader in the luxury e-commerce in the Middle East, with a partnership that will be able to seiz e the enormous growth potential of this area”.
Spread to the edge of portion 190
Bad session even for the government bonds on the secondary market with the spread between BTp and Bund, close to 190. The yield differential between the BTp benchmark (Isin IT0005210650) and the equivalent maturity German salt at an altitude of 189 points, the highest in more than two and a half years (march 2014) by 186 basis points registered at the close of Friday. The yield of the BTp remains to 2,11% of the previous closing.
The Oecd lifts its estimates on global economy and Italy
The global economy remains in a trap of low growth, but to use more active fiscal policies will support modest. This is the diagnosis of the Oecd in the Economic Outlook, autumn up to +3,3% the estimates of global growth by 2017, from 3.2% indicated in the interim evaluation of September and promises to be for 2018, an acceleration to +3,6%. 2016 starts instead of closing +2.9%, “more than three-quarters of a point is the average of the twenty years before the crisis”. To give a hand to the global growth, the expectations of the Oecd should be the Us policy with the Administration, to Trump, and that of China, but also a “loosening of fiscal positions and more robust in other advanced Countries, including the Eu”. With a warning that protectionism could undermine the efforts of the re-launch. As regards Italy, however, the Oecd has raised slightly the estimate of Italian Gdp growth at +0.9% for the 2017, up +0.8% in September and expects a growth of 1% for the year 2018. Confirmed at +0.8% in the indication for 2016.
(Il Sole 24 Ore Radiocor Plus)
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