once a day by the protagonists for the securities of the banking sector that have pushed up the Piazza Affari and the other major european stock Exchanges. After a boot uncertain even Wall Street has turned in a positive updating new records and giving further insights bullish to the market. In Milan the FTSE MIB closed +2.1%. In the rest of Europe, Paris has gained 1,36%, Frankfurt’s l’by 1.96% and London l’1,81%.
The Ecb is ready to extend Qe
all Eyes are on the moves of Frankfurt
the expectation of The operators, we can now move on Ecb tomorrow could decide on a prolongation of six months of the program of purchase of securities. There are concerns, however, about the duration of the extension to three or six months – and on the amount of securities purchased each month that could go down to 60 billion. “The node – stresses the research department of Intesa Sanpaolo – is, in any case, what the technical parameters of the program you want to modify in order to cope with the scarcity of paper from the German government”. The absolute protagonists of the banking captains by Mps.
Sprint General, in the tail of that list Luxottica
Among insurance companies has brought to light the General with the hypothesis reported by The Newspaper, according to which the to.d. Philippe Donnet would want to sell assets from the French company to us to encourage a merger with Axa. Telecom Italia has gained 5,08% after yesterday it emerged that Vivendi has made new purchases on the title and moved to 23,925%. Among the industrial, yet purchasing on Buzzi Unicem (+3,21%) and Leonardo da vinci, Finmeccanica (+3,05%). In the queue, as well as, Luxottica, A2a, Campari (-14,15%) and Prysmian (-1%). Among the titles out of the basket main, Molmed has gained 6,12% after asking the partial marketing of a new anticancer drug. Of profit-taking on Tiscali (-5,06%) who had competed a lot after the agreement with Fastweb.
Mps is with the Ecb on the increase: a possible extension at the end of January
Mps-fly passes of the hand 12% capital
In Milan, the protagonist of the day was yet to Banca Mps (+10,79%) in the day of a meeting of the board of directors for the recapitalisation. The game is played on two fronts: on the one hand, the institution would have asked for more time for the Ecb to carry out the operation, going beyond the deadline of 31 December, and on the other you think of alternative hypotheses if the recapitalization does not go in the port. The title was also the protagonist in regard to trade with 11.9% of the share capital passed from hand to hand, that is 3,5 million pieces. The institute siena is always at the centre of attention of the market and of politics. In these hours it meets, the board of directors of the institute for the recapitalisation of up to 5 billion requested by the Ecb. The hypothesis that the operation to be finalised by the end of the year is now skipped and yesterday the to.d. Morelli had a confrontation with the leaders of the vigilance of the Eurotower to ask a few more w eeks finding the availability of Frankfurt. However, due to the political instability and indecision of the fund of Qatar, the operation remains at a high risk of execution. For this reason you are also thinking about a plan B, and today, several newspapers, speculate a public intervention. The mode of operation of this type are still to be defined but there would be the hypothesis of acquisition by the Ministry of Economy of the subordinated retail (2.1 billion) which would be converted into equity. There are rumors on the price of purchase, according to the analysts of Equita is reasonable to expect that it can be close to 100 (market price of 60), since the rationale would be to protect the interests of savers. It is conceivable – in addition to the analyst – that the plan provides for the mandatory conversion of the subordinated (1 billion) that have not adhered to the Lme ( liability management exercise): “And’ possible – supports Equity – th at there is burden sharing, but there is the risk of the conversion price is the higher. Mps would raise 4.5 billion of capital, and the need to recapitalise in the market in fact would be almost canceled”. In any case, the implementation of the plan involves go-ahead by the Eu article 49 of the Brrd, which allows the exclusion of liabilities from bail-in in case of infection risk. In the terms assumed, the transaction would reduce the risk because it would be a saving in ex-ante (bail-out). The Ministry of Economy would, therefore, 64% of Mps en “being a solution company-specific, there would be risks for the rest of the industry.”
But in Milan it was another day of large purchases on the entire banking industry. Behind the Mps, was to the fore in Bper (+10,41%) which is among the few institutions for which Fitch has maintained the stable outlook. Also good to Banco Popolare (+6,38%), Bpm (+6,29%) and Ubi (+4,69%).
The ten reasons why the spread is “narrow”
Spread still in decline
Continues, even today, the reduction phase of the spread through a trend of the dichotomous interest-rate rise in germany and in the opposite direction to those on segment ten year (follow here the progress of the BTp to 10 years). From the one hand, analysts say Mps Capital Services, is affected by the intervention (actual or threatened) of the Ecb and on the other, the dramatic recovery of the stock markets. On the rise of German securities is having impact also the marked increase in inflation expectations that, even today, for the seventh day in a row, are on the rise. The rate on ten-year German has brought in the proximity of 0.4% in a context of strong gains on the stock markets. The spread on the final closed to 156 basis points with the yield on the Btp ten-year amounted to 1,91%.
Oil down after data on stocks Usa
drop In the oil after the data on stocks Usa: Brent has lost 0.63% to 53,59 dollars per barrel while Wti, the 0,88% 50,48 dollars. In the week ended on the 2nd of December, in detail, the oil stocks in the United States fell to 2,389 million unit 485,756 million, while analysts were waiting for a decline of 900 thousand barrels, after the descent of 844.000 the previous unit. According to data released by the department of Energy, stocks of gasoline rose by 3,425 million unit 229,548 million, after the rise of 2,097 million barrels the previous seven days, and the climb of 1.7 million barrels waiting. Stocks of distillates, which include heating oil, increased by 2,501 million unit 156,697 million, after the growth of 4,957 million barrels in the previous week, and the increase of 1.5 million units expected.
(Il Sole 24 Ore Radiocor Plus)
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