european markets decline at the start in the day begins with the meeting of the Fed’s monetary policy, the first in the era of the Trump, which should end tomorrow with a close on the deal that will bring the reference on the Fed Fund from 0,25/0,50% 0,50/0,75%. Widely discounted, even before the shock election of November, the move provided reflects the goal of improving the health status of the first economy in the world.
From the front of macro, the inflation end of November from Germany and Spain as well as United Kingdom. More interesting is the survey Zew on the morale of German investors in December, which should see a fractional lift with respect to the levels of last month. In the expectation index Zew, came from Germany, consumer prices end of November, which showed a short-term change nothing and an upward trend of 0.7% regarding the given harmonized, in line with expectations, and 0.1% on the month and 0.8% year-on-year for the national index, also in this case, in agreement with the predictions.
While wholesale prices in November showed a rise of 0.1% in the cyclical and 0.8% yoy by, respectively, 0.4% and 0.5% in October. Instead, the Istat publishes the numbers on industrial production for October, which will give you an idea with what note it is open the fourth quarter. After the decline in monthly 0.8% and annual growth of 1.8% seen in September, economists are betting on an increase, respectively +0,2% and +1.4 percent.
After that, Paolo Gentiloni, as expected, has confirmed Pier Carlo Padoan to the Economy and has announced that between today and tomorrow, you will be asked the trust to the Rooms, the spread Btp/Bund starts from eur 157.4 basis points with the yield on the ten-year Italian at’1,962%. In an interview, Katainen said that the Eu will ask the new government for additional measures compared to what has already been said on the law of budgetary 2017, but Customers must proceed on the path of reform traced out by Renzi. Talking about austerity and expansionary policies, the vice-president of the european Commission has underlined that Italy is not among the Countries that can afford a fiscal stimulus.
The dollar retrace from the maximum of 10 months against the yen in parallel with the decline in yields on Us Treasury securities, pending the outcome of the Fed meeting and remained however largely stable. The euro is worth at the time 1,06438 dollars and the dollar/yen stood at 115,279. Instead, the crude oil prices slightly down on profit-taking after the recent rally, but to limit losses contribute to the rise in asian demand and the cut in the production from Abu Dhabi in the framework of the agreement between Opec and non-Opec. Brent sells at 0.11% to 55,63 dollars per barrel and the Wti 0.11% 52,77 dollars per barrel.
At Piazza Affari the Ftse Mib drops of 0,18% per share 18.337 points. Stands Mediaset , suspended with a +22,52% of theoretical, after yesterday evening Vivendi (1,67% 18,18 euro on the Paris stock exchange) announced that they have bought in the past few days 3% society of the Serpent with which it is in a legal dispute regarding the acquisition of Mediaset Premium. For the French company, led by Vincent Bolloré, this is only the first step, the first objective is a position in the the capital of between 10% and 20%. For Fininvest, this is to all the effects “of a hostile takeover”.
the holding company of The Berlusconi family has denounced the “turnaround of Vivendi” and reported that the dispute over the pay-tv served only to bring down artificially the price of the stock. Instead, “there is no and there will not be any link between Telecom Italia , and the operation Mediaset ” and a possible agreement with Orange “would concern only Canal+ and not the house mother,” they sources said Vivendi. For sure is that the Orange interested in Canal+ and Telecom Italia, (+1,06% 0,764 euro) and that Bolloré has focused its strategy on the integration between content production and distribution that is telecom munications.
Among banks, Unicredit decreased 3% to 2.35 euro after it announced this morning to the guidelines of the new strategic plan 2016-2019, which provides, among other things, a share capital increase by € 13 billion. The Ecb has set for Uni credit a target minimum Cet1 transitional in 2017 after the Srep to 8,75% inclusive of the Pillar 2 requirement (2.5%) of the capital conservation buffer (up 1.25%) and buffer required as globalsifi (0,50%).
Davide Serra of the fund Algebris has already anticipated that will subscribe a share capital increase of Unicredit . While Mps (+1,38% to 20,50 euro) has a few days to complete in extremis its recapitalization plan by 5 billion euro and avoid saving to the public, trying to run from Thursday the reopening of the offer to the bondholder the retail and the private placement of new shares. Consob has come from Mps only an informative summary of what was discussed in the board of directors on the re-opening of the offer conversion of bonds subordinate to the retail business.
What to Ubi (-0,66% to 2.40 euro), the Ecb has determined that for 2017 the group has to comply, at the consolidated level, a new minimum requirement of Cet1 ratio phased-in at 7.5%. Falling even Understanding Sapaolo (-1% to 2,316 euros), Bpm, (-0,34% on 0,3491 euro) and the Banco Popular (-1,52% to 2.20 euro). Among others, financial, General falls to an altitude 13,90 euro (-1,14%), after which the board of directors has appointed Marco Sesana country manager for Italy, while Timothy Ryan is the new group chief investment officer to the place of Nihil Srinivasan, who will leave the company by January. Weak well as Poste Italiane (-0,72% to 6,185 euro aft er Moody’s changed the outlook from stable to negative and confirmed the long-term rating to Baa2 following action on the Italian sovereign debt.
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