Closing up for the european stock Exchanges (follow here the trend of the main indices), with investors already struggling to draw up the financial statements to the end of the year and minimize the task. Milan has terminated the negotiations in progress of 0.11%. The FTSE MIB index has recovered to the values of the last January, even if it continues to lose about 11% from the beginning of 2016.
On the front of the macro, in the meantime, it emerged that in November, the rate of annual inflation improved to 0.6% from 0.5% in October. A year before it was 0.1%. It is worsened however, the trade balance, reflecting the drop in exports. In October, the sales of the euro area to the rest of the world have decreased in fact of the 5% on an annual basis, while imports have recorded a decline of 3% compared to the year before (157,5 billion). Accordingly, the euro area recorded a surplus of 20.1 billion, compared to 23.2 billion a year earlier.
Mps, via the capital increase of five billion
Mps, alarm collection
At Piazza Affari, the financial events continue to hold the counter. Mps bank
has reversed course more times and then just at the end, with a blow to the kidneys, it has closed higher. The Consob has given the ok on the reopening of the conversion of the subordinated bonds (until 21 December), but the market has focused the index on the performance of the bank, which has suffered a strong decline in business in recent months. In fact, from the documents relating to the offer has emerged that is red alert on the performance of the collection business, which since September has declined to six billion, with an acceleration from the sip on December 4, the date of the referendum (two billion in less than collection from that date). Among other things, the documents indicate that “it is not excluded that the magnitude of the outflows may further increase, in the short term, the effect of both the above-mentioned components”. The collection is way worse than assumed in the New Industrial Plan. “For the end of 2016 it can be assumed a minor collection of direct business compared to the similar values of Floor of about 3 billion”, is written in the documents, however, indicate that “the economic effects of this deviation on the 2016 are marginal”. The Ecb itself, in the rejection of the request for extension of the Monte dei Paschi di siena for the execution of the capital increase, has calculated that in a theoretical situation of stress, the bank, in the absence of the recapitalisation, could be “a spill of about 10.3 billion of liquidity in the course of a month”. In this theoretical scenario, the bank would then have a time horizon of only 29 days “within which to meet its liquidity needs without recourse to new measures”, is indicated in the update of the prospectus. Always from the documents we learn that Mps Bank expects that the offering conversion of subordinated bonds into shares to receive a membership of around 40%.
Mediaset, which remains on high alert, under observation Telecom
Mediaset (-0,5%) suffered from still pressure to perform, while investors are wondering about the next moves of Fininvest and Vivendi in the match for the control of the company. The neo-minister, Paolo Gentiloni, said that it is a market operation, and therefore does not directly involve the member. On the other hand, he pointed out, “the executive monitors and has also already expressed a critical evaluation on how hostile” the ascent of Vivendi on the Italian group. The group, operating in the sector of information and communication, it is right that the Government look at it carefully. Square Business continues to caress the hypothesis that will come in the game also Telecom Italia (+1,8%), in spite of just yesterday, the Nra, the Authority for telecommunications, has dropped in the field and has taken a position remembering “Operations designed to concentrate the control of the two companies (Mediaset, and Telecom) could be prohibited”. Iindiscrezioni print indicate that the same Finivest would be studying the entry into the capital of Telecom, with a market share of around 10%, to counter the blitz of Vivendi and Mediaset.
General light on items of interest Allianz French subsidiary
Have been popular to the General (+1,6%), on the assumption that the activities of the French in the group are in the crosshairs of the German Allianz group. The assignment could then facilitate the integration of the Lion of Trieste conAxa. “Hypothesis surprising”, commented the analysts of Mediobanca about the sale of the asset beyond the Alps, noting that “during the recent investor day, we had the impression that all the key countries of Western Europe (Italy, Germany and France) are “core” for the General. Also – they have added – the turnaround of France is almost finished and then” activities transalpine give a greater contribution to the group from here forward.” More possibilisti on a sale of Generali are experts in Equity, that if one part confirmed that “the plan of divestments announced does not include the exit from France, the other recall, however, that “the presentation of the plan is focused exclusi vely on Italy and Germany, leaving aside any in-depth discussion on France”. The general replied with a "no comment" to the journalistic indiscretions . It is not the first time that the market is assumed to approach Allianz General for the activities of the French group of trieste.
Popular under the spotlight, evil Sondrio after a stop at Spa
Under the spotlight the titles of Popular banks (and formerly Popular) after that, the Council of State has suspended the obligation of transformation in the Spa waiting to address the issue on the merits, the next on the 12th of January. The decision of the administrative court came following an application lodged by Banca Pop Sondrio. The same institute valtellinese has been the object of an interlocutory injunction of the Court of Milan, as anticipated by Radiocor Plus, accepting the appeal of a member of the Marco Vitale has inhibited the progress of the meeting to the transform in the Spa, on the calendar tomorrow. Continued to run Banco Popolare and Banca Pop Mi.
Italia Independent is still celebrated in the entrance of John Elkann
Outside of the basket the main, continued to run the actions of Italia Independent, festeggianco still, the news that the company completed the recapitalization for a total value of over 10 million euro, signed for 7.5 million from the founder Lapo Elkann and to 2.5 million by his brother John, to restructure and relaunch the company of the glasses. The current president will then have 63% of the capital, flanked by his brother who will hold 8.6%. A move very much appreciated by the market, which yesterday was awarded the title with a rise of 17% in today’s session, he landed a leap even more evident (+25,89%), closing at 5.3 euros.
Euro above 1,04 dollars, rising oil
On the foreign exchange market, the euro is back to consolidate the positions above 1,04 dollars (follow here the main cross). On the upside, finally, the price of oil (follow here Wti and Brent).
Spread BTp-Bund to 157 basis points
The bond market has closed higher the spread between BTp and Bund, in the area is 157 points.
(Il Sole 24 Ore Radiocor Plus)
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