Session clearly positive for the european stock Exchanges (here the trend of the main indices). At Piazza Affari, yesterday only price to close higher, the FTSE MIB index, we have further strengthened and it is the best of the Old Continent, still supported in the first place by financial stocks, which led him to the highest in a month. Even Wall Street opens in the good rise in the wake of a given inflation, and a rain of quarterly above estimates, starting from those of Goldman Sachs (+1.3% in pre-market) and Netflix (+18%). In the aftermath of the words of the number two of the Federal Reserve, Stanley Fischer, according to which it is near the achievement of the dual mandate of the central bank of the Usa (full employment and price stability), it is now the index of consumer prices: in September rose 0.3%, as expected. Being in growth for the sixth month out of seven, is expected to confirm the Fed that the Us economy remains stable, and that inflation is rising from historically low levels, justifying, perhaps, a tightening of monetary policy.
Mps ready to evaluate the plan of Plaice and Atlas
going Back to Europe, among the titles the milanese, the greater capitalisation stands Banca Mps: the titles of the institute of siena, which in the first few minutes could not do, the price, they then open momentum at +5.9% and then accelerated again in the day of the board of directors that will review the plan devised by the former banker and former minister Corrado Passera.
Continue to shine even Bank Pop Er and in general the banking sector, under the spotlight for possible new consolidation operations after the go-ahead to the merger between Banco Popolare and Banca Pop Mi. Rain, instead, Salvatore Ferragamo.
Mps, according to analysts, it is crucial to limit the size of the increase in
The title of the Mps reacts to new rumors on the recovery plan presented by the former banker and former minister Corrado Passera, who will be examined today by the board of directors. According to the details reported by the Sun 24 Hours, some institutional investors (including the fund Atlas) would be available to invest up to 2.5 billion provided to carry out a due diligence. The capital increase on the market would be so reduced to a billion and would not be provided for the conversion of bondi subordinates. The spin-off of the Npl, on the other hand, occur after the increase, in order to allow those who entered the capital to have even the titles of the bad bank, and would rise to $ 32 billion from the 27.7. Against this schema,
notice the analysts of Equita, “the root node remains the possibility of the involvement of institutional investors available to participate in a recapitalisation by 2.5 billion”. Concern shared by Banca Imi, which considers it “crucial that the operation can arouse the interest of new investors in order to limit the size of the capital increase”.
Good the insurance, light Ferragamo and Poste Italiane
outside of the banking sector, continue to be well bought the securities, insurance and asset management, led by Azimut, Unipolsai and General. Still weak, instead, Salvatore Ferragamo, already yesterday, penalized by the recommendation of the negative issued by Equita Sim, which has removed the “buy” rating to switch to a more cautious “hold” in view of the upcoming quarterly. Losing ground also Finecobanke Poste Italiane: regarding this latter, according to press rumors Amundi would be ready to raise its offer for Pioneer, a subsidiary of UniCredit, to detect which is in the running also Asked, together with the Soul Holding.
Banks in the light of new accounting rules will push consolidation
The banking sector remains in the light, while the Stock exchange bet on the arrival of the new consolidation operations, also in view of the needed transformation in the Spa by the end of the year of the cooperative institutes, which have not yet carried out. A further boost to the consolidation, explain in a note today, analysts at Equita Sim, could come in view of the introduction of the accounting standard Ifrs9 to replace the current Ias 39, planned for 2018. Recently the Bank of International Settlements, explains Equita, has proposed “a phased introduction if the effect on the capital turns out to “not modest”. Analysts believe, however, that “even a possible phase-in, as in the case of Basilea3, not, they say, turns the focus on the effects the scheme would be immediately incorporated in the assessments”. The main news for the banks is the distinction of the portfolio of performing loans in two
the baskets separate, i.e. high risk and low risk. Performing loans with high risk, adds Equity, “will be evaluated using the well-greater than expected loss in lifetime and not over a horizon of 12 months, as for loans to
low-risk”. Mechanism that can lead to an increase of the required provisions, as well as huge investments in IT and personnel, factors that make it ever more convenient to join in.
In the uk inflation accelerates in September at the top for 2 years
Speeds up uk inflation in September. The consumer price index Cpi, makes known to the national Bureau of statistics, marks +1% year-on-year. Compared to August, the index is +0.2%. Inflation thus leads to the maximum two years and poses a problem to the Bank of England intends to cut interest rates to give breath to an economy struggling with the Brexit.
the Euro’s share of 1.10 dollars, goes back the oil
On the foreign exchange market, the euro stood at an altitude of 1.10 dollars and is indicated to 1,1003 dollars (1,0995 yesterday at the close) and 114,36 yen (114,34), while the ratio of dollar/yen is a 103,93 (103,99). The increase in inflation supports the recovery of sterling, which passes from hand to 1,2279 dollars (1,2174) and 0,8961 for a euro (0,9033).
he Raises head, finally, the price of oil after the weakness yesterday: the future November Wti rises to 0.96% 50,42 dollars per barrel, while the December delivery on the Brent earns 0.8% 51,93 dollars.
Spread BTp-Bund a 139 basis points
with regard to the bonds of the State, in settling the yield of the BTp decades, indicated to 1.46% from 1,47% of the reference yesterday. The spread with the German Bund of the same maturity goes down to 139 basis points from 141 yesterday.
(Il Sole 24 Ore Radiocor Plus)
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