Morning high volatility for the european stock Exchanges, which have often reversed the course (here the trend of the main indices). The main lists now seem to have embarked with determination on the path of the upward, with the FTSE MIB index in milan to record the best performance of the day, driven by the recovery attempt of the Bank Mpsdopo -14% yesterday.
With the institute siena tries to raise its head the entire banking sector, yesterday
Mps part with the bond, the General converts them but the title collapses
depressed by the doubts on the outcome of the constitutional referendum on 4 December. Another factor of uncertainty on the european markets is represented by the meeting of Opec on the calendar tomorrow, that may, or may not, sanction the freezing of the production, with the consequent ascent of the price of crude oil. On the eve of the summit, investors may still prefer to reduce the exposure to the barrel, selling the futures on Wti and Brent.
the Mps cashing in on the ok of the General conversion of the bond
with regard To Mps, in yesterday’s game, the voluntary conversion of the bond, subordinated shares and the bank of siena has received the accession of General: the board of directors of the company has in fact “evaluated favorably” operation. According to the press rumors, the General holds about 400 million of bonds of the Mps, the amount of which, post conversion, would result in 8% of the capital of institute of siena. Despite the ok of the General, some analysts continue to emphasize the risks associated with the capital plan of the Mps. “We believe that the execution risk of the plan is the top”, they note, analysts at Banca Imi, while the experts of Banca Akros emphasise that the victory of the “no” to the constitutional referendum could make it more difficult for the recapitalisation of the institution, increasing the probability of application of the rules on “bail-in”. As a General, Akros notes that the decision to con vert the bond into shares, “will increase potentially the risk degi asset”, even if the operation “may be positive in the long term, if and only if the bank will be relaunched”.
The “good guys” and the game on the vote
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Together with those of the institution of siena also positive for other bank securities such as Ubi Banca, Banca Pop Mi, Intesa Sanpaoloe Banco Popolare. Purchase orders also award Unipol, while at the end of the list there are oil products (in particular Tenarised Eni) and Davide Campari.
Euro recovers share of $ 1.06, declining oil
On the foreign exchange market, the euro in recovery 1,0611 dollars (1,0589 yesterday at the close) and 119,02 yen (118,83), while the ratio of dollar/yen is a 112,18 (112,24).
drop In the price of oil in view of the Opec meeting tomorrow: the future January Wti cede l’1,04% to 46,59 dollars per barrel, while a similar delivery on the Brent slips dell’1,08% 47,72 dollars.
Spread a little choppy to 188 basis points
Starting a little rough for the spread between BTp and Bund, which manages to remain below the level of 190 points in line with the folding in the final yesterday, after having touched the highest in more than two and a half years, to the levels of February 2014. The yield differential between the BTp benchmark and the equal maturity of German moves in the start to 188 basis points, unchanged from the closing of yesterday. Slight lift of the performance of the BTpdecennali, to 2,08% 2,07% yesterday.
(Il Sole 24 Ore Radiocor Plus)
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