August 1, 2021

European stock markets still on the rise. ECB confirms accommodative policy. Bper runs in Milan

The European Central Bank has decided to keep rates unchanged and confirmed the Pepp endowment (Pandemic Emergency Purchase Program), which will last at least until March 2022. The institute, which also reassured that asset purchases will continue at the rate of 20 billions of euros per month, he said he was ready to adjust monetary policy instruments where appropriate to achieve the 2% inflation target. Inflation, on the other hand, which could also temporarily go above this threshold. The European stock exchanges, all well set up since the opening, did not react too much, as proclamations are expected. At this point, the wait for the indications given by number one, Christine Lagarde, in the early afternoon rises. The indices, however, seem to have definitively dismissed the fears caused after the slip on Monday, even if the contagions for the spread of Covid-19 remain under continuous observation. Overseas futures herald a positive start on Wall Street. Meanwhile, bond prices are also slowing down and consequently rates are rising: the 10-year rate has regained the 1.3% threshold. The FTSE MIB earns over 1%. London lags further behind, with the increase in the number of patients mostly due to the delta variant.

Focus on banks, speculative appeal returns

Piazza Affari is dragged up by the banks, on which the speculative appeal has returned. After all, the market is wondering about the projects for Mediobanca both of Leonardo Del Vecchio, a shareholder of 19% of the capital, and of Francesco Gaetano Caltagirone, who in recent days has reached 5% of the capital between shares and calls. Furthermore, in the sector, other marriages could be looming on the horizon that could see Unicredit in the front row, especially after yesterday Banca Mps reached an agreement with the Mps Foundation to pay only 150 million euros for out-of-court cases, compared to the initial one. request of 3.8 billion. Banca Pop Er is also running, also benefiting from the news that the cooperatives gathered in Koru have tightened their links (going up to 3% of the capital) on Unipol, its shareholder with a stake of around 15%. And again, the Exor and Enel are in evidence. Stmicroelectronics, after a lively start, slowed down despite the fact that the competitor Texas Instrument, after Aslm, also published accounts higher than expected during the night. Improving traffic numbers are supporting Atlantia’s prices.

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Outside the main basket, Mediaset and Tinexta under the lens

Outside the main basket Mediaset is up on the day of the final act of the clash with Vivendi. After the detachment of the dividend, it is the day of the closing of the operation which, after five years of clashes in courts across Europe, saw the shareholders sign an agreement on May 3 for the gradual exit of Vivendi from the capital over five years Mediaset (the agreements also provide for the sale of the stake held by Simon, the trust company in which Vivendi had to segregate its shares in Mediaset). In the agreement signed by Chiomenti (Fininvest), Cleary Gottlieb (Vivendi) and with the Bonelli Erede studio to represent Mediaset, it is expected that Vivendi, which will remain with a 4.61% stake after directly selling its remaining 5% to Fininvest will have the right to sell the entire stake at any time if the price of the Mediaset share reaches € 3.20. They also run Tinexta, Tinexta after the company announced the acquisition in France. of the majority stake in CertEurope, the third player in the French DigitalTrust market. Company that in fiscal 2020, recorded revenues of 14.1 million, (+ 6.9% on an annual basis) and a pro-forma EBITDA of 5.2 million, with an operating EBITDA margin of over 35%. Mediobanca confirmed the recommendation to ‘outperform’ the shares, with the estimate of a price target of 36 euros

The euro / dollar exchange rate

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Euro remains below 1.18 dollars, oil rises

The euro is little moved, despite the announcements of the ECB. The currency continues to navigate below the $ 1.18 threshold. Instead, crude oil has taken the path of the rise; with the wti that has hung up the threshold of 71 dollars a barrel.