Piazza Affari jumps to the new multi-year highs in the first session of the week which will see the start of the learning season also in Italy. The Ftse Mib closed up 0.92% at 26,815 points, the highest closing level since 2008. Today, in the meantime, feedback has arrived beyond HSBC expectations. The banking giant reported a 74% increase in third-quarter profit. Featured this week Thursday’s ECB meeting and the new flurry of overseas quarterly reports, with Facebook numbers coming in the evening tonight.
The resounding stop of the negotiations between the Treasury and Unicredit on the sale of MPS was also held today. Unicredit’s reaction was negative (close to -1.72%) after yesterday the official break in negotiations with the Treasury for MPS took place. Various possible future scenarios immediately emerged among the analysts. There are those who speak of a lost opportunity for Unicredit, while those like Morgan Stanley see a possible M&A of Unicredit on Banco BPM more profitable. Filippo Diodovich, senior market strategist of IG Italia, indicates three possible solutions for the Sienese bank: stand-alone model, search for new buyers or return to the negotiating table with Unicredit.
Moderate rise for Banco BPM (+ 0.34%) which during the session had reached more than + 4% on speculation that Unicredit launches an offensive on the bank led by Giuseppe Castagna in light of the failure of negotiations for Mps.
Among the other securities, EXOR’s + 5.8% is worthy of note following the return of the rumors of the sale of PartnerRE. The Agnelli family holding company would have restarted the negotiations with the French Covéa with a valuation close to that of the negotiation skipped in May 2020 after having signed the MoU in March 2020 (or $ 9 billion for 100% of the common shares).
Acceleration in the afternoon for Ferrari to over + 4% and Stellantis which closed at + 3.94% in the 17.5 euro area. From the French press there are rumors about talks between Stellantis and the credit institutions BNP Paribas, Credit Agricole and Santander in order to rationalize relations with its banking partners who were connected to various brands of the group before the merger between PSA and FCA. According to reports from Les Echos, discussions are underway between the automaker and the banking groups to try to put these partnerships in order without giving up on any of the partners, but by reorganizing the financial activities into a new entity.