Positive EU stock exchanges, Milan celebrates the Mattarella bis. Collapse for Saipem
The European stock exchanges ei main price lists open the week in positive territory, after a particularly complex seven days marked by the decisions of the Fed on monetary policy, the crisis in Ukraine andimpasse politician on the election of the new head of the Italian state.
In the wake of the positive closure of the asiatic price listsi, the Tokyo Stock Exchange ended trading up 1.1% to 27,001.98 points, recovering early session losses on the back of US futures gains of Wall Street on Friday, a Milan the main index Ftse Mib marks a gain of 1.8% at 27,043 points at the start, marking the best performance of the old continent.
Frankfurt marks + 1.1%, Paris + 1%. On the front of our government bonds, it is spread it moves to the 130 points area, down by almost 10 points compared to the previous closure. A sign that the market has particularly appreciated the confirmation by Sergio Mattarella at the head of the state.
The Mattarella bis and the permanence of Mario Draghi at Palazzo Chigi thus ensure continuity to government action and less political instability also on the financial front: a result that, in addition to having immediately lowered the tension on the bond market, where the spread between BTp and Bund fell to 133 basis points from 138 on Friday, it made the different headlines splash.
In particular, Italian post leads the financial sector with + 3.5%, followed by Banco Bpm and Azimut. Also good for UniCredit (+ 3.45%), Bper (+ 2.5%) e Finecobank (+ 2.02%).
“The scenario that has come about in our opinion is the most favorable for the marketsbecause it provides stability to the government until the end of the natural mandate of Parliament “, the Equita analysts point out.” This result, allowing the government to continue its work without interruption “, also improves visibility on the implementation of the Pnrr, a key driver for Italy’s growth prospects in 2022-26 “, they add.
Experts therefore expect that “the result of the elections could have positive implications especially for financial stocks, on which we maintain a significant overweight in our recommended portfolio “.
Thud instead of Saipem which plummeted to the bottom of the Ftse Mib list with a -26%, after withdrawing the outlook and showing revenues and EBITDA for the second half below expectations.
Saipem was admitted to trading on Piazza Affari and dropped 26.28% to 1.42 euros, reaching a new all-time low below the level of 1 September 2020. The group announced a red for 2021 of “over one third of the share capital”. Withdrawing the estimates for the current year, he initiated contacts with banks and shareholders in view of a recapitalization.
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