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Borsa Italiana, comment on today's meeting (November 18, 2019)



Fiat Chrysler Automobiles is among the worst after Volkswagen's decline on the Frankfurt stock exchange. Banking without direction

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The main indices of the Italian Stock Exchange and the main European stock exchanges they started the week with fractional discounts. No surprise from DBRS, which confirmed the sovereign debt rating set to “BBB; high ”with stable outlook. Experts point the finger at political uncertainties and find it difficult for the current government to reach the end of the legislature by 2023. On the contrary, the DBRS appreciates the government's commitment to making the accounts secure. Moreover, as Intesa Sanpaolo analysts note, according to DBRS, Italy's risks of leaving the euro zone have significantly decreased, but there are few signs of discontinuity in structural reforms.

Red MarketO FTSEMib ended the day down 0.53% to 23,464 points after fluctuating between a minimum of 23,350 points and a maximum of 23,615 points. The same change for FTSE Italia All Share (-0.53%). Negative closing also for the FTSE Italia Mid Cap (-0.64%) and for the FTSE Italia Star (-0.17%). In the session of November 18, the value of exchanges fell to 2.25 billion euros, from 2.27 billion on Friday; 562,403,751 shares changed hands (566,992,315 at Friday's session). Of the 425 securities traded, 239 underperformed, while the increases were 150; unchanged the remaining 36 shares.

L & # 39;euro he approached $ 1.1.

O propagation The Btp-Bund reduced to 155 points.

Fiat Chrysler Cars (-2.82% to € 14.12) among the worst of FTSEMib. Traders linked stock sales to Volkswagen's decline on the Frankfurt stock exchange: insiders did not appreciate the financial and operating indications reported in the morning by the German giant's management in the coming years. Meanwhile, L'Economie, the weekly publication of Corriere della Sera, analyzed the timing and methods of merging with the Psa group. The letter of intent between the two groups must be signed by the end of the year, but the true union will need at least one year to be fully operational. Together, the companies, which will become the world's fourth largest producer together, will hold about 23% of the continental passenger car market: 16.4% of Psa and 6.2% of FCA. The goal of both groups is to reach 34%.

Banking without direction.

Mediobanca reduction of 3.15% to 10.31 euros, penalized by the detachment of the dividend. The institution of Piazzetta Cuccia awarded the coupon for 2018/2019 in the amount of 0.47 euros.

Also in red UniCredit, which left 0.8% on the floor at 12.34 euros. The institute has announced that it has entered into an agreement with APS and Balbec Capital not to collect a portfolio of bad debts secured / unsecured by credit agreements granted by the subsidiary UniCredit Bulbank to clients in the business and SME segment. The portfolio consists entirely of loans under Bulgarian law amounting to approximately EUR 50 million. Meanwhile, Fitch has confirmed the "BBB" rating on UniCredit's capital strength, while the outlook remains negative. Same instructions for Intesa Sanpaolo (+ 0.51% to 2.35 euros).

On the other hand, up UBI Newsstand (+ 0.51% to 2,757 euros). Fitch has confirmed all ratings of the institution's financial strength, while the outlook remains negative. Meanwhile, Milano Finanza wrote that he writes that next year could be one when UBI Banca will open the aggregation dossier. In fact, 2020 could be a good year, "not only because revenue pressure is becoming increasingly burdensome in a low long-term scenario, but also because different market players may accelerate the risk."

The excellent performance of Banking System (+ 6.74% to 1,836 euros). The institute has signed a binding agreement for the purchase of credit business agency Intesa Sanpaolo lien. The value of the transaction is 34 million euros. The estimated impact of the acquisition to date on the CET1 index is approximately -170/180 basis points compared to the regulatory value as of September 30, 2019, which is not foreseen in the 2018/2020 business plan.

Definitely negative closing for Leonardo (-2.09% to 11.24 euros), despite new contracts announced the same day, as well as the signing of a memorandum of understanding with the International Golden Group, which provides for the development of joint business activities in the United Arab Emirates.

Bad day for Trevi Group; the stock fell 17.7% to 19.18 euros after being suspended for excess disadvantage most of the day. The company reported that the Court of Forlì's provision was received, which rejected the approval of the restructuring agreement reached with the creditors presented by the company and its subsidiaries Trevi and Soilmec. Trevi Group has challenged this decision and will make a complaint to Bologna Corde di Appello. Based on this situation, management believes that the capital increase resolved on July 17 is unlikely to be realized in the current year. In addition, the stock exchange became effective in reporting one new share every 100 outstanding at the close of Friday. Trevi Group's closing price at Friday's session, at € 0.233, was adjusted to € 23.3.

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