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



Fiat Chrysler Automobiles is among the worst, after the decline experienced by Volkswagen on the Frankfurt stock exchange. Banking shares without direction

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The main indexes are the Italian Stock Exchange and the major European stock exchanges they start the week with small pieces. Not surprisingly, the DBRS agency, which confirmed the country's debt rating set at "BBB; high ", with a stable outlook. Experts point to political uncertainty and find it difficult for the current government to reach the legislative end by 2023. In contrast, DBRS appreciates the government's commitment to creating a secure account. In addition, as noted by analysts of Intesa Sanpaolo, according to DBRS the risk of Italy's exit from the euro zone has decreased significantly, but there are some signs of discontinuity regarding the issue of structural reform.

Market-redthat FTSEMib ended the day with a decrease of 0.53% to 23,464 points, after fluctuating between a minimum of 23,350 points and a maximum of 23,615 points. Same change to FTSE Italia All Share (-0.53%). Negative closure also for Close Middle of FTSE Italia (-0.64%) and for FTSE Italia Star (-0.17%). In the November 18 session the exchange value fell to 2.25 billion euros, compared with 2.27 billion on Friday; 562,403,751 shares have changed hands (566,992,315 in Friday's session). Of 425 securities traded, 239 recorded negative performance, while the increase was 150; does not change the remaining 36 shares.

L & # 39;euro he approached 1.1 dollars.

that spread Btp-Bund has narrowed to 155 points.

Fiat Chrysler car (-2.82% to € 14.12) were among the worst at FTSEMib. Operators have linked the sale of shares to the decline experienced by Volkswagen on the Frankfurt stock exchange: insiders did not appreciate the financial and operational indications communicated in the morning by German giant management for years to come. Meanwhile, L 'Economia, Corriere della Sera's weekly insert, analyzes the time and method of merging with the Psa group. Letters of intent between the two groups must be signed at the end of the year, but the actual union will need at least one year to become fully operational. Together the company, which will become the fourth largest aggregate producer in the world, will own around 23% of the mainland passenger car market: 16.4% from PSA and 6.2% from FCA. The goal of the two groups is to reach 34%.

Banking shares without direction.

Mediobanca down 3.15% to 10.31 euros, imposed sanctions by dividend detachment. The Piazzetta Cuccia Institute has set coupons related to the 2018/2019 financial year with an amount of 0.47 euros.

Red too UniCredit, which left 0.8% on the ground at 12.34 euros. This institution has announced that it has signed an agreement with APS and Balbec Capital for factoring non-recourse receivables from a secured / unsecured bad credit portfolio originating from a credit agreement provided by a Bulbank UniCredit subsidiary to SME-owned clients and business segments. The portfolio consists entirely of loans governed by Bulgarian law in the amount of around 50 million euros. Meanwhile, Fitch's agent has confirmed the "BBB" rating on UniCredit capital strength, while the outlook remains negative. The same instructions for Intesa Sanpaolo (+ 0.51% to 2.35 euros).

On the other hand, upward UBI Banca (+ 0.51% to 2.757 euros). The Fitch Institute has confirmed all ratings on the financial health of the institution, while the outlook remains negative. Meanwhile, Milano Finanza has written that he writes that next year could be the year that UBI Banca will open the aggregation file. In fact, 2020 can be a good year, "not only because pressures on income become more and more burdensome in the low to long-term scenario, but also because different players in the market can accelerate risk".

Outstanding performance Banca Sistema (+ 6.74% to 1,836 euros). This institution has signed a binding agreement for the purchase of Intesa Sanpaolo lien's credit business branch. Transaction considerations total 34 million euros. The estimated impact of the acquisition to date on the CET1 ratio is around -170/180 basis points compared to the regulatory value as of 30 September 2019, not specified in the 2018/2020 business plan.

Closure is definitely negative for Leonardo (-2.09% to 11.24 euros), apart from the new contract announced on the same day, besides signing a memorandum of understanding with the International Golden Group which regulates the development of joint commercial activities in the United Arab Emirates.

Bad day to Trevi Group; The stock declined 17.7% to 19.18 euros after being suspended due to excess downside for most of the day. The company has stated that the provisions of the Forlì Court have been accepted which reject the approval of the restructuring agreement reached with the creditors presented by the company and by the Trevi and Soilmec subsidiaries. Trevi Group has opposed this decision and will file a complaint with Bologna Corde in Appello. Based on this situation, management believes that the possible increase in capital completed on July 17 will not be carried out in the current year. In addition, the stock exchange has now become effective, in every 100 new stock reports that circulate at the close of Friday. The closing price of the Trevi Group in session on Friday, amounted to € 0.233, adjusted to € 23.3.

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