Bags today April 19 | Milan opens uncertainly. Tim slips after network bids
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Uncertain first phases for Piazza Affari at the beginning of the third weekly session. The Ftse Mib scores -0.01% to 27,895 points. Among the blue chips, the main energy companies were negative (Eni -0.71%, Enel -0.16%), industrialists in no particular order with Ferrari at -0.24%, Prysmian +0.86%, Leonardo -0, 26%, Stellantis at -0.47%. Among the financials, Unicredit +0.61%, Intesa +0.36%, Generali at +0.50% (here the price list in real time).
Tim’s slip
Sharp slide for Tim (the stock has lost more than 5% with a low for the day at 0.294 euros and is now losing 4.7% to 0.2972 euros) in the aftermath of the new offers for the network by Kkr and Cdp, very far from Vivendi’s requests (the Cdp-Macquaire consortium would have offered 19.3 billion compared to the approximately 18 in the first proposal). The potential impact on Tim’s debt could be almost 17 billion. The US fund KKr would have offered 21 billion (19 billion + 2 billion confirmed as a potential earn-out in the event of an aggregation with Open Fiber). The offer would lead to a debt reduction of 15.4 billion.
The European Stock Exchanges
The European stock exchanges continue to be weak. The worst London after inflation in the UK remained in double digits (10.1% in March from 10.4% in February) with a lower than expected slowdown (9.8%) which prompted the market to expect further rate hikes by the Bank of England. The effect was the strengthening of the pound and the rise in government bond yields, not just the UK. Frankfurt was also weak (-0.15%), Amsterdam was bad (-0.5%) where the chip giant Asml dropped 2.5% in the wake of the accounts. Paris does better (+0.01%).
Spread, Euro and Dollar
The spread between BTPs and their equivalent German Bunds opens at 183.7 points, slightly up on yesterday’s close at 182, to then rise to 183.3% with the yield on the Italian bond at 4.33% (here the spread in real time). Euro little moved at the beginning of the day against the greenback. The single currency changes hands at 1.0960 dollars, reducing by 0.07 percent, while it rises (+0.17%) against the yen (to 147.35). Dollar/yen exchange rate at 134.42 (+0.26%).
Eastern markets
Chinese stock markets closed lower on Wednesday, with the Shanghai composite index down 0.68% at 3,370.13 points, while the Shenzhen composite index closed down 0.84% at 11,760.27 points . The Hong Kong Stock Exchange closed the session in negative territory, on expectations of indications from the Federal Reserve on interest rates: the Hang Seng index dropped 1.37%, slipping to 20,367.76 points.
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