(Il Sole 24 Ore Radiocor) – The tensions between the United States and China, which led to the cancellation of Secretary of State Antony Blinken’s trip to the People’s Republic, and new fears about the trajectory of monetary policy in light of US unemployment having fallen to minimums for 53 years are holding back the European stock exchanges. After making it through central bank week unscathed, stocks are now wondering whether Friday’s better-than-expected US labor market data will convince the Federal Reserve to raise interest rates higher than expected. The FTSE MIB of Piazza Affari is so down while the quarterly season continues. Among the main stocks, it rises again Telecom Italia awaiting developments on the Kkr offer for the network.
As for Tim, according to the latest press rumors, the valuation of the network, which for Kkr is around 20 billion, could be adjusted upwards in the event that the government grants incentives or in the event that a merger with Open Fiber is achieved . Furthermore, according to rumors, Cdp and Macquarie are considering presenting an alternative offer to that of Kkr. “The possibility of having two offers for the network remains the most probable and in our opinion the most interesting scenario for the stock, increasing Tim’s negotiating power from a starting value that would appear to be consistent with our hypotheses”, explain the Equita analysts, who recommend a “buy” on Tim’s shares.
Intesa reverses course, market bets on target increase
After the reverse on Friday, following the publication of the 2022 accounts, it then reversed course Intesa Sanpaolo. After digesting the better-than-expected numbers for last year, the market is increasingly convinced that the institute, although it has not yet formalized it, will raise the Plan’s targets. For 2023, the institute has indicated that it expects a profit well above 5.5 billion: «A guidance – comment the Equita analysts – which, in the light of the company’s statements and the strong interest rate sensitivity, we consider particularly conservative ». Positive judgments also from Banca Akros, Intermonte, BofA and Societè Generale.
Spread at 186 points, yields on the rise
On bonds, a negative trend for the prices of sovereign bonds traded on the electronic secondary Mts. The decline in BTPs causes a slight widening of the spread with the Bunds versus Friday’s final cue. The yield differential between the 10-year benchmark BTP and the same German maturity is indicated at 186 basis points from the 184 points of last week’s closing. The yield of the 10-year benchmark BTP rose to 4.10% from a last position, on Friday evening, at 4.03%.
