The attempted rebound of the stock exchanges has already run out. On the Milan Stock Exchange, two hours after the start, the Ftse Mib index lost 0,4% to 20.192 points. Even in London, after a promising start, the index oscillates around parity (+0,12%), as well as in Paris (+0,09 for the Cac 40). The market is waiting for the ECB press conference. In the meantime, the peripheral bond front is heating up: the yield on the Greek government bond with a 10-year maturity rises by 13 basis points to 15,88%, the yield on the Portuguese bond rises by 10 basis points to 9,69% . The contagion also reaches Italy: the yield of the BTP rises by 4 basis points to 4,79% and the differential with the German bund widens to 176 basis points. Meanwhile, in a conference in London, the president of the Philadelphia Fed, Charles Plosser, wanted to minimize the effects of the slowdown in the US economy: "Slowdowns of this kind are quite frequent", he said, adding that the economic situation will restart with the stabilization of crude oil prices. The unemployment rate, however, is destined to stabilize at around 8,5 per cent at the end of the year.
Meanwhile, the oil race continues in the aftermath of the OPEC meeting which did not see any agreement on the increase in production: the dove Saudi Arabia was unable to convince the hawks Iran, Venezuela and Algeria. WTI futures rose 0,5% to 101,2 dollars a barrel, for the third consecutive day of increases. The increases in crude oil favored Eni (+0,5%) and Enel (+0,7%). benefited from Barclays overwight
As regards Piazza Affari, the initial sprint of the banks was short-lived: both Mps (-2,2%) and Bpm (-0,2%) are back in negative territory, like Unicredit (-2,2% ), Mediobanca (-4,3%) and Intesa Sanpaolo (-1,8%). Unipol rebounds (-0,4) , after the denial of plans for a capital increase. Strong decline for Azimut (-3,99%) on the wave of negative inflows in May (surrenders of 72 million); Mediolanum is also in negative territory (-1,17%) despite the better resistance (153 million in net inflows) thanks to the greater incidence of contracts with periodic payments.
Spectacular recovery by Maire Tecnimont, after the sharp declines that caused the value to lose more than 60% since the beginning of the year, causing the stock to fall on the prices of January 2009. Meanwhile, the effects of the decline weighed on Stm (-0,7%) of the profit estimates of Texas Instruments, another major supplier of Nokia, which in the meantime reports the resignation of the head of technological innovation.
On the European front, the German car offensive continues. BMW announces 500 million investment in British Mini plants. Meanwhile, on the Frankfurt Stock Exchange, Volkswagen rises on the wave of news that the Wolfsburg house, like Daimler and BMW, is preparing to ask for the summer holidays to be cut to meet demand.
A good omen for Exor, in the final stages for the choice of Alpitour buyers, is the leap in Club Med's profit (+4% in Paris) in the first half.
