Mediobanca snaps in Piazza Affari on the hypothesis of new balances +5,30%, best stock of the Ftse Mib. The Ligresti mess and the investigations opened by the judiciary into Alberto Nagel leave room for bets on a Tod's jolt. The owner of the luxury footwear group Diego della Valle holds 1% of the bank's capital but also an option to rise to 3%. For some time Della Valle has been wanting to unhinge the syndicate agreement which controls 41% of the bank and which will expire in 2013, from which he slammed the door.
Piazza Affari closed flat in negative territory -0,08% after a volatile day largely in the red. Contrasted European stock exchanges with little movement: Frankfurt -0,02%, Paris +0,54%, London +0,10%.
All European stock markets suffer after the publication of the ECB morning bulletin which cut the Eurozone's GDP to -0,3% from -0,2%, noting that unemployment continues with further job losses at a sustained pace and that expected very high insolvency rates for Italian companies. The banking sector closes in contrast and with little movement: Banco Popolare +2,56%, Bper +1,76%, Mps +0,39%, Unicredit just above parity +0,07% while Intesa closes down by 0,36 %, Ubi -0,50%, Bpm -0,30%.
For Fitch, faced with the worsening prospects for the banks, European investors expect a new round of the Ltro maxi-loan to credit institutions after the over 1.000 billion at the beginning of the year: 82% of investors believed that the ECB assistance will be needed within two years, 41% think this will happen between 2013 and 2014, 33% by the end of the year.
Today, five years ago, the great crisis began, as he recalled in a speech on Firstonline by Giovanni Ferri. A year ago the debt crisis of the peripheral European countries broke out, which after Greece overwhelmed the Italian spread. Today it still seems difficult to see the end of this short-circuit debt/banks/companies and the real economy continues to pay the price: companies and workers. While Mediobanca underlines that it is becoming less convenient to do business in Italy, the Cgia of Mestre launches a new alarm (but the cry has been single and deafening for months now) on the bank insolvencies of Italian companies which last May the 84 billion euros, +13,8% compared to a year ago. Meanwhile, banks have reduced lending by a total of 9,2 billion despite the two long-term refinancing operations of the ECB.
And foreign investors place their bets. Goldman Sachs has put the oars back in the boat: the US giant reduced its position on Italian debt by 92% in the second quarter, after having increased it in the first three months. Market exposure to Italian government bonds decreased to $191 million at the end of June from $2,51 billion at the end of March, as position in derivatives increases to insure against possible default risks for Italy .
Overall a quiet day for the spread which closed down around 442 points after having opened at 445, and a yield of 5,86%. The euro dollar slides to 1,2276. The indexes on Wall Street were also slightly below parity at the close of the European markets despite the drop in claims for unemployment benefits above expectations and the good data on the decline in the US trade deficit in June, the best since December 2010.
In Piazza Affari, the utilities suffered after the wave of purchases in recent days: Terna -1,07%, A2A -0,97%, Snam -0,92%. Eni also down -0,89%. Telecom loses 0,95%. Today the group sold 100% of the subsidiary Matrix (which owns the Virgilio portal) to Libero, controlled by Weather Investment II for an enterprise value of 88 million euros.
