After a markedly declining start, the European stock exchanges are all under pressure. The Ftse Mib drops more than 2 percentage points, London loses just over half a percentage point, Frankfurt 0,95% and Paris 1%.
The postponement of the 12 billion tranche of aid for Athens weighs on the markets pending tomorrow's confidence in the new Papandreou government and Athens' yes to the austerity plan.
In its monthly report, the Bundesbank, the German central bank, also forecasts that this year the non-seasonally adjusted German GDP will grow by 3,1%, while in 2012 it will see an increase of 1,8%. The growth of the German economy will slow down in the second quarter, but the recovery remains sustained.
The euro is down against the dollar to 1,4214 just as the drop in oil continues on fears related to the Greek crisis: Brent futures leave the field 1,7 dollars at 111,55 while the derivative on US crude oil loses 1,15 to $91,86.
The spread of ten-year BTPs rises over the German one up to 197 percentage points from 187 on Friday evening and then closes again at 192. In recent days it had exceeded 200 basis points.
In addition to the fears for the Greek debt crisis, Italy is weighed down by the position taken by Moody's which has placed the Aa2 rating under review and by the statements of the resident of the Eurogroup Junker who sees a possible contagion to Italy even before Spain.
Piazza Affari is among the heaviest stock exchanges in Europe, dragged down by the fall in financial stocks on fears of the risk of contagion from the Greek situation to which is added the warning from Moody's. However, the 0,56% must be deducted from the drop in the Ftse Mib index due to the detachment of dividends from some of the main companies.
Bad for the banks, with the sector index dropping by 2,85%: Unicredit loses more than 2%, Intesa Sanpaolo drops by 2,25% (the European Stoxx loses 2%). Mps was also down by about 5 percentage points to 0,5685 on the day of the launch of the 2,1 billion euro capital increase. The issue price of the new shares was set at 0,446 euro and the ratio provides for 18 new shares for every 25 held. Not even insurance companies are doing well with a drop of almost 2 percent. Fondiaria Sai (-5%) was affected by the indiscretions of the Messaggero on Saturday according to which the consortium guaranteeing the capital increase would ask for a 50 percent discount. While Generali (-1,9% to 14,14 euros per share) suffers from Ubs analysts the reduction of the target price to 15 euros from 16. The neutral opinion remains unchanged.
POPULARS IN THE VIEWFINDER
The red is also back on Bpm which retreats by 8% in the morning after the denial by Bnp Paribas and Bper about possible aggregation scenarios which on Friday favored the increase in the share together with the technical coverings after a drop of 21% in one month .
Ubi slips by 0,50% after the controversy triggered by the intervention of the parliamentarian and chairman of the supervisory commission on social security institutions, Giorgio Jannone, strongly critical of the management of the managing director Victor Massiah and who claims to represent a syndicate of Ubi shareholders for the 10 percent of the capital.
Since the announcement of the capital increase, the Ubi share has suffered heavy losses but the chairman of the Supervisory Board of Ubi Corrado Faissola reassures "The capital increase will still be successful because we have a guarantee syndicate of top-level banks" .
Banco Popolare sells about 2,6 percent.
GOOD NEWS IS NOT ENOUGH FOR LOTTOMATICA
Good news for Lottomatica which extends the contract with the American Georgia Lottery Corporation for another 5 years for 200 million dollars in revenues. However, the stock only partially slowed the fall and in the morning it returned to lose 2%, in line with the Ftse Mib.
CONFIRMATIONS FROM ANALYSTS ON AUTOGRILL AND ENEL
Autogrill moves against the trend in positive territory thanks to the confirmation of the Buy rating by Citigroup, despite the reduction of the target price from 12,5 euros to 12: "The company is undervalued and does not discount the improvement in the TravelRetail & Duty Free division" . Despite Merril Lynch's confirmation of the buy with a target price of 5,25, Enel loses about one percentage point but the 18 cents detachment also weighs.
MEDIASET, SALES RUMBERS OF 33,3% OF ENDEMO
According to press hypotheses Mediaset could decide to sell 33,3% of Endemol to. The stock lost 0,71%, less than the Fste Mib index.
