Le European stock exchanges they confirmed the declines in the middle of the session while awaiting the decisive appointments in the next few days. Tomorrow the Constitutional Court will announce the decision on the ESM bailout fund after rejecting the request of Bavarian MP Peter Gauweiler against the public bond purchase plan envisaged by the ECB, presented urgently and which risked postponing the date for the judgment on the ESM. Also tomorrow, Wednesday, the Dutch elections are scheduled. On Thursday, eyes will instead be focused on the moves of Ben Bernanke, chairman of the Fed.
Il Ftse Eb 0,93%, Frankfurt 0,17%, London 0,47% and Paris 0,44%. The Btp-bund spread is around 362 basis points on the opening levels, after a maximum of 377 reached in the morning. The euro recovered to 1,2794 (+0,27%).
Luxury falls on Piazza Affari driven by Burberry's profit warning (-18%). The group said in a statement that it expects annual net profit before taxes "at the low end of market expectations." Ferragamo sells 4,75%, Tod's 4,13%.
Il Titan Machinery's profit warning, one of the main stars and stripes distributors of Cnh products, also drags down Fiat industrial -1,8%. The US company disappointed expectations in the quarter ended in July, revising its EPS forecasts for the year downwards due to pressure on margins and confirming its outlook on revenues. But the Fiat Industrial stock is also weighed down by the downgrade of Morgan Stanley which lowered the recommendation to equal weight fa overweight. Fiat sells 0,78%. In Las Vegas Marchionne presented the new models to dealers. Telecom Italia also down 3%.
Down after yesterday's rise Bmps -3,15% which today launched the issue of a two-year unsecured senior bond. Barclays analysts have cut the stock's recommendation to underweight from equalweight and target price to 0,18 euros. But it is also the rest of the banking sector that has ended up in the crosshairs of the English group, recently overwhelmed by the scandals on the manipulation of the Libor together with other international institutes. Barclays also rejects Intesa Sanpaolo (-1,8%), which offers few upside-downside cues, while it promotes Ubi Banca (unchanged on the Stock Exchange) which "offers a better risk-reward opportunity for investors willing to earn on exposure to the sector". Mediobanca -1,96%. Unicredit -1,31%.
The banks of the consortia guaranteeing the capital increases of Unipol and Fonsai will intervene for a total of €457m, taking over the shares not subscribed in the two transactions, which had a total value of around €2,2bn. Unipol, for its part, will subscribe Fonsai savings shares (-5%) for approximately €136m and has subscribed Fonsai shares as part of the increase for another €30,9m. Alberto Nagel in a 7-page report reserved for the Council on 5 September reconstructed the story of Mediobanca's financial support to the Ligresti. The cards were revealed today by Corriere della Sera. Today Mediobanca is exposed to the former Ligresti group for 1,123 billion euro: 73 million senior loans to Premafin; 900 million in subordinated loans, of which 250 are perpetual, to Fonsai; 150 million of subordinated loans to Milano Assicurazioni, of which 100 are perpetual. In addition, Mediobanca has entered into derivatives for 53 million with Fonsai and participates for 63 million in the financing of the Tikal real estate fund.
Going against the trend on the Ftse Mib, the three best stocks are Lottomatica +0,87%, Autogrill +0,75% and Saipem +0,72%. On the Rcs list, it rises by 8,19% pending today's board of directors.
