It has finally come to closed markets the awaited verdict of the Antitrust on the Fonsai-Unipol operation: Premafin will be able to hold the shareholders' meeting for the capital increase and the parties will be able to define the swaps, but the subjects of the Fonsai reorganization will not be able to proceed with the underwriting phases and the business plan sharing activities. While awaiting the decision, i Fonsai lost 1,44%, Premafin lost 3,87%, Unipol 1,05%.
But also Milan closed in negative territory: the Ftse Mib lost 0,67% in a day that gave the illusion of an increase and then faded on the data of the non-manufacturing ISM index and the caution shown by Draghi on new measures to support the economy. The other European Stock Exchanges are better Parigi yields 0,09, Frankfurt 0,24% and London turns positive at +0,15%.
The ECB has kept the cost of money unchanged at 1%., to the historic lows reached with the decision last December. But in the meantime he hasn't given any indications on possible new expansionary interventions to support the economy. A caution, that of the Eurotower, which can also be explained by the need to understand what the effective impact of the two maxi auctions already put in place will be. The last one, Draghi wanted to underline, was settled only on March 1st. On the horizon, however, for the Eurotower there is the possibility that the adjustment of the balance sheets will curb growth, therefore a worsening of the economic conditions of the Eurozone is not excluded.
Words that match data arriving from overseas on the worst-than-expected drop in the ISM non-manufacturing index they caused the price lists to turn negative after the good success of the Spanish and French auctions which, at least, helped to ease the pre-election tension of the Sarkozy-Hollande duel. The Btp-bund spread also benefited, returning below 390 and yielding 5,5%.
Meanwhile in Switzerland a small revolution is taking place at the meeting of the shareholders of the Swiss bank Ubs: almost 37% of the shareholders voted against the company remuneration plan. The 54% decline in group profits in the first quarter of 2012 probably also made investors lose their patience on the already hot topic of remuneration.
At the end of the European markets, Wall Street was weak: the Dow Jones lost 0,05% and the Nasdaq -0,23%. On the other side of the ocean, to console the discontent of the market for the ISM services, following some disappointing macro data already yesterday, unemployment benefits took care of it, which fell more than expected.
Milan was dragged down by the banks: Unicredit yields 4,65%, Bper 4,65%, Banco Popolare 4,59%. But also from the fall of Finmeccanica afterwards after accounts release: stock closes down 4% after being suspended for excess downside with declines of more than 6%. At the bottom of the Ftse Mib also A2A (-4,51%), also suspended due to excessive downtrend. On Saturday, before the French elections, the boards of directors of Delmi, Edison and EDF were convened to close the game on the reorganisation.
Highlights on the Ftse Mib Atlantia (+2,79%), Pirelli (+2,55%), Telecom Italia (+2,186%) which benefits from the good performance of the sector in Europe. The board of directors of Telco, the holding company that controls the TLC group with 22,4%, is acting today to close the 3,4 billion refinancing through partly with new equity, partly with new bonds subscribed by the shareholders and partly with lines of credit that various banks will sign, as reported by the general manager of Intesa Sanpaolo Gaetano Miccichè.
Resizes the closing rally RCS, which rises by 2,07%. The stock was inflamed by Della Valle's statements about his interest in strengthening the group and after the official offer presented by Proto Consulting for the share package held by Generali. Only last Saturday, on the occasion of the shareholders' meeting in Trieste, did Il Leone express his willingness to leave the participation through the CEO Perissinoto.
