Draghi effect on Piazza Affari. The president of the ECB spoke today after the usual meeting on rates (which remained unchanged) and touched on all the different nodes of the international arena: he stated that state aid is possible in exceptional circumstances; he noted that more could be done in Italy, such as developing a functioning market for NPLs, by creating a regulatory framework that allows NPLs to be sold and exchanged easily; he described the stability of the markets after Brexit as "encouraging".
The Ftse Mib closed up 0,25%, while the other European stock exchanges end up mixed: if Frankfurt rises by 0,14%, Paris drops by 0,08% and London by 0,43%
Milan is driven by the banking sector: Banco Popolare +3,96%, Bper +3,21% and Unicredit +2,13%. Understanding +0,31%. Bmps +1,77% is also good.
In the morning in Frankfurt, the supervisory board of the Single Mechanism of the ECB, the European banking supervisory body, met to evaluate the plan proposed by Monte Paschi to dispose of non-performing loans and for a possible recapitalization. The plan provides for the securitization of 10 billion net Npl, with the intervention of the Atlante fund and the government's Gacs guarantee. The extent of the capital increase will depend on the sale price of the NPLs. Always orThe board of directors of the Tuscan bank met today to discuss Siena's strengthening plan in view of the publication, on 29 July, of the stress tests on the solidity of European credit institutions. In contrast between the financial Unipol -1,38% and Ubi -0,71% which end up at the bottom of the Ftse Mib. Prysmian -1,42%, Saipem -1,07% and Terna -0,7% are also bad.
Outside the Ftse Mib there is yet another twist in the RCS -2,4% affair. The IMH consortium, defeated by Urbano Cairo, yesterday filed a complaint with Consob asking to verify whether there were any irregularities in the execution of the takeover bid by Cairo Communication
In Europe sales hit the airline sector after Lufthansa's profit warning which cut its 2016 operating profit estimates: flight bookings to Europe are suffering due to fears related to terrorism and political and economic uncertainty.
On Wall Street, stock markets are down slightly: S&P500 -0,22% and Dow Jones -0,33%, making marginal profit-taking after recent records. The quarterly season was doing well: 80% of the companies that communicated the data recorded profits higher than expected. Still positive intonation for the auto sector driven by the positive quarterly results of General Motors. FCA also benefits +1,04%. Oil is down: Brent -1,17% to 46,59 dollars a barrel and Wti -1,38% to 45,12 dollars a barrel. The euro-dollar exchange rate closes unchanged and the Btp-bund spread drops to 125 basis points and yield at 1,25%.
