Bag closes in red. Banks in the crosshairs, FCA heavy

The European Court of Justice rejected the Slovenian appeal on the bail in bank by establishing that the rules applied by the EU Commission do not violate European rules. The ruling comes as Italy is negotiating a delicate package of aid to the banking sector. According to the EU competition manager, Margrethe Vestager, the Slovenian case "does not affect ongoing discussions with Italy". The conclusion of the negotiations with Italy, you said, is "relatively close". 
 
For now theand bags remain cautious, with the sales that in Piazza Affari continue to penalize the banking sector. At the bottom of the Ftse Mib there is bmps -3,29% Unipolsai -2,21% Unipol -2,18% and bpm -1,97%. Worst title is anyway fca -3,39% which discounts the opening of investigations by the US authorities to verify the sales data released by the group. 
 
slips Telecom Italy -0,14%. Xavier Niel, owner of French telecommunications group Iliad, has started to reduce his long position in Telecom Italia, as announced in recent weeks. Upstream featured on the Saipem blue chip basket + 2,02% Recordati + 1,91% Yoox +1,12%, bank Mediolanum +0,55% and stm + 0,54%. 
 
Overall the Ftse Mib closed in the red at -0,53% but limited the declines in the final closing above the lows of the session. In Europe Paris -0,63%, Frankfurt -0,81% while London +0,03%. The session fell due to the spread between the BTP and the Bund which closed down at 127 basis points and a yield of 1,24%, compared to 1,26% yesterday evening. 
 
In Germany  l'Zew index business confidence collapsed in July to -6,8 from 19,2 in June. The index fell far below expectations, reflecting the volatility on the financial markets that arose due to the uncertainty of Brexit management after the British vote. 
 
Meantime the IMF trimmed its estimates for world growth slightly lower. According to the update released today of the World Economic Outlook, the Washington institute is expecting this year a global +3,1%., 0,1% less than the spring calculations (in 2015 there was a +3,1% and in 2014 a +3,4%). In 2017, an expansion of 3,4% is expected and no more than 3,5%. “Despite a better than expected performance in early 2016”, global growth for this year and next is set to slow in the wake of the Brexit referendum which “surprised global financial markets”. According to the IMF, the outcome of the British referendum of 23 June “implies the materialization of a major downside risk for the world economy”. Precisely because of the Brexit effect, among the advanced economies, the United Kingdom is the country that has undergone the greatest downward revision of the growth estimates of the International Monetary Fund. The IMF expects the UK economy to expand by 2016% in 1,7, ie 0,2% less than in spring calculations. For 2017, GDP is expected to increase by 1,3%, 0,9% less than expected three months ago. 
 
On Wall Street, the indices continue weak below parity. The eyes are on the quarterly. Despite the increase in profits, Goldman Sachs hit by sales. Meantime Monsanto has once again said no to the wedding with Bayer, by rejecting a $64 billion offer. As happened at the end of May, when it returned a lower offer of 2 billion to the sender, the American agrochemical group is "open to constructive conversations" with its German rival "and other parties to understand whether a transaction that the board of directors believes it is in the best interests of Monsanto's shareholders that it be accomplished." 
Netflix shoulder bag, -14%, after the disappointing quarterly, published on Monday after the close. 
 
On the macroeconomic front new US construction sites created in June rose by 4,8%, above estimates, while building permits grew by 1,5% below estimates. WTI oil dropped 0,86% to 44,85 dollars a barrel. The euro-dollar exchange rate dropped 0,56% to 1,10126. The ECB meets on Thursday.