Will Atlas hold up the banks? For now, the fund does not support the Stock Exchange. Already on Friday, the day after the presentation of the fund to the financial community, the Stock Exchange had collapsed. And today on Piazza Affari sales continued in the wake of the stop of the IPO of Banca Popolare di Vicenza, in the hands of more than 90% of the Atlante fund after the capital increase which received very few subscriptions. Borsa Italiana has denied authorization for the listing due to the too low free float (about 8%). The result is that "the provision for the admission of Banca Popolare di Vicenza shares is to be considered lapsed". Some investors, such as Mediobanca for example, who had subscribed part of the capital increase on condition that the company would be listed, thus withdrew their investment. The Altante fund has risen to 99%.
The Ftse Mib closed down 0,97% against the other major European markets which closed the session in positive territory. Paris, Frankfurt, while London is closed today.
In Europe moods were supported by the index with the PMI index rising to 51,7 in April from 51,6 in March. He failed to counteract the Vicenza effect, the good data of Italy, which in April turns out to be the best in the Eurozone, with the best result since December and better than France (in contraction) and Germany (improving but less than expected). At the beginning of the second quarter, the manufacturing sector in Italy recorded the strongest growth in four months, with the recovery of production driven by the increase in new orders, and above the consensus.
In the afternoon Mario Draghi, in a speech in Frankfurt, said that there is no alternative to continued monetary expansion: without rates at the current level, the economy would be stuck in recession. Stable closing for the spread between BTp and Bund at 128 basis points, the same value reached on Friday at the closing. The yield on Italian 1,57-year bonds was also stable, standing at XNUMX%.
The macroeconomic data arriving from overseas are not helping sentiment: in the US industrial activity is slowing down. The Ism index on the expectations of purchasing managers of American manufacturing companies fell in April to 50,8 from 51,8 in March against expectations for 51,4. Construction spending rose by 0,3% in March, but less than expected (+0,6%).
However, on Wall Street the indices are moving up with the Dow Jones up 0,26% and the S&P500 up 0,25%. The dollar is weak as the prospect of a new rate hike fades away. The euro-dollar exchange rate rose by 0,46% to 1,151525.
The other Asian markets were closed for holidays, with the exception of Tokyo which however this morning slipped by 3,11% accusing the strength of the yen against the dollar. WTI oil dropped 2,63% to 44,71 dollars a barrel.
Banco Popolare -7,3%, Bmps -5,52%, Bpm -6,04%, Ubi Banca -4,92% collapse in Piazza Affari. Down among the worst blue chips also Saipem -5,17%.
Ferrari slips -0,82% after the quarterly report and the change at the helm of the company: Sergio Marchionne has taken over as CEO from Amedeo Felisa, he will also keep the position of president,
However, the Exor galaxy is among the best securities of the Ftse Mib: Exor +1,86% and Fca +2,12% after the good data on registrations in France but above all the agreement with Google for the car without a driver and the company's communication that it has done so, as of May 1st , to the early distribution to shareholders of the ordinary shares held in RCS. Publishing stock rose by 4,8%, also awaiting developments in the Cairo takeover bid.
At the top, however, luxury stands out with Luxottica which jumps by 3,76% after the indications on sales in the first quarter and the confirmation of the growth in sales for the end of the year of 5-6%. Moncler +2,97%.
