Sergio Marchionne's exit from the scene weighs on Piazza Affari, which ends in the black jersey in Europe with a drop of 0,87%, 21.605 points. Above all, the bonds of the Lingotto are crying, leaving over two billion on the ground and collapsing at the opening even on Wall Street. On the Ftse Mib the worst title is Ferrari, -4,88%, where Marchionne should have stayed after his farewell to FCA in 2019. Exor loses 3,36%; Cnh -1,84%; fca, -1,55%, recovers from the lows of the day, while S&P does not change its rating and outlook on the group. During the session, the stocks of the Agnelli team suffered from the unofficial news of the resignation of Alfredo Altavilla, head of FCA's European activities, burned in the running to the top of the group by the appointment of Mike Manley, while Franzo Grande Stevens, 90, ex adviser to Gianni Agnelli, lifts the veil on Marchionne's illness and writes in a letter to Corriere: "As I feared, from Zurich I had confirmation that his lungs had been attacked and I understood that he was nearing the end".
The other European lists stop below parity, weighed down by titles such as Ryanair (-6,36% in London), in the wake of the quarterly accounts. Frankfurt -0,11%; Paris -0,37%; Madrid -0,08%; London -0,29%; Zurich -0,32%.
Wall Street opens weakly, worried above all by the issue of duties. The spotlights remain on the risk of an escalation in the trade war, pending the meeting between Donald Trump and the president of the European Commission Jean-Claude Juncker on Wednesday 25 July. On the geopolitical front, the American president keeps attention alive with a thrilling exchange with Iranian president Hassan Rouhani. “Never threaten the United States again or you will pay the price,” he wrote on Twitter.
It benefits the Petroleum, which changes sign: Brent 73,71 dollars a barrel, +0,88%. Gold down again, around 1225 dollars an ounce. On the Stock Exchange it remains in the middle of the quarterly season. with Alphabet and Whirlpool's accounts coming as markets close. Declining Tesla in the wake of rumors that the company has asked some suppliers to return part of the payments received to help the group be profitable. Amazon loses 0,8% taking the S&P 500 and Nasdaq with it after the US president has attacked the company again.
On the monetary front, theeuro it loses slightly against the dollar, reaching the 1.17 zone. Instead, the yen strengthened against the main currencies, pending the monetary policy meeting of the Japanese Central Bank next week. On the board table: interest rates and asset purchase policies. And it would be the latter question that would hold the stage in the operating rooms. The rumors speak of changes to the quantitative easing program: the central bank is considering reducing its monetary stimulus measures.
Returning to Piazza Affari and taking a look at the other titles, we find the industry on the rise with Leonardo +1,52% and Prysmian +1,06%. On the banking front they closed well Mediobanca +1,36%; Unicredit +0,4% (the EBA rejected Caius Capital's request to open an investigation into the accounting of 'cash' in the calculation of Cet1); Where's Banca +0,61%. Raise your head Telecom, +0,76%. The seat is heavy however for Carige Bank, -4,65%, after that the ECB rejected the recapitalization plan presented and asked for a new one within the year. Sales on Enel, -3,65% and Stm -2,2%.
On the Star there is the thud of Datalogic, -8,73%.
On the debt market, the BTPs turn negative in the final and lo spread between ten-year Italian and German it rises by 0,36% to 223.70 points.
Your president has placed Marchionne's presence in Fiat at 1994/95, that is 10 years earlier. He spoke of a conversation with Bertinotti who instead denies having ever met the Fiat CEO on HP. Bah…. we lacked sanctification…