The unbridled rush of FCA is not enough to keep Piazza Affari afloat. After opening in the pink jersey driven by the news of the possible merger between the Italian-American company and Renault, Milan canceled its gains weighed down by the banking sector debacle. At the end of the day the Ftse Eb closes below parity, -0,06% at 20.363 points, and is the only continental listing with a minus sign against increases in Frankfurt (+ 0,5%), Paris (0,37&), e Madrid (+0,46%), tonic thanks to result of the European elections (London and Wall Street are closed for public holidays).
To unleash the sales on the Italian list are the surge of spread, which rose to 280 basis points, and the rise in the ten-year BTP yield (to 2,66%) caused by a combination of news that rekindled the European spotlight on Italy. The promises made during the day by the deputy premiers Matteo Salvini and Luigi di Maio on an imminent and decisive lowering of taxes, the never dormant fears of investors about the keeping of Italian accounts re-emerged, but the worst was yet to come. In the afternoon Bloomberg published an indiscretion on the imminent sending of an EU letter to Italy for infringement. According to the US news agency, the European Commission could propose an infringement procedure for our country on last year's debt. The decision, expected this week, could pave the way for a maxi-fine of 3,5 billion euros.
“I am waiting to read the letter from the EU but I believe that the European Commission must and can acknowledge that yesterday the peoples voted for change and growth: what is clear is that taxes are not raised, that the VAT increase does not exist”, comments Matteo Salvini.
It is the banks that pay the highest price for these innovations in a day that seemed to start off on the right foot. The sector index dropped 1,58% on the decline of Bper (-2,66%) And Unicredit (-2,28%). Heavy too Bpm bank (-2,39%) And Where's Banca (-2,36%). It does slightly better Intesa Sanpaolo (-0,55%). Among the insurance companies down Unipol (-2,38%) And Unipolsai (-0,79%).
On the other side of the fence, heedless of the Italian vicissitudes, he flies Fiat Chrysler, which at the end of the day gained 7,98% in the wake of the non-binding letter sent to the top management of Renault (+12,65% in Paris), with which the Italian-American group proposed a 50% merger of their respective activities. If the deal goes through, the third largest Original Equipment Manufacturer (OEM) in the world will be born, with 8,7 million vehicles sold, synergies worth more than 5 billion euros when fully operational and a turnover of 170 billion euros . But investors are celebrating not only because the possible Franco-Italian wedding is a candidate to revolutionize the European car market, but also and above all for the rich dividend that could reach their pockets, given that to mitigate the disparity of values on the stock market FCA shareholders would receive a coupon of 2,5 billion euros.
The gallop of Fca, trolling Exor (+6,12%), but fails to involve the other titles in the Agnelli galaxy. Ferrari drops by -0,12% after reaching a new all-time intraday high at 130,65 euros per share, Cnh (-0,58%), Juventus (-1,46%). Instead, benefit from the novelty Fincantieri (+8,17%) because, according to analysts, the marriage between FCA and Renault could pave the way for the acquisition by the Italian company of the French company Chantiers de l'Atlantique.
Returning to the Ftse Mib, it closed sharply higher Atlantia (+3,14%), it is saved stm (+0,29%). Opposed to the oil companies: Tenaris (-1,75%), Eni (+ 0,1%). Saipem (-0,58%) after S&P revised the outlook from negative to stable, confirming the "BB+" rating. The sector is also affected by the uncertain trend of Petroleum with Brent up by 1% to 69,43 dollars and Wti in substantial parity (-0,08%) at 58,62 dollars. on the currency theeuro it is approaching the psychological threshold of $1,12, settling at 1,1917.
