The European stock exchanges move cautiously recording mixed performances: the Ftse Mib trades down by 0,40% moving in the morning on the edge of parity, as well as the Cac in Paris (-34%), while London slightly positive (+0,22 %) and Frankfurt (+0,24). The uncertainties are influenced by the greater-than-expected slowdown in June in manufacturing and services activity in the Eurozone due to the persistence of the sovereign debt crisis (final estimate of the PMI composite index calculated by Markit for Reuters).
But caution is also suggested by fears of the cooling of the Chinese economy (among other things, Moody's today released a study in which it signaled that the prospects of Chinese banks could become negative) and expectations on the data on orders to industries at May that will arrive today in the afternoon from the United States (just as the opening of Wall Street is expected, which remained closed yesterday for Independence Day). The euro remains stable at 1,4475. In Piazza Affari, the biggest decreases concern Fondiaria Sai (-4,98%), Azimut (-2,11%), Ubi Banca (-2,01%), Popolare di Milano (-1,84%) and Telecom Italia ( -1,31). In general, all banks were down: Banco Popolare (-0,12%), Intesa Sanpaolo (-0,53%) and Bpms (-0,94%), while Pier Francesco Gaetano Caltagirone continues trading on the share and the The capital increase starts to close on July 8th. Unicredit, on the other hand, is moving in positive territory.
THE MANEUVER EFFECT AT PIAZZA AFFARI
The securities invested by some changes to the maneuver also suffer: Sias, Cir and renewables. Cir loses 1,43% in the wake of the news of the inclusion in the Government maneuver which would allow Fininvest not to pay the 750 million euros to the De Benedetti group as established by the first instance sentence on the Mondadori award. The law obliges the judge to suspend payment of the fine in the case of maxi civil sentences in the first instance and on appeal, in both cases up to the next level of judgement. Enel Green Power loses 1,12% due to regulatory indecision on incentives for renewables. But it is a heavy session for the whole sector: Eni loses 0,12%, Terna 0,50% and Acea 1,53%. Also in the red Edison (-0,73%) and A2A (-0,74%) who are awaiting the supervisory and management councils scheduled for July 7 which will have to decide on the reorganization of Foro Bonaparte. As regards Enel, which lost 1,17%, it was learned that, through the financial arm Enel Finance International, it had set the final terms for the issue of a bond loan divided into two tranches for a total amount of 1,75 .0,83 billion euros. Sias (-XNUMX%) is penalized by the regulations for companies that manage motorway tolls introduced by the maneuver with which the government has decided to cut the deductible portion of financial depreciation on works under concession, consequently leading to an increase in annual taxable income.
ATLANTIA RECOVERS
Atlantia recovers with a rise of 1,25% after being one of the stocks most sunk due to the novelties of the maneuver linked to motorway tolls. Credit Suisse has lowered the judgment on the company to "underperform" from the previous "outperform" and the target price from 25 to 17 euros.
A STRUCTURED BOND FROM FIAT ARRIVES
In Piazza Affari the biggest increases are from Campari (+1,48%), Exor (+1,47%), Stm (+0,91%). Fiat (+0,84%), which this morning gave a mandate to a pool of banks to issue a bond structured in two tranches at 3 and 7 years, and Seat (+3,73, after accelerating to up to about 6%) which started negotiations with the banks for the restructuring of the debt.
