After five consecutive weeks of closure, the Athens Stock Exchange has reopened its doors with a drop of 23%. In the middle of the day it drops by 19%. The public debt situation is less serious: the Greek two-year bond trades at a yield of 22% (against 58% before the market stopped).
The collapse does not touch the other squares of the Old Continent. Milan advances by 0,19% (FTSE Minb index at 23.584 points), in line with Paris (+0,20%). Better Madrid (+0,335) and Frankfurt (+0,34%). In red London (-0,17%).
Fly after the bills Heineken (+5%). Well too Commerzbank (+2,3%), which this year will pay its first dividend since 2007.
The yield gap between BTP and Bund on the 116-year stretch it stands at XNUMX basis points, one cent below Friday night.
A positive figure arrives from the euro area economy: the Purchasing Managers Index (pmi) elaborated by Markit/Adaci, rose in July for the sixth month in a row, reaching 55,3 points, from 54,1 in June, and thus remaining well above the 50 threshold which divides growth from contraction.
As for the individual securities on the Ftse Mib, the rise of Telecom Italy (+2,2%): the company should enjoy the advantages deriving from less competition on the Italian market thanks to the merger between Wind and 3 Italia.
Kepler Chevreux has raised his target by Mediaset (+3,34%) valuing Premium, in the event of a sale, up to 1,5 billion.
It highlights Mediolanum, which gains 3,2%, promoted by Citigroup to Buy from Neutral.
The banking sector is weak: Understanding fluctuates around parity after the good results announced on Friday. Most analysts have raised their earnings estimates for 2015/17 and their dividend estimates9 from 2 to 2,5 billion for this year.
They retreat MontePaschi (-0,6%) And Unicredit (-0,5%). Also declining Mediobanca (-1,1%) And Ubi (-0,3%).
Live too Fiat Chrysler (+1,4%), pending car sales data in the USA and Italy. Deutsche Bank raised its target to 14 euros from 12,5 euros. Rating hold.
Positive Finmeccanica (+0,8%). Back off StM (-0,8%) on rumors of conflicts between CEO Carlo Bozotti and the French government, a shareholder of the group on a par with the Italian government.
After the sharp drop in crude oil over the weekend, Eni loses 0,5%, Tenaris -1% Saipem -1,5%.
Enel earn 0,9%, A2A 1,5%. Atlantia +1% on the day of accounts.
