Flat week closing for the European stock exchanges, which all stop around parity, with fractional losses. Milan, after some recovery attempts, recorded -0,07% and remained at 17,086 points, resulting in any case the "best" square ahead of Frankfurt with -0,20%; while the worst is Madrid -0,72%. Paris also down -0,70% after the "I'm not running again" surprisingly of President Hollande; London -0,33%. A cautious opening also for Wall Street. Oil first falls, due to profit-taking after the rally of the last few days, then recovers: Brent +0,30% to 54,1 dollars a barrel.
The Italian system, two days after the referendum, does not seem overwhelmed by pessimism even if analysts fear the negative impact, especially on the credit system, of a possible victory of the no. For Reuters EU officials would also consider an extraordinary summit of euro zone leaders in case of market turmoil after any adverse outcome to the government, but prominent figures would have opposed it, not seeing the need. Sunday, among other things, opens a long season of political uncertainty at the European level, destined to last at least 12 months, with the elections in Austria, France, Germany and the Netherlands and the decision on Article 50 relating to Great Britain.
Meanwhile, however, the spread between the Italian XNUMX-year bond and the Bund decelerates: -5,97% today, to 162.30 basis points, a yield of 1,92%. Sharply up from the lows at the end of July, 110 points, but significantly down from the 190 reached recently.
At the Ftse Mib, some banks are still under pressure. Monte dei Paschi, always volatile, suffers a heavy -5,39%. Today the operation on the subordinated bonds ends and after the referendum, news is expected on the entry of the sovereign wealth fund of Qatar. Furthermore, according to press rumors, the Italian government has asked the EU commission for authorization for a possible nationalization of the Sienese bank.
Ubi Banca -4,66%. Pop Milano (-0,35%) and Banco Popolare (-0,6%) were also in check. To weigh on the world of popular is lo precautionary stop by the Council of State to the Bank of Italy circular to implement the reform, in particular the rules for withdrawal. Bper even leaves 2% on the ground, even if the hypothesis of marriage with Creval is taking shape more and more, after the declarations of the heads of the banks in recent days.
Losses on oil, in particular Saipem yields 2,91%; among the utilities, Italgas stands out negatively -2,10%. The Agnelli house suffers: Exor, -2,57%; FCA -1,77%: Ferrari -1,17%. Today, FCA Us, a division of Fiat Chrysler, started production of the Pacifica minivan at the Windsor plant; investment for the new model, including the hybrid version, is $2,6 billion.
A difficult day also for Stm -1,17% and Brembo -1,59%. Bubbly day for Mediaset +3,57%; Telecom +1,62%; Snam +1,87%; Recorded +1,61%; Luxottica +1,48%; Enel +1,16%. Euro moved little: +0,11% against the dollar.
