On the eve of the sentence of the Constitutional Court on the legitimacy of the Mediaset trial which condemned Silvio Berlusconi Piazza Affari slows down, starting with bank stocks. On the contrary, it goes up Mediaset: +0,43%. The Milan Stock Exchange loses 0,89%, with an acceleration in the final: the Ftse Mib slips to 16.275, again below the values of 2 January. The other European Stock Exchanges all close in positive territory: Frankfurt gains 0,2%, on a par with Paris, while London rises by 0,15% and Madrid by 0,4%.
Fixed income is firmer: the Italian Treasury placed it successfully this morning 8,5 billion Bots in 6 months with rates declining sharply to 0,799% from 1,052% in signatures in June. But the spread between the Italian and German ten-year bonds has risen to 279 points for a yield of 4,46%.
It makes its own story Fiat (+3,11%), the best blue chip. The group will publish the results tomorrow, July 30, and investors are betting on some positive news on the Chrysler front, in particular on the decision of the Delaware court regarding the call option (on 3,32% of the capital) exercised by Fiat. The accounts of the American house will also come out in the morning.
Speaking Wall Street, the US stock market is very cautiously approaching the meeting of the Fed's monetary committee, scheduled for tomorrow, from which it will be understood whether the central bank is willing to start a strategy of tapering (or gradual reduction of purchases) or tightening on rates). The S&P500 index fell by 0,3%, along with the Dow Jones. NASDAQ -0,1%.
The best deal was concluded by Diego Della Valle and Mediobanca. Hudson's Bay (-6,9%), parent company of department store chains Lord & Taylor and The Bay, announced the acquisition of luxury retailer Saks (+3%) for $2,9 billion in cash ($16 per share). The entrepreneur from the Marche region, credited with a package of 22,7 million shares, equal to approximately 15,08% of the capital, is preparing to collect approximately 362 million dollars.
The operation also affects Mediobanca which last February had acquired 7,98 million shares, equal to 5,3% of the capital, and which could therefore obtain 127,7 million euro. The largest check will go to telecommunications magnate Carlos Slim, who with 25 million shares would take home $400 million.
Omnicom gains 3,2% after the announcement of the merger with Publics. From the operation of the two big names in the marketing sector, a group with over 23 billion dollars in turnover and a capitalization of 35 billion will be born.
June pending home sales fell just 0,4%, better than forecasts for a 1% month-on-month decline. May had recorded a 6,7% jump.
Returning to Piazza Affari, a bad day for bankers: in free fall B. Pop. Milan (-5,87%). The inspection by the Bank of Italy revealed higher problem loans compared to company valuations (119 million euro higher non-performing loans, 20 million higher problem loans, 54 million higher restructured loans), risk of credit losses of Banca di Legnano equal to 52,4 million with forecast losses of 33,8 million, risks related to the convertible subject to analysis by the Milan Public Prosecutor (risk that 47 million of provisions already made may not be enough) and risks related to the tax assessment of Banca Akros for 100 millions.
Also declining Understanding (-0,29%), Unicredit (-2,24%) And Ubi (-3,94%). Monte Paschi under special surveillance (-3,94%) after the letter from the European Commission criticizing the restructuring plan and pending the closure of the Siena magistrates' investigation into the Antonveneta takeover. Asset management is doing better: Azimut +3%, Mediolanum +0,92%, B. Generali +0,86%.
Generali -0,4%, Fondiaria Sai -0,8%. Eni (-1,7%) concluded the sale to China National Petroleum Corporation for 4,2 billion dollars of the shares of the company Eni East Africa, owner of 70% of the investment in Area 4, offshore Mozambique. Saipem -1,4%.
Down Telecom Italy (-1,9%): the rating agencies ask that the 2013 net debt of the telecommunications group fall below 27 billion, therefore a figure lower than 2 times the expected EBITDA in 2015.
