ONLY IN MILAN THE IRAN EFFECT IS NOT WORTHY: MPS -5%. ENI ALSO DOWN, FERRAGAMO STILL SHINES
The European Stock Exchanges, as well as Tokyo, rose after the Iranian nuclear deal: London +0,44%, Paris +0,48%, Frankfurt +0,90%. Madrid +0,22%.
Oil is in sharp decline with Brent traded at 108,7 dollars a barrel (-2%), Wti at 93,5 dollars (-1,3%). Gold also fell (1.229 dollars an ounce, -1,1%), given that the agreement with Tehran provides that Iran will be able to trade its gold again. But there is one exception: Milan. Piazza Affari slows down with the banks, Ftse Mib index -0,23% to 18.778.
Heavy reduction, in particular, for Banca Monte Paschi, already suspended. The share of Rocca Salimbeni drops 4,96% on fears that the planned capital increase of 2,5 billion euros could take place with a 40% discount on the theoretical ex-rights price.
Banca Popolare di Milano also lost -3,1% after the renunciation of Lamberto Dini and the consortium led by Raffaele Mincione. Banco Popolare -3,52% and Ubi -2,94% are also in deep red. Limited declines for the major banks: Unicredit -0,85%, Intesa -0,29%. Positive only Pop.Emilia +0,57%.
Insurance companies also fell: Generali -0,9%, Fondiaria-Sai -0,5%. Ferragamo's rise continues today, gaining 4,03%, after rising by 8,7% last week. Tod's +1,54%, Brunello Cucinelli +2,5%. Luxottica drops by 0,3%: Goldman Sachs reaffirmed the "sell" judgment and lowered the target price.
The Iran effect is being felt in several sectors. PSA Peugeot Citroen and Renault, which had significant exposure to Iran, rose sharply before the sanctions against Tehran. Peugeot is also supported by the news that it would be looking for a replacement for CEO Philippe Varin: favorite Carlos Tavares, the former right-hand man of Carlos Ghosn. Fiat -0,34%. Positive instead Pirelli +0,88% and Cnh Industrial +0,36%.
The shares of the airlines fly, such as IAG (parent of British Airways and of the Spanish Iberia and Vueling) +3% which rises by more than 3%, EasyJet and Carnival score an increase of 2%. Instead, the agreement weighs on European oil companies, such as BP, Total and Royal Dutch Shell which are following the decline in crude oil.
The agreement with Iran to limit Tehran's nuclear activities does not help Eni either -0,11%. Historical trading partner of Tehran. Saipem, after the bloodlettings of the past week (-6%) rises by 0,6%. Enel unchanged, Telecom Italia -1,09%.
