MILAN STOCK EXCHANGE, BLACK JERSEY OF EUROPE (-2,01%)
EVEN ATHENS HAS DONE BETTER SINCE MAY
Piazza Affari confirms itself as the most fragile stock exchange in Europe, posting a loss of 2,01% at the end (FTSE/Mib index at 19.962). This is the verdict of a session dominated, almost everywhere, by the negative wave of the "black smoke" on aid to Greece but which in Italy has reached its negative point, only partially justified by the coincidence with the detachment of the coupon by A2A, Enel, Tenaris and Terna (an overall impact of 0,56%).
Moody's warning thus accentuated a negative trend that had been underway since the beginning of May. performances in Paris and Madrid. Even the Athens Stock Exchange (-12%) , surprisingly, did better than the Italian list, which is weighed down by the negative credit season, marked by capital increases and the increase in country risk which has been reflected in the cost of funding .
WALL STREET DAM HOLDS, OIL DOWN
BUT THE BTP/Bund SPREAD WIDES AGAIN
The landslide of the Old Continent was contained by the performance of the American markets. The US Stock Exchange, after a weak start, reversed course: Dow Jones +0,17%, S&P 500 unchanged and Nasdaq +0,1%. The prices of commodities are also holding: oil is recovering from the declines of this morning and of the last three days. The WTI changed hands at 93 dollars a barrel, in line with Friday's close. . Precious metals are recovering slightly: gold trades at 1.544 dollars (+0,2%) and silver at 36 dollars (+0,6%). The dollar keeps the gains of this morning: euro/dollar at 1,4313.
In short, operators are suspending judgment pending the evolution on the Greek cirsi front. The spotlights are on tomorrow's vote of confidence in the Athens Parliament. ç Giulio Tremonti's reassurances on the presentation
There is tension on the bonds of peripheral countries with the spread between the 193-year German bund and the respective government bonds of Italy and Spain not far from the maximums of the year at 268 and XNUMX basis points respectively.
BPM (-6,77%) . THE BANK COMPLAINS ZINGALES AND PORRO
BITTER DEBUT FOR MPS. WEIGH THE LITIGATION WITH THE TAX
In the afternoon, the pressure on bank stocks eased, which nonetheless remain in the negative zone. Leading the negative race remains Banca Popolare di Milano (-6,77%) closely followed by Mps (-3,68%), which has started the capital increase of 2,15 billion.
In the fight with no holds barred in Piazza Meda, just a few days from the meeting that will have to decide on the capital increase of Bpm, there is yet another outcry from the shareholder-employee front. In fact, yesterday the institute's unions renewed their invitation to vote against the increase in proxies from three to five in next Saturday's meeting in line with the position expressed by the Friends of Bpm Association. The acronyms Fabi, Fiba, Fisac and Uica reiterate this with a joint press release, judging among other things "serious and false" the statements reported in a recent press article relating to an interest by Bnp Paribas for the Milanese bank and in particular with regard to the hypothesis that the French would have offered the unions "a stratospheric sum" to convince them to accept the transformation from Popolare into Spa. The bank, inato, decided to file a lawsuit against Nicola Porro of "Il Giornale" and Luigi Zingales for the article in "Il Sole 24 Ore" in which he asked Mario Draghi to commission the institute.
As far as MPS is concerned, the discovery in the prospectus of the capital increase (which will take place at a price of 0,44 euros per share with a theoretical discount of around 27% on the prices of 15 June ) of a dispute with the Revenue Agency for over one billion euro.
BANCO POPOLARE (-0,61%) LEAVES PRAGUE
THE DISCOUNT WEIGHTS ON THE FONSAI INCREASE (-3,65)
The losses for Unicredit (-2,04%) and Intesa Sanpaolo -1,1% are also sensitive. Banco Popolare is also under fire (-0,61%) which will present its business plan to analysts and investors on Thursday. In the meantime, the Wall Street Journal anticipates the sale of assets in the Czech Republic. This is not a big deal, given that the proceeds will be 48 million (12 the capital gain), but it is the confirmation that Saviotti's bank is trying to accelerate on the way out of non-strategic holdings. Ubi Banca closed in positive territory (+0,485).
High tension day on the Fonsai front, awaiting Wednesday's board of directors. According to the advances of "Il Messaggero", the banks belonging to the guarantee consortium are insisting on a substantial discount, in the order of 50% for the operation
AUTOGRILL SALE (+2,2%). CITI ASKS FOR THE STEW
LAZIO FLY, PEACE IS GOOD FOR FIERA MILANO
Among the few stocks in positive territory, there are some industrial stocks, including Finmeccanica (+0,76%), Fiat (+0,65%) and Campari (+0,47%). Of particular note is the leap in Lazio (+12%) and the positive response of the market to the great peace between Fiera Milano (+5,47%) and the sector association. Autogrill deserves a separate note (+2,2%) in clear contrast to Piazza Affari thanks to the Citigroup report. The US bank confirmed the "buy" judgment on the stock by lowering the target price to 12 euros from 12,50 euros. Obviously, the reasoning of the American analysts convinces the market, who consider the stock undervalued and who recommend separating the two lines of business to create value because the stock has not "incorporated" the improvement achieved starting from 2008 from airport retail (about a third of revenues), while the restaurant business does not express the actual value. Hence the invitation to stew to reduce the holding discount.
