Business Square closes the first session of the week in a black shirt, sadly suitable for the day of disappearance of Leonardo Del Vecchio. The entrepreneur's death weighs on some stocks in the main basket such as Mediobanca (-2,16%) And Generali (-3,03%), of which Del Vecchio was a shareholder, in a context of European markets without a clear direction until the end.
In the end, Milan lost 0,86% and returned just below 22 points, stopping at 21.966. They are negative Paris, -0,43% (where EssilorLuxottica leaves 1,61% on the ground) e Madrid -0,4%, while they go to collection Amsterdam + 1,55% London +0,64% and Frankfurt + 0,52%.
Overseas Wall Street appears very volatile and is currently moving around parity, after the gains of the last eighth. However, with the end of the month of June, next Thursday, the financial markets could archive the worst semester since 1970.
Nervous markets in a week of international summits
The nervousness of recent months certainly does not seem to be waning, despite the fact that this morning good news arrived from China with Sganghai which seems to have defeated the new wave of Covid. The reopenings in the celestial empire, combined with the hope that Beijing's tightening on the tech sector is coming to an end, have helped the good pitch of Asian markets, but they have not been enough to completely lift the mood of the West.
The war in Ukraine is a thorn in the side of the world and continues to dominate the agenda of various international meetings, underway or starting this week, such as the G7 which is taking place in Germany and the NATO summit which will open in these days in Madrid. In addition, the European Central Bank Forum will kick off this evening in Sintra, Portugal, in which both ECB President Christine Lagarde and Fed President Jerome Powell will participate.
On the Russian front, the White House reports the technical default of Moscow for the first time since the Bolshevik revolution, as the country struggles to meet outstanding $40 billion bond payments due to Western sanctions. The Kremlin denies the failure, while admitting that Russia failed to make two scheduled payments yesterday.
The weight of sanctions against Moscow it should also increase, while at the G7 there is talk of a ceiling on the price of Russian oil exports. While awaiting more news, Brent increased by 0,4% to 113,58 dollars a barrel. Gold is also looking cautiously at Western moves, which at the moment are showing little movement: spot gold drops by 0,14% to 56,58 euros per gram.
Dollar down
On the currency market the dollar index weakens slightly, in the wake of the latest partially disappointing US macroeconomic data, with investors who – writes Reuters – “have become bearish on the outlook for the economy”.
The June manufacturing index for the Dallas (Texas) area seems to confirm this view, as it disappoints expectations and falls from -7,3 in May to -17,7 points, against estimates for a figure of -6,5 points. It is the twelfth drop in the last 14 months and a negative confirmation after the March-July 2020 period, when the collapse was caused by the coronavirus pandemic. Again in June, the data on production fell from 18,8 to 2,3 points.
The euro appreciates by 0,5% against the greenback and the exchange rate is holding on to 1,06.
Saipem queen and Cinderella of Piazza Affari
The main index of Piazza Affari opens and closes with Saipem, queen and Cinderella at the same time. On the day of the launch of the two billion euro capital increase, the shares mark a theoretical +43,94% while the rights fall by 26,41%. “Considering that the value of the rights represents about 96% of the current market capitalization, we expect high volatility in the price in the coming sessions”, writes the broker Bestinver.
Saipem's capital increase provides for the subscription of new shares at 1,013 euro in the ratio of 95 to one. This morning Saipem also announced an agreement with Bw Energy for the sale for 73 million dollars of the floating production, storage and offloading unit Cidade de Vitoria operated on behalf of Petrobras in the Golfinho field, off the coast of Brazil. According to analysts, the operation 'is in line with the assumptions of the 2022-2025 strategic plan'.
In the oil sector Eni, a shareholder of Saipem, lost 2,02%, already weighed down last Friday by the announcement of the postponement of the Plenitude IPO project.
At the top of the list we find instead Prysmian + 1,03% Campari +0,7% and Moncler +0,66%. Among the banks, down, it is saved Intesa Sanpaolo, +0,6%, which will proceed with half of the 3,4 billion euro buyback starting next July 4th.
Stocks related to Del Vecchio are in red, intimidated by succession problems, such as Mediobanca of which Dolphin it is the main shareholder with 19,4% of the capital and Generali (9% of the capital).
The founder of Luxottica directly held 25% of Delfin and possessed usufruct and voting rights for the remaining 75% of the capital, the ownership of which is divided among his six children, in equal shares of 12,5%.
Many other financial stocks also fell, including nexi, -2,73%, Banco bpm -2,65% Unipol -2,6% Banking Mediolanum -2,52%.
Waiting for the words of Christine Lagarde, who will open the works in Sintra tonight, the secondary seems to have moved little. The spread rises slightly, to 197 basis points (+0,5%) and the same for yields: +3,51% for the 10-year BTP; +1,54% the Bund with the same duration.
