ALL BANKS IN RED, CDP OUTSIDE GENERALI
WAITING FOR THE QUARTERLY, THE EXCHANGES MARK TIME
Taurus is marking time, waiting for positive themes to emerge on the horizon that justify the continuation of the rally. Meanwhile Tokyo falls by 0,5%, despite the new progress in the trade balance, weak Hong Kong -0,3%. The Korean giant Samsung slows down more than expected: 7.200 trillion won (7,12 billion dollars) profits for the second quarter, the lowest figure in the last two years, against the 8.300 trillion expected. However, after a month of sharp declines, the stock rose by 0,5%. Even on Wall Street, investors' attention is directed to the US quarterly reports. It starts tonight with Alcoa's results, but the real game will begin on Friday when Wells Fargo kicks off bank accounts. The publication of the Fed minutes scheduled for tomorrow should also be followed. US stocks are weak after the week of records: the Dow Jones sends 0,3%, S&P -0,4% and Nasdaq -0,8%. The negative surprise of the drop in German industrial production weighed on the European markets, which fell by 1,8% in May (on the previous month) against forecasts which indicated it unchanged London fell by 0,6%, Paris -1,4% , Frankfurt -1%. All sector indices finished down. The greatest losses are for Construction stocks -1,3% and oil -1,3%. In Milan, the FtseMib index fell by 1,3%. The descent of oil continues: after six days of decline, Brent fell again to 110,2 dollars a barrel (-0,3%). Wti at 103,3 dollars (-0,7%). The drop in oil did not help Eni -1,3%. Saipem rose +0,6% amid new sales hypotheses. The euro/dollar exchange rate is stable at 1,360.
6,5 BILLION BOTS AT AUCTION FRIDAY AT 12 MONTHS
The sovereign debt market is not particularly tense. The spread between the BTP and the Bund closed almost stable at 156 basis points and the domestic 2,82-year yield fell slightly to 10% The Treasury announced that 6,5 billion 12-month BOTs against 7 will be auctioned on Friday 3 July billion due. However, the XNUMX-month Bot will not be offered.
THE ERSTE EFFECT STILL WEIGHTS ON CREDIT
The credit sector at the European level is heavy. The Austrian Erste Bank is still weighing on prices, which in Vienna lost another 3% after closing Friday's session with a 16% drop. are still behind: Unicredit drops by 1,5%. Understanding -1,8%. Luca Remmert, president of the Compagnia di San Paolo, declared that the general council of the Compagnia had unanimously voted to reduce the stake that the Foundation must hold in Intesa Sanpaolo. This limit goes from 7,96% to 6,5%. However, the Company will continue to hold 9,7% and has no intention of selling. All Italian bank stocks are in the red: Monte Paschi drops by 3,1%. On Friday 18 July, the general deputation should meet to examine an integration of the liability action brought in recent months against the previous directors of the institution. The acquisition of Banca Antonveneta will be in the sights. Banca Popolare dell'Emilia falls -3,1%, Banco Popolare -2,1%, Mediobanca loses 2,8%, Ubi -1,9%.
CDP SELLS 1,9% OF GENERALI ON THE MARKET
In the insurance sector, UnipolSai -1,7% suffered. Generals-0,7%. Fondo Strategico Italiano, which holds a stake of 4,482% of the company's share capital, has launched, through an accelerated bookbuilding procedure, the placement on the stock market with Italian and foreign institutional investors of 29.777.535 ordinary shares of Assicurazioni Generali, equal to 1,913% of the share capital. This was communicated by the Cassa Depositi e Prestiti, parent company of the FSI. The remaining 40.000.000 ordinary shares owned by FSI, equal to 2,569% of the share capital, have already been subject to price risk hedging and securities lending transactions. Azimut closed up by 0,16% at 19,34 euros after data on inflows in June, positive for 1,3 billion euros which brought the overall balance for the first half to 3,5 billion, more than inflows of the whole of 2013. Assets reached 27,6 billion, beating the target of the 2009-2014 business plan six months in advance.
MEDIASET, DEFLATES THE PHONE EFFECT
Mediaset, after a maximum of 3,85 euros, changed course and went into negative territory, losing 0,97% to 3,664 euros. Lsi thus exhausted the effect of the sale to Telefonica of 22% of the Spanish digital TV platform Canal Plus (formerly Digital Plus) for 325 million euros. Telefonica will also enter Italian Premium pay-TV with 11,11% for 100 million euros. On the other hand, Mondo TV rose +1,06% after signing a new agreement with Union Media for the licensing of free broadcasting rights in Lebanon for a period of 2 years, obtaining authorization to broadcast some programs only on the channel satellite in Arabic.
HOLDING DOWN THE INDUSTRY, TARGET SHOOTING ON LUXURY
The main industrial stocks fell: StM -2,1%, Fiat -1,5%, Finmeccanica -2,6%. Only Ansaldo StS advances +1%. Pirelli lost 1,16% at 11,94 euros. Yesterday the corporate projects were filed in the manner envisaged for Rosneft's entry into the upstream vehicle of the group led by Marco Tronchetti Provera: the alliance is destined to last until May 2018 when the lock up on securities will expire. Luxury continues to come under pressure due to investor skepticism about the pace of growth in the Asian economy. Yoox lost 3,31%, Salvatore Ferragamo 2,13%, Tod's -0,44%, Moncler -1,84%. Luxottica – 1,27%.
GTECH BETS ON LAS VEGAS SLOTS
Good rise for Gtech +1,7% in negotiations for the purchase of a slot machine manufacturer in Las Vegas. Yesterday the Australian Aristocrat Leisure -17,8% in Sydney bought Video Gaming Technologies for 1,3 billion dollars to triple its business in the USA after the drop in profits recorded in Australia. Also to be recorded: Amplifon +1,41% which benefited from the increase in the target price from 5,6 to 6,6 euro by Mediobanca Securities (outperform recommendation). Italmobiliare leap +5,38% to 33,3 euros which has overcome the resistance set at 32 euros. Yesterday Engineering -2,37 (coupon of 0,6563) and Trevi Finanziaria - 6,04% (0,13 euro per share) detached their dividends.
