THE BULL SLOWS DOWN BUT RESISTS. MILAN +0,3%
SPREAD STOPPED AT 420 BP. OIL IN SHARP DECLINE
First down, then up. Finally, slowed down as in a weekend traffic jam. at noon theFtseMib index it rises by +0,3% to 14.257: once the positive outcome of the Brussels summit has been archived, new indications are now awaited on the methods of application of the agreements, in addition to the decisions of the ECB summit scheduled for Thursday. The London Stock Exchange rises by 0,55%, Paris +0.94%, Frankfurt +0,91%.
The euro is also trading at 1,263 against the dollar, down slightly since Friday's close (1,266).
On the market for government bondsmeanwhile, the BTP remains around a yield of 5,80% (unchanged since Friday evening) against 6,3% in Spain; the spread remains around 420.
Positive signals have come from the Asian economy. During the night, the PMI index was released in Beijing, which gives an indication of how Chinese industry will perform in the next 3/6 months. The index fell to 50,2 from 50,4 in May, but remained above the average of economists' expectations of 49,9.
In Japan the Tankan index released overnight, it provided figures indicating an improvement in Japanese business sentiment in June, with the manufacturing index at -1 from expectations for -4. This afternoon the Ism index of the manufacturing sector will be released in the USA. After Friday's boom, oil reverses its trend. Around 11,45 Brent fell by 2,09 dollars to 95,71 dollars a barrel; US crude oil lost 1,44 dollars to 83,52.
Il ups and downs of Piazza Affari above all it concerns the banks: Unicredit falls -0,4%%. Intesa -0,36%, Banco Popolare -0,95%. MontePaschi advances by 3,11%, Ubi +1,17%.
Great effervescence in Paris for Crédit Agricole +9% after the Financial Times anticipation of the forthcoming sale of the Greek Emporiki Bank. After three days of heavy decline (17%), Barclays Bank rose on the wave of the resignation this morning of the president Marcus Agius, after the scandal linked to the attempts to manipulate the Libor, the reference index of the interbank market. Last week the bank was in fact ordered to pay 290 million pounds to resolve a dispute with the British and American authorities. 'Last week's events, which highlighted norms of unacceptable behavior within the bank, have dealt a devastating blow to Barclays' reputation. As president, I am the ultimate guarantor of the bank's reputation,' said Agius. The latter will remain in office until the appointment of the new president, whose research has been entrusted to John Sunderland, while Michael Rake has been appointed vice president.
The improvement of the entire financial sector continues: Generali rises by 0,64%, Mediolanum +0,94%.
Bad morning for Fonsai: savings shares which yield 5,37% and ordinary shares 1,29%, on the day of reverse stock split, in the ratio of one new share for every 100 held. In the afternoon, the boards of Fonsai and the shareholder Premafin will be held to respond to some remarks made by Consob and Isvap, again in relation to the integration project with Unipol, the timing of which could slip. The capital increases of 1,1 billion each by Unipol and Fondiaria-Sai risk being postponed to September due to the impossibility of meeting the technical deadlines: the capital increase operation, to be launched within this month, should in fact, obtain the Consob go-ahead for the prospectus by 9 July, a hypothesis that is unlikely at the moment. Meanwhile, the CEO of Unipol, Carlo Cimbri in an interview with Corriere della Sera accused the judicial guardian of not being impartial and reiterated that the Bolognese company is going ahead with the merger plan with Fonsai.
Among the titles they earn, Atlantia it is up 2,19% thanks to the promotion of Cheuvreux which has included the stock in its list of recommended stocks.
Meanwhile Atm, which owns 29,9% of Impregile it -0,63, reiterated during a press conference his full adherence to the strategies of the current board, of which the shareholder Salini is preparing to ask for the revocation in the meeting of 12 July.
Following Friday's sharp rally in crude oil, oil is advancing: Eni+0,48%, Saipem +0,64%, Tenaris +2,9%.
Industrial stocks were positive: Finmeccanica rises by 0,57%%, favored by the positive appreciations for CEO Orsi contained in an interview with the Financial Times, the subsidiary Ansaldo earn 0,09%, Fiat -0,25%%. Brilliant Fiat Industrial +0,65% after the announcement that it will close five factories in Europe.
On the rise the construction sector: Buzzi goes up by 3,5%, , Italcementi +2,8%. Among the mid-caps, Prelios rose by 5% after announcing the sale of 1.500 housing units in Germany.
Amplifon drops by 3,7% after Intermonte lowered the recommendation from buy to normal.
