“There is no need to worry about the structures of Mediobanca and Generali where probably nothing will change. If anything, faced with the disappearance of one of the greatest Italian entrepreneurs, we should ask ourselves a question: is our country still capable of expressing such a capacity for vision and innovation? To create a global enterprise from scratch? I'm afraid the answer is no." Stefano Caselli, professor of financial intermediaries at Bocconi thus interprets the possible consequences of disappearance of Leonardo Del Vecchio, the giant who was able to create Luxottica, the world's leading eyewear company, from nothing, but also kept the protagonists of the Bel Paese's finance on the edge, soliciting, it is not known with what foundation, a more ambitious vision for Mediobanca -2,16% and Generali -3,03%, on Monday at the Stock Exchange close.
The speculative appeal of Generali and Mediobanca declines
The decline in both shares demonstrates the decline in speculative appeal and the markets' belief that the new leader, Francesco Milleri, appointed for life by the founder, will first have to consolidate his grip on Essilor Luxottica before getting absorbed in banking games. But Piazza Affari, however, feels that it has lost an absolute protagonist, capable of thinking big.
Monday Milan the worst market, today Eurostoxx futures -0,5%
The disappearance of Leonardo Del Vecchio has pushed the Milan Stock Exchange downwards, the worst ever in a flat start to the week that drags the markets towards their worst performance since 1970. The exit from the Bear phase that started last week has stopped , thanks to the rebound in commodities and the return of bond sales.
- The EuroStoxx5 index future is down 0,5%. Little moved that on the S&P index. The spread restarts at 196 points.
The Chinese Stock Exchanges lose their shots at the opening
In Asia Pacific, Hong Kong's Hang Seng index falls (-0,8%) after three consecutive sessions of increases. The CSI 300 index of Shanghai and Shenzen loses 0,7%. Tokyo Nikkei +0,2%. Sidney rises +0,7% thanks to the push of raw materials companies.
US markets down. Down Nike after the accounts
- Even Wall Street. after a promising start, slipped into anonymity: Dow Jones -0,2%, S&P 500 -0,30%. The Nasdaq -0,75% lost part of Friday's gains, the most effervescent session in the last two years.
- The data on durable goods, albeit comforting, as well as the first signs of a slowdown in inflation reported by the University of Michigan and the increase in sales of new homes (the first plus sign after seven declines) were not followed up. “In this market – notes a Lombard Odier manager. positive macro news favors selling for fear of further rate hikes”.
- The T Bond rises again to 3,193%, but well below the June high (3,4825).
- After the stock exchange, Nike released the accounts for the quarter: the stock lost 3%, after an initial positive reaction. Revenues rose by 3%, to 12,2 billion dollars, thanks to the push of the online channel, more than capable of making up for the slump in China (-20%). Earnings per share stood at 90 cents. The company anticipated a sluggish year in profitability, the first margin is estimated to be in line with prior earnings at best, but with the possibility of a fifty basis point erosion.
- The spotlights of the markets are now focused on central bankers forum of Sintra, in Portugal, which will culminate tomorrow in the awaited confrontation between Christine Lagarde and Jerome Powell.
- In the meantime, the markets lived a session without a precise direction. In Paris, Essilor Luxottica shares lost 2,16%. Francesco Milleri, now one of the group's CEOs, should assume the presidency.
Oil at 111 dollars ignores the G7
The G7 concluded with the approval of the US plan for a ceiling on the price of Russian oil still to be defined in detail. No news for the price cap on natural gas, as requested by Italy.
The decisions of the big ones do not prevent oil from rising for the third consecutive day, to 111 dollars a barrel. The political situation in Libya is worsening, putting crude oil exports at risk. In Ecuador, anti-government demonstrations risk leading to the closure of some mining plants:
Even gold does not seem to suffer from the threat of an embargo, moving little at 1.825 dollars an ounce. Third day of rising of the Bloomberg Commodity index.
Milan Stock Exchange, ttitles to the fore
Few trades in Piazza Affari on the first day of the 2 billion euro capital increase Saipem. The stock, which failed to price for nearly the entire session on Monday, gained 43,94% in the finale. Rights also stopped for most of the exchanges, leaving 26,41% in the field. Modest exchanges: 460.673 pieces for a value of 0,79 million. Rights are more active: 188.452 pieces, for a value of 3,2 million.
Ovs, the retail leader 20% controlled by Tamburi, has signed a letter of intent to take over the 37 warehouses and 100 Coin Casa stores in Italy.
Webuild Takes a step forward in US high-speed: The Texas Supreme Court has ruled in favor of the state's right to acquire the land needed to build a 379 km high-speed link between Dallas and Houston. Webuild signed a 2021 contract with Texas Central LLC for civil works on the $16 billion project.
