The hour of revenge strikes for Monte Paschi, but in the meantime the market crisis is becoming more complicated. The European Stock Exchanges accelerate their descent: the Eurostoxx index which loses 1,5%. Piazza Affari is down by 2,08%, the Ftse Mib index around 15,500 points. Similar losses for the other lists from Paris to Frankfurt and Madrid. London also loses – 1%.
La GBP trades at 1,293 on the dollar, down 0,6% compared to yesterday's close, on the lows of the last 31 years. The euro/dollar cross was little moved at 1,105.
UBS has cut its growth forecasts for Italy to 0,9% (against 1,1% previously) for the next two years. Also orders from German industry are down sharply.
The fear of the slowdown in the economy translates intorisk aversion and the race for safe-haven assets.
Their accelerated up 1% and is trading at 1.370 dollars an ounce, the highest level for two years.
The yield of Waist 0,205-year German bond hit an all-time low of -10%. The yield on the 1,26-year BTP remained stable at XNUMX%.
New discount for the Petroleum: Brent - 0,6% to $47,50 a barrel after closing yesterday down 4%. Eni -1,5% Saipem -2,7% Tenaris -1,7%.
Thanks also to the prohibition ordered by Consob on short selling Monte Paschi rebounds +11.16% at 0,30 euros. But the recovery is linked to the expectation of the next state shield in favor of Italian banks.
The EU Commission is "ready to intervene if necessary" to address the crisis of Italian banks. This was stated in Strasbourg, during the hearing of the Economic Affairs Committee of the European Parliament, by the vice-president responsible for the Euro, Valdis Dombrovskis. "The situation is being monitored in agreement with the EU" said in the meantime Undersecretary for Economy Pier Paolo Baretta adding that "no intervention is expected "in the next few hours" by the government to support the institute. A correction to this morning's statements on the radio which instead indicated the imminence of the intervention.
Beyond the Siena node, the color of rigor on the markets remains deep red.
All sectors are negative. At the bottom we find Automotive, Insurance and Tlc.
It sinks Telecom Italy down 10% to the lowest price for three years at 0,6505 euros. This morning JP Morgan decided to cut the recommendation to Neutral from Overweight, lowering the target price to 0,85 euro from 1,40 euro.
Iliad announced that its first shareholder, Xavier Niel, does not hold any stake in Telecom Italia, at the moment he only has a small position in derivatives amounting to 25 million euros, but this financial interest will be sold off shortly. In the meantime, Niel himself has defined the purchase of assets from Wind and H3G, thus becoming the fourth domestic operator. The agreement includes a portfolio of 3G and 4G frequencies for an amount of 450 million euros for which a gradual payment is envisaged over the period 2017-19.
Equally difficult is the situation Fiat Chrysler -3,94% to 4,96 euros, the lowest since October 2014 before the announcement of the Ferrari spin-off.
Weighs a report by Barclays, according to which FCA could be at the maximum point of its cycle. According to the British bank, FCA risks being the worst stock in the sector due to high debt, pressure on profits in the US and lower-than-expected growth in European demand.
Other bank shares also contrasted: Unicredit -0,6% Intesa Sanpaolo -0,5% Ubi bank+ 0,5% Banco Popolare + 0,2%.
Asset management companies still down. Azimuth -8% Anima -7% Banca Mediolanum -2,2% FinecoBank -4%. Insurance companies are bad too. Generali -3,3%.
Atlantia -2,2%. The company announced that in the first six months of 2016 traffic on the network of the subsidiary Autostrade per l'Italia rose by 3,7%. In the Rome airports managed by the group, passenger traffic rose by 2,8%.
