Even Europe, after Asia, opens the week in the red. But the lists recover some positions in the late morning, also because the crisis of the majority of Angela Merkel, supported by the Cdu against the Bavarian attack, is not obvious. At 17 the leaders of the two Christian social parties meet. According to polls, 65% of Germans are with the Chancellor.
A Milan, the index falls by just over one percentage point around 21.400. It does better Frankfurt -0,5%, Paris -1,10%.
Airbus marks a decline of 2,2% after Bloomberg wrote that the company will fail to meet some targets. Leonardo -2%. ATR, a joint venture between the Italian group and Airbus, estimates that the turboprop market will reach 80 billion dollars in the space of twenty years
Carrefour its English Tesco they lost 0,7% and 0,4% respectively after announcing plans to form a long-term alliance in a bid to cut costs. London 0,90%.
Accelerate in June the growth of the Italian manufacturing sector for the first time since January. The PMI index stood at 53,3 points in June from 52,7 in May: this is the first increase after four months consecutive descents. Economists' expectations were for an indicator at 52,7. In the month of May the unemployment rate fell to 10,7% from 11% (revised) the previous month. This was announced by Istat, adding that it is the minimum since August 2012.
The euro weakens against the dollar to 1,164. After retesting 250 basis points in the very first part of the morning, the Btp/Bund spread partially returned, while remaining widening on Friday's closing. The extravagant outings of the Undersecretary for Infrastructure Siri weigh heavily.
Oil is down, after Donald Trump has once again asked OPEC to increase production. Brent at $78,5 a barrel, down 1%. Eni's CEO Claudio Descalzi he believes that, if the promises of an increase in production by the OPEC countries and their allies are respected, the price of crude oil could stabilize at between 65 and 70 dollars a barrel, even if geopolitical tensions could push prices up. Eni -1%. Saipem-1%.
Spectacular but predictable crash by Recordati – 14,21% at 29,21 euros. The private equity fund CVC Capital has acquired 51,8% of the capital from Fimei, for approximately 3 billion euros in terms of enterprise value, equal to 28 euros per share, a price at which takeover bid launched. The stock closed on Friday evening at 34,06 euros.
Prysmian, on the first day of the capital increase, traded at 20,28 euros. The operation provides for the issue of 32,7 million shares at a price of 15,31 euros: Friday evening's closing price of 21,33 euros.
The Stoxx index of automotive companies, down 1,5% at the start of the session, is now up 0,26%. Bloomberg reports that at these prices, PE-level valuations of Europe's automotive companies are at their lowest in two years.
Fiat-Chrysler -0,4%. Speaking to reporters aboard the presidential arena, Donald Trump said on Friday evening that the analysis of the car market, in view of the increase in tariffs on imports from the EU and other countries, will be completed within three to four weeks. Brembo -2%. Cnh Industrial -2%.
Mediaset -3,32% affected by the negative opinion of a Morgan Stanley report on European TV networks. The Italian group is also at the center of strong solicitations by the Minister of Economic Development, Luigi Di Maio.
Out of the main list:
- Vola Trevi +9%, Fincantieri -2,9%. The recent disagreements between Italy and France on the issue of welcoming migrants could make the negotiation for integration with Naval Group more complicated.
- Il Sole24Ore -1,4% following the resignation of Giorgio Fossa from the position of president.
