On the price lists the wait for the bilateral summit between Angela Merkel and Mario Monti led to a low-volume selling day as Wall Street closed for the 4th of July holiday. Milan closed down by 0,78%, Frankfurt by 0,20%, Paris by 0,11%, London by 0,06%. Bob Diamond, in a hearing in Parliament, admitted the group's reprehensible behavior and mistakes but said he only discovered the lowered Libor levels this month. An investigation has been launched in Spain against Rodrigo Rato, former president of Bankia and 32 executives of the bank.
The European stock exchanges, and above all Milan, recovered in the final from the lows of the day waiting to process the first statements by Monti and Merkel in the press conference. “Italy and Germany are determined to face the difficulties and the crisis in the euro area “together”, Merkel said. "Italy and Germany are the countries most willing to share sovereignty" in Europe "if this means having more effective economic policy instruments", echoed Monti who confirmed that Italy has no intention of using the anti-spread shield but above all aims to bring the deficit under control. However, the Btp-bund spread returned to rise to 431 basis points with a yield of 5,76%, just as the Bono-bund differential rose to 495. The euro traded against the dollar down to 1,2520.
Tomorrow the market looks at moves by the ECB: expectations are for a rate cut to 0,75%, for the first time in history below the 1% threshold. Some better-than-expected macro data arrived from the Eurozone, such as retail sales which started to rise again in May, and the PMI Markit index which, although below the 50-point threshold and therefore confirmed the contraction, recovered slightly above analysts' expectations, while the German PMI worsens. In the afternoon, however, Germany lowered its public deficit estimates from 1% to 0,5% thanks to a good overall economic situation and good labor market stability. On the other hand, the difficulties of France emerge which revised upwards the public debt in 2013 which will exceed the threshold of 90% of GDP for the first time, settling at 90,6%, before reaching 82,4% in 2017.
In Piazza Affari the bankers are heavy, with Intesa Sanapolo selling 3,11%, Bpm 2,91%, Bper 2,52%, Unicredit 1,72% and Mps 1,84%. Azimut also down by 2,76% after the reduction in the capital of Ubs and Norges Bank communicated today by Consob. Mediolanum drops 1,78%. The worst title on the Ftse Mib is Impregilo, while the clash in the assembly between Gavio and Salini is approaching.
Mediaset runs +5,56% in the wake of the interest of some foreign groups, as confirmed by the snake, for an alliance on pay-TV. No official name, but rumors also speak of Al-Jazeera or Rtl. Fiat rose by 4,79% the day after the presentation of the new 500L in Turin and in the wake of Chrysler's good results in the US released yesterday and in Canada announced today. Ansaldo Sts +3,27%, Atlantia +2,25% and Autogrill +1,82% also did well.
