The European stock exchanges are on the rise after the ban on short selling and the positive indications of Wall Street futures: the Ftse Mib rises by 2,31%, the Dax by 1,78%, the Cac by 1,57% and the Ftse 100 by 1,43%. In the morning, the pull was even stronger, with the indices accelerating up almost 3%.
Although already yesterday the ESMA, the European market supervisory authority, had announced its intention to promote coordinated action to ban the short selling of securities in Europe and that France and Spain had already adopted the measures in the evening , closely followed this morning by Belgium and Italy, the start of the markets was marked by uncertainty and declines. Then the European lists turned positive.
For now, futures on Wall Street are signaling good weather also for the opening overseas after the US indices confirmed the European rally yesterday. US macroeconomic data on July retail sales, August preliminary consumer confidence index (Univ. Michigan) and June business inventories are expected in the afternoon. In Europe, the data on industrial production was released, down 0,7% in June compared to May. In Italy it fell by 0,6%. Again in Italy, the annual inflation rate recorded by Istat in July remained stable at 2,7%, the same level already recorded in June, the highest since November 2008.
The council of ministers for anti-crisis measures will take place tonight at 19pm. Tensions on government bonds are reduced: the spread between BTPs and bunds is reduced to below 270 basis points, the same level as the Spanish Bonos. Italian and Madrid 5-year yields are down to 70%. France's risk premium is back below 67,1 points at XNUMX. But the concerns remain palpable and French banks are taking the field decisively to try to stem future attacks: they are evaluating, says a note from the French Banking Federation, "all the remedies, including legal ones, at their disposal" in response to the "baseless rumors that have circulated insistently on the markets".
BUSINESS PLACE ROOMS WITH THE FINANCIAL SECTORS
UBS REDUCES STAKE IN BANCO POPOLARE
Financials run among the best stocks in Piazza Affari: Mediobanca rises by 5,66%, Azimut rises by 4,92%, Fondiaria-Sai by 5,25%, Popolare di Milano by 3,99%. Mediolanum rises by 7,35. Taking advantage of the drop in shares in Wednesday's storm, Mediolanum chairman Ennio Doris bought 8.000 shares of the company he founded on the market, at a price between 2,282 and 2,464 euros/share which cost Doris 19.212 euros . Other banks also rose: Unicredit by 1,70%, Intesa Sanpaolo by 1,33%, Ubi by 3,65% and Mps by 2,68% Banco Popolare rose by 3,71%. Consob communications show that on 4 August, UBS reduced its shareholding in the capital of Banco Popolare to 1,99% (of which 1,51% without voting rights), from the previous 2,06% on 28 July 2011.
NORGES BANK OWNS 2,025% OF FIAT INDUSTRIAL
BOFA SIZE STM TO NEUTRAL
Among the best of the Ftse Mib also Fiat Industrial which rises by 2,95%. Norges Bank has held a direct stake of 9% of the capital since 2,025 August. The whole Lingotto galaxy did well: Fiat rose by 2,49%, Exor by 2,83%Stm (1,37%) protagonist in yesterday's session after the good results of Cisco saw its rating cut to neutral by Bank of America Merrill Lynch
PIRELLI: SOCGEN RAISES ESTIMATIONS ON EBIT
Pirelli (+3,93%) benefits from the judgment of Socgen analysts who have raised their estimates of the operating result for the whole of 2011. The focus is on the alliance in Russia while waiting for the new 2012-2014 business plan in November. The broker says buy and confirms the target price at 8 euros. Eurotech, Aeffe and Biesse, Emak and Biancamano stand out on the Star.
