In the wake of Wall Street, the current of sales on European lists slows down. In Milan, the Ftse Mib index recovers 0,8% around 15.800 points due to a slowdown compared to an initial rebound of 2%. The rise in Paris +1,6 and London +1,5% was more robust, despite the ongoing crisis in six British funds (three others blocked redemptions this morning). Frankfurt and Madrid are up 1,5.
Breath of fresh air for the pound recovering from the lows of the last 31 years to 1,298. The euro moves close to the session lows against the dollar (1,1074) following the disappointing data on German industrial production which marked a drop of 1,3% in May, the largest since August 2014.
The prices of safe haven assets signal that the tension remains high. L'gold is in progress for the seventh consecutive day at $1.367, the yield of 0,17-year Bund is down -XNUMX% (historic low -0,20%). The Brent it gained 2% from yesterday morning to today and is traded at 49,4 dollars a barrel. Saipem is up 4% after the awarding of contracts for 1,5 billion euros. Eni +0,6%, Tenaris +1,6%.
In the Italian list, the banks move in contrast. Monte Paschi turns down 3,4%, even if Consob has extended the ban on short selling for three months. From today until October 5, short positions will not be allowed. A similar measure was taken, after yesterday's sharp declines, on the Valtellinese credit -1% and Telecom Italy which is still -1,53%.
Returning to the credit sector, this morning theassembly of the Popolare di Vicenza. In a letter to the local newspapers, the president of Quaestio Alessandro Penati writes that the Atlante fund will take into consideration any expressions of interest for an entry into the capital of Banca Popolare di Vicenza "only if coming from entities capable of guaranteeing a real capital contribution and that have the IPO as their objective”. This morning Corriere della Sera reported an expression of interest from four American funds (Atlas Merchant Capital, Warburg Pincus, Centerbridge and the hedge fund Baupost) to take over both the popular Vicenza-based company and Veneto Banca with the idea of merging the two institutes.
Rising party, Banco Popolare loses 5%. Under the lens there is always the uncertainty of stress tests. Same fate for Banca Popolare Emilia Romagna-3%. According to rumors, he is about to sell 450 million euros of non-performing loans. Advance instead Intesa Sanpaolo +2%. Exane has raised the recommendation to Outperform from the previous Neutral. The president Gian Maria Gros Pietro ruled out the possibility of involvement in the rescue of MPS. Back into negative ground Unicredit -0,3%. Ubi Banca +0,2%. Exane has raised the recommendation to Outperform from the previous Neutral.
The Asset Management sector reacts: Azimut and FinecoBank +2%, Banca Generali +3%. Generals +2%. The company has announced the terms of the CEO's incentive plan: Philippe Donnet will have the right to exercise call options on 200.000 shares if the rise from today's prices is 72%. Among the industrialists Prismian +3,5%. Exane raised the recommendation to Underperform from Neutral. Leonardo +1,7%.
