EGYPT, LISBON, CHINA. THREE MINES FOR BAGS
MEDIASET AND TENARIS ARE SAVED FROM THE BEAR
China, Portugal. Crisis in Egypt, above all. Suddenly the hotbeds of financial and political tension are multiplying around the planet. And the Stock Exchanges, of course, suffer from it.
In Milan the FtseMib index falls by 2,1%. On the government bond market, the prices of 10-year BTPs are in sharp decline with the yield rising to 4,56%. The Bund/Btp spread widens by 20 basis points to 292.
No less strong the reaction of other price lists: The London Stock Exchange drops by 1,5%, Paris -1,8%, Frankfurt -1,9%. The Madrid Stock Exchange falls by 3% and Lisbon loses more than 5%.
Il Portuguese XNUMX-year government bond records a surge in the spread of 100 basis points, rising to over 8% for the first time since last November.
On the price lists it weighs:
1) The oil jump a few hours after the expiry of the ultimatum, 17 pm in Cairo, from the military to Morsi: Brent at 104,5 dollars a barrel (+0,5%), Wti at 100,9 dollars (+1,3%).
2) to government crisis in Portugal. The news accompanies the warning from S&P on three recently nationalized Spanish banks. The agency also downgraded Barclays, Crédit Suisse and Deutsche Bank due to "rising risks" to investment banks.
3) The data coming from Beijing confirm the slowdown of the second largest economy on the planet: the PMI of non-manufacturing companies is also decreasing.
4) The only positive note comes from Athens. Greece expects to reach an agreement with international creditors by Monday, when the Eurogroup meeting is held, on all conditions under the bailout plan, except for public sector reform.
The banks of the Old Continent sell (Stoxx of the sector -2,8%). In Milan, Unicredit -2,6%, Mediobanca -3,6%, BancoPopolare -4%, MontePaschi -3%, Intesa -3,8%.
On the contrary, among the positive notes it should be noted the comeback of Mediaset +2,2% after the management announced that July saw an increase in advertising sales of 3%, the first increase in 22 months: Berenberg raised the target price to 3,6 euros from 2,8 euros.
Highlights too Tenaris +8,7% who joined the complaint to the US authorities of American producers against Asian dumping.
The decline of industrialists is heavy: Fiat -3,8% Pirelli -2,1% Prysmian -1,9%. Finmeccanica holds on the eve of the meeting for the appointment of top management: favorite Giovanni Di Gennaro in pole position for the presidency.
Downhill Eni – 1,7%. New thud of Saipem – 3,9% after the sinking of a drilling rig in Angola.
