The European stock exchanges closed in contrast: the Ftse Mib closed down by 0,97%, the Cac in Paris by 0,61, Madrid by 1,32%, while Frankfurt was almost on par although in the red (-0,05 %) and slightly positive London + 0,11% The session was held under the banner of caution awaiting the details of the Greek plan and was influenced by various macroeconomic aspects: the greater than expected slowdown in June of activity in the manufacturing sector and services in the Eurozone due to the persistence of the sovereign debt crisis (final estimate of the PMI composite index calculated by Markit for Reuters); fears of the cooling of the Chinese economy (among other things, Moody's today released a study in which it signaled that the prospects for Chinese banks could become negative) and the data on factory orders in the USA in May, down on expectations . Yesterday, among other things, Standard & Poor's rejected the plan to support the Athens government, warning that any revision or lengthening of Greek debt maturities is equivalent to a default and therefore Greece's ratings could move accordingly. After opening weakly, the Dow Jones index rose 1,32% and the S&P 500 index rose 1,44%. The weak macro data in the morning dragged down the euro which slipped against the dollar around 1,447.
EFFECT OF THE MANEUVER AT PIAZZA AFFARI In Piazza Affari in the afternoon the Ftse Mib widens its losses. The biggest decreases concern Fondiaria Sai (-8,25%), Bpm (-4,23%), Impregilo (-2,84%) and Enel Green Power (-2,83%). Still black shirt for Fondiaria Sai, engaged in a capital increase of 450 million (-4,66% the right) which yesterday had been supported in the purchases due to the indiscretions on the presence in the shareholding structure of the Amber fund which took over the rights of the increase. Milano Assicurazioni, also involved in the recapitalization, lost 2,76% (-10,8% the right). Other insurance companies also fell: Generali lost 0,37% and Unipol 2,03%. The president of ANIA Fabio Cerchiai intervened on the increase in Irap from 3,9% to 5,9% contained in the maneuver for insurance companies, stating that "it goes beyond the logic of participation and common sacrifices". The positive note is that during the national assembly of ANIA, the president of Isvap, Giancarlo Giannini, announced that the Italian insurance companies have passed the stress tests conducted on the recommendation of the Government Securities Authority, tests portfolios in the hypothesis of predetermined increases in the spreads on government issues of EU countries, differentiated for individual countries. In general, all banks were down, also affected by the measure on the increase in Irap (an increase of 0,75% to 4,65 per cent) and in the crosshairs of the international press for their situation judged to be weak. Ubi sells 2,54%, Banco Popolare 2,76%, Intesa Sanpaolo 2% and Unicredit 0,86 percent. Meanwhile, the work in progress continues in Piazza Meda. According to rumours, Bpm and the Cassa di Risparmio di Alessandria Foundation have reached an agreement for the purchase of the minority stake held by the Cassa di Risparmio di Alessandria Foundation. Bpm will buy the Cassa headquarters in Alessandria (controlled by Bpm) from the Foundation, while the new agreements will eliminate the Foundation's veto powers over the Piedmontese subsidiary. Bmps slips by 2,14% after yesterday's leap helped by the positive opinion of Socgen and the boom in rights on Friday despite a tumultuous weekend on the front of the largest shareholder, the MPS Foundation which saw the departure of the general manager.
IN THE RED CIR ON LODO MONDADORI Cir loses 3,37% in the wake of the news of the inclusion in the Government maneuver of a provision – later withdrawn, but too late in the day to affect the share – which would have allowed Fininvest not to pay the 750 million euros to the De Benedetti group as established by the first instance ruling on the Mondadori award.
YELLOW RENEWABLES Enel Green Power loses 2,83 due to regulatory uncertainty on incentives for renewables. Government sources report that the text of the 47 billion maneuver being examined by the Quirinale "does not contain" the cut of incentives in electricity and gas bills, reports a government source. But it is a heavy session for the whole sector: Eni loses 0,91%, Terna 0,19%. Also in the red Edison (-1,86%) and A2A (-1,67%) who are awaiting the supervisory and management councils scheduled for July 7 which will have to decide on the reorganization of Foro Bonaparte. As regards Enel, which lost 1,66%, it was learned that, through the financial arm Enel Finance International, it had set the final terms for the issue of a bond loan divided into two tranches for a total amount of 1,75. XNUMX billion euros.
ATLANTIA RECOVERS, SIAS IN THE RED Atlantia recovers with a rise of 1,11% placing itself among the best stocks of the Ftse mib after being one of the most sunk stocks during the day again due to the novelties of the maneuver linked to motorway tolls. Credit Suisse has lowered the judgment on the company to "underperform" from the previous "outperform" and the target price from 25 to 17 euros. Sias instead slips by 0,69 percent.
A STRUCTURED BOND ARRIVES FROM FIAT Fiat closed in the red (-0,45%): this morning the Lingotto gave a mandate to a pool of banks to issue a bond structured in two tranches at 3 and 7 years.
THE BEST IN THE MARKET AREA In Piazza Affari the biggest increases were by Campari (+0,96%), Luxottica (+1,17%), Saipem (+0,98%) and Seat (+2,80%, after having accelerated upwards to about 6%) which started negotiations with banks for debt restructuring. Zucchi leaps by 15,48%, with goalkeeper Luigi Buffon among its major shareholders: the stock is the second best stock on Piazza Affari since the beginning of the year.
