European stock exchanges cautious pending ratification in Parliament of the plan imposed by Brussels on Greece.
Piazza Affari -0,65% (FTSE Mib index at 23,016) is the worst. Paris -0,10% . Frankfurt -0,3%, Madrid -0,2%. The German confidence index, the Zew, fell to 29,7 from the previous 31,5 but above expectations.
The euro is stuck at 1,10 against the dollar, at its lowest level since the beginning of June.
The BTP also remained unchanged: the 2,11-year bond yielded 0,83%, the spread fell in the wake of the appreciation of the Bund rate to XNUMX%.
The most relevant macro data concerns the new drop in oil following the agreement between Iran and the "5+1" club. WTI crude falls to $51,3, a three-and-a-half-month low, down 2%
Eni loses 0,8%. Electricity also fell: Enel -0,8%, Snam -1,3% and Terna -0,4%.
The squeeze on asset management securities is holding back Piazza Affari.
Consob has invited companies in the sector to comply with the rules on product distribution. In essence, the Italian management companies that place funds based abroad in Italy have mechanisms for calculating commissions that are milder than those that might be aligned with Mifid. They therefore have higher performance fees. Consob thus intended to recall “the intermediary distributors of funds characterized by more advantageous commission mechanisms for the managers and for the distributors themselves to identify and manage the conflicts of interest deriving therefrom. Consob reserves the right to verify the conduct of intermediaries as part of its supervisory activity, to ensure their alignment with this call”.
As a consequence, Azimut is losing ground -6,8%, the hardest hit in the event of the application of the new commissions. Mediolanum -3,8%, Banca Generali -4,3%.
The banks are also weak: Unicredit -1% like Banca Popolare Milano. Understanding -0,3%.7
Fiat Chrysler goes up +0,4%, Stm goes down -0,4%.
Prysmian +2% stands out: the company will build a new submarine connection (value 550 million euro) between Norway and Great Britain.
