Le European stock exchanges they pull the brakes on the final and reduce the day's gains but close in positive territory: Milan rose by 0,4%, Frankfurt by 0,79%, Paris by 0,59% and London by 0,65%. Lo Btp bund spread it stands at 463 basis points, down from 477 at the opening but up from the low of the day at 452 points. The yield is at 5,95%. The spread Bund bonus closes at 549 points. The euro closes below 1,23 to 1,2233 against the dollar, the lowest for two years, the Wti oil it is down 0,8% to 85,26 dollars a barrel.
Stock markets are boosted positively by yesterday's Eurogroup agreement on aid to Spanish banks and on the role of the ECB in anti-spread operations, but also by data on industrial production. Industry surprises in Britain where production rises by 1% after a decline of 0,4% in April. Italy is also showing signs of life again: in May, production unexpectedly rose by 0,8% after -2% in April.
For the IMF, Italy has launched “an ambitious agenda to ensure sustainability and promote growth. But despite these consolidation efforts it remains vulnerable to contagion from the eurozone crisis, with spreads remaining elevated. From Ecofin the Prime Minister Mario Monti, who has again ruled out any new government experience after 2013, states that "Italy may need temporary support with purchases of securities on the secondary and primary market to contain fluctuations in spreads and not help to remedy imbalances and pay the salaries of public employees as in Greece”.
ECOFIN, MONTI ASKS FOR MORE AMBITION FROM BANKS
GREECE PLACES SECURITIES FOR SIX MONTHS, DOUBLE DEMAND
In the afternoon the Ecofin he "summed up the operational follow-up to the decisions" of the EU summit in June. From Ecofin has come the definitive go-ahead for the pilot phase of the project bonds which will allow the mobilization of 4,5 billion euros in investments for key infrastructures in the energy, transport and telecommunications sectors for the period 2012-2013. On the bank resolution and restructuring fund in case of institutional crisis, Monti asked for more ambition and greater adherence to the decisions of the June summit and the Van Rompuy report for the project of EU Commission. Among the innovations that will be worked on from September is the direct intervention of the ESM in the recapitalization of banks. Meanwhile, the former CEO of Barclays Bob Diamond is in England he forfeited bonuses worth up to £20m (€25m). Greece has asked to recognize the country's exceptional recessionary conditions and to give Athens 'a little more time to fulfill its commitments in exchange for aid. In 2012, the country, said the finance minister, will need additional measures for 3 billion euros: 1,5 from budgetary measures and 1,5 from structural reforms. Today Athens has managed to place semi-annual bonds for 1,625 billion at a rate of 4,7%, slightly down on the 4,73% of the last issue with double demand compared to supply
FINMECCANICA RUNS THANKS TO A 300 MILLION ORDER
THE CAR IS GOOD, FIAT UP BY 2,63%
In Piazza Affari, industry shines, banks are down. Finmeccanica stands out on the Ftse Mib up 3,88% after being awarded through the subsidiary AgustaWestland, orders for 37 helicopters and for a total value of over 300 million euros. The whole Fiat galaxy runs in line with the good performance of the automotive sector in Europe: Fiat spa rose by 2,63%, Fiat Industrial by 2,40%, and Exor by 2,37%. Ferragamo also did well +2,10%. The banks have lost ground: Mps-0,28%, Intesa -0,97%, Unicredit -0,29%, -0,28%. But at the bottom of the Ftse Mib it is Bper - 1,54%.
Stm, after veering into positive territory, instead closed in red -1,28%. The news of the day is that Intel will invest approximately 4 billion dollars in the Dutch ASML, a chip manufacturing machinery company. The agreement provides that the Californian giant, intending to develop a new generation of microchips, will initially take over a 10% stake in ASML with an outlay of 1,7 billion dollars. Telecom Italia down -1,06%. At the close of the stock exchange session, the CEO of telecom ;arco Patuano confirmed the group's objective of selling Ti media by the end of the year.
WAITING FOR TOMORROW'S TAR VERDICT ON THE SATOR COMPLAINT
ATTENTION IS RAISED ON IMPREGILO IN VIEW OF THE SHAREHOLDERS' MEETING ON 12
Fondiaria Sai rises by 9%, Unipol rises by 02% and Premafin by 1,37%. Today the general manager of Fonsai, Piergiorgio Peluso, reassured the guarantee consortium for the increase by stating that “it is well on its way. There are some banks that are still making evaluations, but everything is going positively” in view of the start of the capital increases. Tomorrow the wait is for the decision of the Tar which must evaluate whether to accept the appeal promoted by Sator and Palladio on the green light given by Isvap.
Attention is also raised on the Impregilo match +1,13% in view of the shareholders' meeting scheduled for Monday which will see the duel between Gavio and Salini. The FT makes fun of the story that sees the two families opposing each other in the dispute for Impregilo and writes: the bitterness of the fight hides the smallness of what is at stake: whoever wins, it seems that there will be little immediate upside for investors. What Impregilo's investors deserve is a takeover bid, but this is something families want to avoid, because they can't afford it.
