Holds back the German economy, fighting in Syria. And the Stock Exchanges, pressed by bad news, accentuated the decline in the afternoon. In Milan the index FtseMib drops by 1,56% to 20.351 with widespread declines on the entire list. The Exchange of London lose 1,37%, Paris -1,83% Frankfurt -1,43%. TO Madrid the Ibex drops by 1,34%.
On the front of spread calm situation: the gap between the BTP and the Bund remains below 140 points. But long-term securities retreated in the afternoon in the face of international tensions.
Good exploit for Greek titles: Prime Minister Samatras has announced that Athens will exit the aid program sooner than expected.
The clashes in the Middle East are helping to raise anxiety on the financial markets, after the data signaling the slowdown in economic activity in Europe and especially in Germany.
Also declining American stock exchange: the Dow Jones index falls by 0,3%, S&P500 -0,2%, Nasdaq -0,1%. Alibaba loses 2%: the adjustment on the Stock Exchange continues after the onset of the boom on Friday (+38%).
Among the individual stocks, the number of companies that moved their headquarters abroad for tax reasons decreased. Treasury Secretary Jack Lew has indeed announced a series of measures aimed at discouraging this practice, called "inversion" in the United States, making the transfer much less advantageous from an economic point of view.
Big Pharma AbbVie it drops almost 2%. Obama's decision could jeopardize the agreement according to which AbbVie should buy Shire for 55 billion dollars, which in turn falls by more than two percentage points.
The banking sector is down sharply in Piazza Affari. He gives in Banca Popolare di Milano (-3,36%). Understanding lose 1,8%, MontePaschi -1,8% Where's Banca -1,5%.
Unicredit -2,36%: Banco de Santander is favored for the purchase of 50% of Pioneer, the group's asset management company. Also competing for 50% of Pioneer are the two private equity firms CVC (with the Singapore fund Gic) and Advent. The latter, according to the Financial Times, would be the "closest".
Pioneer Investments is present in 28 countries, with a global team of approximately 2.076 professionals, of which 347 directly involved in investment management. As at 30 June 2014, assets under management amounted to approximately €185,5 billion. The valuation corresponds to about 9-10 times the ebitda of 270 million euros.
The stocks of the sectors most linked to the economic cycle fell: Automotive -2,9%, Oil -1,8%, Banks -1,3%. Fiat drops by 1,6%, worse for Pirelli (-2,88%) which was affected by the profit warning on Michelin.
Prysmian, one of the world leaders in electricity transport cables, fell by 3%, to 14,37 euros: Citigroup cut its rating on the stock to Neutral from Buy.
Telecom Italy it closed the session unchanged at 0,888 euro. Tim Brazil was accredited today to present an offer for the auction of 4G frequencies in the South American country, scheduled for September 30th. Oi did not apply, fueling speculation of an upcoming takeover in the sector. But the top management of Telecom Italia let it be known that the company does not foresee anything in this direction, due to the high debt of Oi. Next September 25, Telecom Italia has set a board of directors which will deal with issues related to Latin America.
On the other hand, on the upswing Yoox which, after a long negative period, raised its head again by registering a +3,39% result also of the positive indications that are arriving from the process of quotation of the German Zalando.
La Juventus (+0,65%) closed the 2013-14 financial year with a loss of 6,7 million, a marked improvement compared to the loss of 15,9 million in the previous year. Revenues grew by 11,3% to 315,8 million, while operating income returned to the black by 8,9 million from the red of 3,8 million a year earlier, said a note. The 2014-15 transfer campaign, which began after 30 June, produced net capital gains from transfers of 4,7 million.
