The titles of the Lambs Galaxy are positioned at the bottom of the Ftse Mib in the first, very difficult, session of theit was post Marchionne. After starting trading with losses of more than 4%, by mid-morning the shares still seem to be holding up the blow, reducing the losses from the start.
Among the titles of the Turin car manufacturer, the worst is Ferrari which, after opening with a fall of more than 5%, is currently down 3,67% to 115,4 euros. Unfortunately, the laws of the market are relentless and analysts are trying to understand what will be the repercussions of the early exit of the Italian-Canadian manager who should have remained at the helm of the Prancing Horse until 2021 (instead, farewell to FCA was expected in 2019) : "We underline that Ferrari's industrial plan is expected for September and we believe that the market was looking to Marchionne as a key factor in Ferrari's future growth". This is the comment of Banca Imi analysts who, for this very reason, expect a "more marked negative" stock market reaction on the Ferrari stock. In this context, as Mediobanca analysts explain, we must not forget that Ferrari "is negotiating with Liberty Media the renewal of the contract for the sharing of Formula 1 profits and Marchionne was probably the best person to close the deal".
As far as FCA is concerned, however, Mike Manley's indication "is consistent" with the role that the Jeep brand (for which Manley was responsible) and the NAFTA area have assumed within the group. This is exactly why the title fca it seems to be holding up the blow better than the others, down 2% to 16,084 euros. The discounts are more substantial Exor (-3% to 54,9 euros) e Cnh Industrial (-2,2%).
The sales of the Lingotto companies inevitably condition the trend of Ftse Eb, which, however, significantly reduces startup losses over the course of hours. At 11.56 the main Milanese price list recorded -0,46% to 21,695 points. The performance of the other European markets was weak, worried by Donald Trump's new threats on tariffs: Frankfurt e Madrid (-0,07%), Paris e London (-0,3%).
Returning to Milan, there is also one of the worst titles Enel (-2,6%), despite the growth in production from renewable sources announced on Friday through the quarterly report on operating data which anticipates the accounts for the second quarter, expected for 31 July. On the other side of the fence, it travels sharply up Unicredit (+1,8%), supported by the EBA's decision not to open an investigation into the Cashes after the request presented by Caius Capital. Up too Leonardo (+ 1,7%) Mediobanca (+ 1,49%) and Italgas (+ 1,48%).
On the currency, the exchange euro/dollar it remains substantially above 1.17, while on the bond market it is spread it settles at 218 basis points with the ten-year yield at 2,561%. Slightly up the Petroleum: Brent (+0,8%) at 73,67 dollars a barrel, Wti (+0,5%) at 68,61 dollars.
