Weak European Stock Exchanges. In Milan, the FtseMib index drops by 0,36%. Frankfurt gains 0,13%, London loses 0,07% and Paris 0,03%. Heavy Madrid at -1,99%.
The good quarterly of is of little use Citigroup to revive the operations rooms of Wall Street. The indices are down : Dow Jones -0,36%, S&P -0,3%, Nasdaq -0,4%. If anything, the disappointing data on retail sales weighed heavily, down for the third consecutive month.
The euro recovered from this morning's lows of $1,2235, in line with Friday's close.
On the government bond front, the spread widens to 487 basis points (from 479 at Friday's close), the ten-year BTP yields 6,1%.
Several factors contribute to general depression:
A) The discussion on the anti-spread shield postponed to September.
B) Angela Merkel's aut-aut (“no aid without checks”), a few days before the Eurogroup on Friday, demonstrates that the road to saving the Spanish banks is certainly not an easy one.
C) TheIMF Outlook update he points out that in the last three months the global recovery, which "was not solid yet, has shown signs of further weakness" and the danger of a setback "continues to loom". The IMF also revised global growth downwards for 2012 to 3,5%. For next year, the estimate is 3,9% (-0,2% compared to the April estimates), provided that in the Eurozone "sufficient political actions are implemented for a gradual improvement in the financial conditions of the periphery over the course of 2013". Advanced economies are expected to grow by 1,4% this year (unchanged estimate) and 1,9% next year (-0,2% since April), while emerging economies are expected to grow by 5,6 0,1% this year (-5,9%) and 2013% in 0,2 (-XNUMX%).
“Italy and Spain are paying at least 200 basis points more than their fundamentals justify,” the director of the fund's tax affairs department, Carlo Cottarelli, said at the presentation.
The day was characterized by the start of the capital increases of Fonsai and Unipol, in line with the surprising trend of the case. Unipol it opened with a bang, up 30%, after a period of suspension, only to be suspended again due to an excess of upside. Now the theoretical is +43%. The rights, however, leave 21%. The privileges are suspended with a theoretical increase of 20,65%, while the rights of the privileges drop 39,97%
Fondiaria Sai it hasn't made a price yet. Milan Insurance loses 2,01% e Premafin is up 0,79%.
New shot of dinner on the eve of the second round of the Impregilo match. Salini announces that the Court of Milan, accepting the request presented by Salini, today issued a decree which "orders Impregilo and the person called to preside over the resumption of the meeting tomorrow, July 17, to admit - on all subjects placed on the agenda and on any other organizational subject that should be put to the vote in the same meeting – all the shares contributed to the solicitation of proxies”.
In this context, the recovery of Fiat (+4,36%), driven by the opinion of JP Morgan. The performance of is also good Ansaldo Sts (+1,57%), after the agreement for the licensing of a technology used in urban rail transport to a consortium of Chinese companies. It is a system that eliminates the catenary, the electric power line suspension of trams.
Closes just above parity Telecom Italy (+0,07%). In the utilities segment they go down Enel (-0,59%) ed A2A (-2,54%). salt Enel Green Power (+ 1,04%).
Banks down: Unicredit -2,22% Understanding -1,37% Banco Popolare -2,09% Popular Emilia -2,84%.
Generali salt of 0,76%.
