Weak price lists in Europe, thanks to profit taking after yesterday's rally and the absence of Wall Street, closed for holidays. Frankfurt loses 0,74%; Paris -0,84%; Madrid -1,22%; London -1,38%.
Business Square closes the session with a drop of 0,81%, to 19.726 basis points. However, the good star of Where's Banca, +2,5%, coveted bite from Understanding (-0,34%), but not cooked to perfection yet. In fact, the board of directors of the Bergamo-based institute officially and unanimously rejected the public exchange offer promoted by Intesa, the real purpose of which would be "the elimination of a " in Italy. The match, still to be played, starts on Monday, meanwhile Ubi update plan to 2022: the estimated profit drops to 562 million from the 665 million expected in February. As regards dividends, the excess distributable capital with respect to a minimum CET1 threshold of 12,5% amounts to approximately €2020 million for the three-year period 2022-840, equivalent to a cumulative total of over 73 cents per share in the period . In short, the coupons will grow by around 330 million compared to what was announced a few months ago.
In the rest of the list, they show modest increases stm + 0,87% Recordati + 0,24% General Bank + 0,22%.
Bright red instead for Pirelli -2,93% Banca Mediolanum -2,43% Moncler -2,17% Leonardo -2,14%. Negatives Fiat Chrysler -1,10% and the parent company Exor -0,97%. The automotive group reiterated that the terms of the merger agreement with PSA remain unchanged but according to Il Sole 24 Ore options are being considered to reduce the cash portion of the 5,5 billion euro maxi-coupon envisaged by the integration plan with the french.
It rekindles it moderately spread: 172 basis points (+2,87%), with a 1,26-year BTP rate of 17%. Some nervousness is being created by press rumors about a rift in the board of the ECB, between governors of the north and those of the south and the continuation of hostilities from frugal countries on the current proposal for a Recovery Plan in the EU. Dutch Prime Minister Mark Rutte says he is in no hurry and does not feel the need for an agreement at the July XNUMX meeting.
On the subject of government bonds, today the Italian Ministry of Economy and Finance announced the guaranteed minimum coupon rates of the new Btp Futura and are: 1,15% from the first to the fourth year; 1,30% from the fifth to the seventh year; 1,45% from the eighth to the tenth year The definitive coupon rates will be announced at the close of the placement, and cannot be lower than the minimum guaranteed coupon rates. Furthermore, the coupon rate for the first 4 years will remain unchanged, while based on market conditions, only the rates subsequent to the first may be revised upwards.
On the currency market theeuro-dollar it is not much moved, also due to the American holiday, around 1,124.
Among the raw materialsgold it is stable around 1787 dollars an ounce. Weakness for the Petroleum, Brent type: -0,95%, 42,73 dollars a barrel.
In short, we continue to oscillate between optimism and pessimism, shaken like reeds in the wind by the data on the pandemic and by the macroeconomic ones. On the first front there is enough discomfort, given the record data in the USA. In Italy, meanwhile, the rate of contagiousness in Veneto, the so-called Rt, rises to 1,63 (after having dropped to 0,43). On the other hand, in the macro sphere, after yesterday's pleasant surprise from US employment data, today it is China that is sending an excellent signal. The Caixin services index rose to a 10-year high: 58,4 points, the highest reading since 2010, after May's 55. There is also a surge in the euro area, but remaining below the threshold of 50 which separates contraction and expansion. The Eurozone's composite PMI (services+manufacturing) rebounded to 48,5 points in June from 31,9 points in May, the highest level for 4 months now. In Italy, the services PMI jumped from 28,9 to 46,4 points in June, even in this case, however, it is still just below the waterline.
