La Milan Stock Exchange reverses course after a timid rise: the Ftse Mib index loses 0,3%, to 13498 points, followed by Madrid (-0,2%). Conversely, London rose by 0,12%, Paris +0,64%, Frankfurt +0,23%. Thus the weakness of the squares of Southern Europe continues. Ahead of Friday's Eurogroup meeting via teleconference, the European Commission's sherpas are trying to lock down the results of the June 28-29 agreement that was supposed to kick off the spread-saving mechanism (which will only be discussed in September) as they prepare to give the green light to bail out Spanish banks.
The euro falls against the dollar to 1,225, from 1,229 at yesterday evening's close. The 10-year BTP fell, albeit slightly, below the 6% level: it yields 5,97%, -6 basis points compared to yesterday.
Worst blue chip is Snam, down by 3,7% following the placement of 178 million shares, equal to 5,3% of the capital, by Eni, up 1%. The shares were sold for €3,43 with total proceeds of €612 million.
Utilities are down: Terna -1,6%, Enel -1,9%. Mediaset rises by 3,9% after the rumors about a review of the industrial plan which provides for an increase in savings to 400 million euros from 250 million euros.
In Piazza Affari the banks are opposed. Unicredit -0,7% Understanding St. Paul + 0,3%. Mount Paschi -3,7% Banco Popolare -1,8%, Mount Paschi -3,1%. Leonardo DelVecchio, through the subsidiary Delfin Sarl, brought the indirectly owned stake in UniCredit to 2,005% from the previous 1,4%.
Finmeccanica rises by 1%: in an interview with the Wall Street Journal, the president of the holding Giuseppe Orsi says he is looking for alliances with European subjects in the defense and aerospace sectors.
La Fiat (-2,67%) announces the stop of production in Pomigliano from 20 to 31 August. “For the Pomigliano plant, which has experienced an increase in production since the beginning of the year, up to now no intervention has been necessary – reads a press release -. Today, however, the situation requires a reduction in production to avoid unnecessary and costly stockpiling of cars. After the summer closure, the factory will stop for two weeks, from 20 to 31 August".
