The pressure on the European stock exchanges does not ease. On the contrary. As the day progresses, the storm becomes more and more violent. The Ftse Mib dropped 2,84% to 14.537,48 points, now well below the psychological threshold of 15 points. The Ftse 100 lost 2,60%, the Cac 40 2,91% and the Ibex 3%. And the fact that Frankfurt falls more than us with a drop of 3,67% is now a very small consolation. After a slow start, the lists attempted to recover in the middle of the day. But the recession and European debt fears still prevailed.
From Greece, the government does not rule out a more severe contraction of GDP in 2011 and has reported that the agreement on the second aid plan will not be operational before October, noting that the funds allocated in the first plan of May 2010 are still available.
Meanwhile, the president of the Eurogroup Jean Claude Junker intervened on the Franco-German proposal, pointing out that "an economic government without the renunciation of national competences would nip in the bud". In short, for Junker there would be no sense in having an economic executive common to the countries of the eurozone without a transfer of the powers proper to each state.
THE RUN FOR GOLD AND FRANC DOESN'T STOP
The shopping continues shelter goods: the Swiss franc, despite the exceptional measures of the Central Bank, rose against the euro by 0,8% reaching 1,12865 euros and also strengthened against the dollar to 78,97 cents. L'gold it jumped above 1.860 dollars an ounce, now pulverizing record after record. And the race for German bunds has brought yields close to 2% and helped widen the spread with 290-year BTPs to 287 basis points, while it is now at XNUMX.
CAR SECTOR STILL UNDER PRESSURE
CYCLES IN THE VIEWFINDER
In Milan, several stocks were suspended due to excessive downtrend. It remains under pressure Agnelli galaxy: Fiat Industrial dropped 6,90% hit by Goldman Sachs rating cut to neutral and caution in 2012 sales by CNH competitor John Deere; Fiat loses 5,40% but Goldman Sachs still puts it on its conviction buy list; Exor sells 4,70%.
BOUNCE FONDIARIA SAI
MEDIOBANCA SEEKS THE UPWARD
On the Ftse Mib, Fondiaria Sai rebounds by 2% and then loses momentum: the increase drops to +1,46%. Generali shares are also swinging in positive territory, now up by 0,86%. In the morning the insurance sector saw a wave of purchases which temporarily brought Premafin and Milano Assicurazioni and Unipol into positive territory as well as Generali. Asset management securities Mediolanum and Azimut also oscillate above parity.
Banks instead move mainly in negative territory with the exception of Mediobanca which rises by 0,34%. Strong sales on Intesa Sanpaolo which drops by 4,77%, Unicredit by 4,13%, Ubi by 2,51%. Consob communications also show that on 15 August Columbia Wanger Asset Management rose to 2,021% of Cir (-2,2%), the financial company headed by the De Benedetti family.
