ALL THE BAGS GO UP: MILAN IS AN EXCEPTION
INTESA AND UNICREDIT, THE TWO TARGETS OF THE BEAR
The Milan Stock Exchange also yesterday moved in dissonance with respect to the other European Stock Exchanges. Italian financial instruments, shares and bonds, are in the crosshairs of international speculation which sees a growing "country risk", both because the economy is growing too little, as S&P said, and because of political instability. After a series of ups and downs, the Milan Stock Exchange closed down by 0,24% (FTSE MIB at 19.735 points, while the FTSE All Share reached 20.467, down by 0,11 percent), while all other markets of the Old Continent rose: London +0,9%, Paris +0,6%, Frankfurt +0,5%. Even Madrid finished in a draw. After the attacks on Greece, Ireland and Portugal, the big target, in short, is Italy. For those who want to speculate, there are widely liquid securities such as the shares of Intesa and Unicredit, plus the whole large world of public debt, the second largest globally. The closing down of the FtseMib index can in fact be attributed largely to the two banks: Intesa lost 2,5%, Unicredit even 4,2%. On the public debt front, the 6-year BTP suffered again today with the yield rising by 5,16 basis points to 220% and the spread with the German Bund widening to 225 points in the evening, after having reached a new historical high in the middle of the session (since the euro existed) by 2 points. Other music, for two reasons, for the other price lists. l) the ECB has decided to suspend the rating requirements for Portuguese government bonds. This means that European banks will be able to continue to use them as collateral against loans from the ECB. 157) Employment in America has given an important sign of awakening: 70 new jobs were created in the private sector in June, against the XNUMX expected. Complete data on the American labor market will be released tonight.
TOKYO RISES ABOVE MARCH 11 LEVELS
ASIAN EXCHANGES UP: HONG KONG +1,07%
With a rise of 0,65, the Nikkei 225 index yesterday surpassed the level of March 11, the date of the earthquake. The recovery of exports, according to data from Major, is faster than expected: Toyota benefits from it (+1,06%). Good US jobs data boosted positive sessions in Hong Kong and Seoul.
THE NYSE SAYS YES TO THE WEDDING WITH DEUTSCHE BOERSE
WALL STREET UP FOR SEVENTH STRAIGHT DAY
The merger of the century has passed the first hurdle. The shareholders of Nyse Euronext have approved, with the yes of 65% of the shareholders (and 96% of the capital) the merger with Deutsche Boerse. On 13 July there will be the second, more complicated step: the vote of the members of the Frankfurt Stock Exchange. By statute, the operation (value 7,3 billion euro) will have to be approved by at least 75 percent of the capital. Meanwhile, the New York Stock Exchange celebrates with the seventh consecutive day of gains, on the wave of good data on employment and consumption trends, which pushed up stocks such as Gap (+5%). The Dow Jones Industrial closed with a rise of 0,74%, shortening the distances from the high of April 28th (12719 against 12810), thanks to the driving force of Cisco (+2,2%) and Intel (+2,1%). The Standard & Poor's 500 rose 1,05%. Even better was the Nasdaq: +1,36%, preceded by the Russell 2000, the stock market of medium and small caps up by 1,52%.
DEEP RED FOR MANAGED. AZIMUTH SUFFERS, LESS BANCA GENERALI
OK OF THE ANTITRUST TO FONSAI- UNICREDIT; FOR SALE THE 1,15 OF THE LION
Once again the difficulties of Piazza Affari coincided with the problems of the banks. In addition to target shooting on system banks, Unicredit (-4,23% to 1,337 euro) and Intesa SanPaolo (-2,59% to 1,733 euro), closed Mediobanca lower (-1,48% to 6,64 euro), Mps (-0,65% to 0,531 euro) and Banco Popolare (-1,17% to 1,518 euro). The only exception is Bpm which gained 1,43% to 1,633 euros. Parity for Ubi which stood at 3,802 euros. Difficulties also for managed savings which, in June, according to the advances of Assogestioni, showed a negative balance of 3,1 billion (half a billion for equity funds alone). Azimut suffers, leaving 1,38% at 6,065. Weighing the negative figure of total deposits amounting to -77 million. Little move Mediolanum which finished trading at 3,13 euros with a +0,06%. Banca Generali is also doing well. Once again at the bottom of the main basket, after strong price excursions, is Fondiaria-Sai which ended the trading day with -5,28% at 2,226. To weigh the capital increase in progress for 450 million which will end on 15 July next. Meanwhile, the shareholders' agreement signed by Unicredit-Premafin has been published on Fondiaria Sai. A note from the authority announced it this way:. "At today's meeting, the Antitrust examined the changes made by Unicredit and Premafin to the shareholders' agreement and deemed them consistent with the commitments subscribed by Unicredit on the occasion of the merger with Capitalia". In particular: the director of Fondiaria-SAI, who does not meet the independence requirements, appointed by UniCredit cannot: a) be a director of UniCredit; b) hold roles in the governance of Mediobanca and Generali; c) hold business positions, within the UniCredit Group, in the insurance and investment banking sectors; Fonsai, on the other hand, will not be able to participate in decisions on Generali within the Mediobanca board. Furthermore, Fondiaria-SAI: – will ensure that the representatives designated by it in the Board of Directors of Mediobanca do not participate in the meetings of the same body during the discussion and resolution of matters concerning: (a) the insurance sector, including those pertaining the management of the shareholding in Generali as well as; (b) the investment banking sector, in the event that the Mediobanca activity subject to discussion in the board meeting must be carried out with persons who operate mainly in the insurance sector, where such transactions are not included in point (a) that comes before; – will sell the shareholding directly or indirectly held by Fondiaria-SAI in Generali, equal to 1,1165% of the share capital, by 31 December 2012.
A2A. ENTER THE TOBACCI FIELD FOR THE MUNICIPALITY OF MILAN
WE DEAL WITH EDF BUT THERE IS THE ALTERNATIVE OF CDP
Bruno Tabacci enters the field, new councilor of the Municipality of Milan, major shareholder of A2A and for Edison the cards are reshuffled. Negotiating with Edf is fine, but there are alternatives, given the willingness shown by the CDP. Therefore, the agreement of last March can be improved. Giuliano Zuccoli takes note of the shareholder's "solicitations" and complies. The result? The only thing that can be said is that the negotiations are continuing on the basis of the March agreement", said a source close to the Edison dossier at the end of the A2a Supervisory Board meeting which followed the meeting of the management board which was held held in the morning in Brescia. Now it will be up to the management board to sound out the French to try to close the negotiations in good time, by 15 September, when the shareholders' agreements on the governance of Italy's second largest electricity producer will expire. A statement from the supervisory board then underlined that “the board has re-examined the Edison dossier. While acknowledging the results achieved in the previous stages of the negotiations - which however still had to define some qualifying aspects of a technical nature - the MC provided indications to the management board on the continuation of the negotiations, hoping that improvements could be made". The Council therefore invited “the Committee to take into account the evolution of the national and international context in recent months, especially with regard to nuclear power. Considering the tight schedule, the Board of Directors has mandated the Chairman Graziano Tarantini and the vice-chairman Rosario Bifulco to monitor the ongoing negotiations and the work of the Management Board" Meanwhile yesterday, one day before the end of the takeover bid, Lactalis reached the absolute majority in Parmalat: thanks to the delivery of approximately 21% of the shares, a 51,83% stake was reached. The board of directors that will appoint the new managing director will be held on 28 July.
THE THIRD PASS GIVES BREATH TO IMPREGILO AND MAIRE
CASTELLI (LEAGUE) GIVES A BOOST TO SIAS AND ATLANTIA
Impregilo did well, closing trading at 2,098 euros, gaining 1,65 percent. According to press rumors, the resources deriving from the financial maneuver launched by the government will serve to unblock the works for the third Milan-Genoa crossing point, whose general contractor is Cociv. "We recall that Cociv - explains the Milanese sim in today's note - is the consortium of companies led by Impregilo, with a 50% share, and which also includes Maire Tecnimont, with a 20% share, which has the work in its portfolio with a total value of approximately five billion". Still according to press rumors, the signing of the agreement between the counterparts (Cociv and Ferrovie dello Stato) is very close and work should start shortly. “Our model and the valuation of Impregilo do not include the contribution of this contract”, conclude the analysts. Among the stocks of mid-cap companies, Italmobiliare (+5,1%), Auto To-Mi (+4,56%), Sias (+3,87%) shone thanks to the promises of Deputy Minister Roberto Castelli to review the conditions of the Finance Law regarding depreciation. L'Espresso recovered (+2,92% to 1,8 euro) after Exane Bnp Paribas reduced the target price from 2,5 to 2,3 euro, however confirming the outperform recommendation. Enel Green Power (+3,21% to 1,867 euros) was supported by the buy of JP Morgan who judged it the best European stock in the sector. Furthermore, the Arbitration Tribunal recognized the group's right to make greater investments, through the LaGeo joint venture, in the geothermal power plant in El Salvador and to allocate them to capital through the subscription of newly issued shares of LaGeo itself. The exercise of this right, provided for in the agreement signed between the shareholders of LaGeo on June 4, 2002, will allow Enel Green Power to acquire the majority of the share capital of the Salvadoran company. The Arbitration Tribunal also rejected in full the claims for compensation for alleged damages brought by Inversiones Energéticas against Enel Green Power, as they were deemed unfounded.
