Thanks to the push from the US, the European stock exchanges accelerated after a day of weakness: +1,64% the Ftse Mib, +0,59% the Dax, +0,74% London and +0,63% Paris.
The ISM manufacturing index turned out to be better than expected and highlighted the first recovery in four months of US manufacturing activity: US data increased confidence in the recovery of the economy after the data on the slowdown in industrial production in China. In the meantime, moods have also eased on the front of Greece which in recent days has approved the austerity plan and is about to collect the release of the 12 billion tranche of aid. The financial community is ready to engage in a voluntary effort to support Greece by rolling over or extending its government bonds, with German financial institutions saying they are willing to refinance 3,2 billion Greek bonds.
Wall Street was also positive, which after a prudent opening improved in the wake of macro data with the Dow Jones traveling around 1,01% and the Nasdaq at 1,07 percent.
It should be noted that in June GM recorded total sales in the US of 215.358 vehicles, an increase of 11% compared to June 2010, thanks to solid retail demand for fuel-efficient cars. In the first half of the year, the American company therefore gained market share with higher sales of 192.056 vehicles compared to the first half of last year
The euro-dollar exchange rate remained stable at a three-week high in the 1,45 area, continuing to benefit from the more optimistic climate on the Greek situation. On the commodities side, WTI oil dropped slightly to around 94 dollars a barrel.
Yesterday in Rome, the Council of Ministers gave the go-ahead for the maneuver to achieve the target of zeroing the deficit in 2014, which will have a total impact of 47 billion euros. Green light also to the tax reform to be implemented in three years which provides for the simplification of the Irpef to only three rates and a harmonization of taxation on financial income from which government bonds are excluded. There is no longer any trace of the dreaded return of the stamp duty on the Stock Exchange.
However, there is also the comment from S&P which at the end of May had lowered the outlook on Italy's A+ sovereign rating to 'negative': despite the maneuver just approved by the government, Italy continues to face a substantial risk on the reduction front debt, mainly due to weak growth prospects.
During the day, BTP prices rose for the third consecutive session with the spread on Germany remaining below 190 basis points.
BANKS CONTINUE RECOVERY
Piazza Affari proves to be the best stock exchange in Europe, pulled by the banks which benefit not only from the economic data, but also from easing on the Greek front and from the fact that in the final version of the maneuver just launched, the 35% tax on trading profits has disappeared and has introduced a separate additional tax of 7%. Purchases are also affected by technical coverings after the sales of the past few weeks.
Bpm stands out in the wake of the coverings that have affected the entire sector: the title closes the session up by 7,92 percent. The institute could decide to make room on the board for a significant representation of institutional investors in view of the 1,2 billion capital increase just approved by last Saturday's shareholders' meeting. Instead, the clash over proxies continues, the increase of which from three to five was instead rejected by the shareholders gathered in session.
Ubi (+2,63%), Unicredit (5,27%), Intesa Sanpaolo (4,19%) and Montepaschi (+6,12%) also did well
which today closes the last trading day of the rights to the capital increase (+43,58% to 0,0761 euro with 627 million rights traded).
which today closes the last trading day of the rights to the capital increase.
Banco Popolare also recovered, closing in positive territory (+1,7%) after a session weighed down by the negative opinions of many brokers who, after yesterday's presentation of their three-year plan to 2013 with an extension to 2015, lowered their target prices : Ubs and Exane have lowered the target to 1,7 euros from 2,15 euros, SocGen has lowered it to 1,4 euros from 2,05 euros.
GENERALI: THE MANAGEMENT BUYS, CALTAGIRONE SELLS
Generali rises by 2,34%. The CEO of the group Giovanni Perissinotto told Il Sole 24 Ore that he aims to present a framework agreement with the Vtb bank by the end of the summer. The Russian match would concern a joint venture between Generali Ppf and Vtb for bancassurance but also for a network of agents and online distribution. In the meantime, the management is thinking about increasing its stake. On June 27 Perissinotto, according to what emerges from the internal dealing communications, bought 20 thousand ordinary shares on the market for 276.788 euros at a price per share between 13,83 and 13,84 euros. So too did Raffaele Agrusti, general manager of the group who invested 29 euros on 99.470 June, paying 14,21 euros per share. On the other hand, the seller was Pier Francesco Gaetano Caltagirone, vice president of the Lion, who in the same days (28 June) sold 1,1 million shares on the market (through Viapar srl) at a price of 13,79 euros per share for a consideration of 15,6 million. The day before, however, he had purchased 500 thousand shares through Finced srl at a higher unit price, 13,89 euros per share, for 6,94 million euros. His stake drops fractionally by 600 shares (0,03%) to 2,21 percent.
Among the insurance companies, the recovery continues Fondiaria Sai which rises by 2,27%.
The insurance sector could benefit from a postponement of the entry into force of Solvency 2 by 12 months with respect to the expected date of January 2013 which would make it possible to make changes capable of mitigating the effects on capital from asset allocation.
THE PHOTOVOLTAIC OF TERNIENERGIA COMES ON
Real exploit for Ternienergia which leaps by 12,65%. The company that operates in the renewable energy sector announced that in the second quarter of 2011 it completed the construction of 12 new industrial-sized photovoltaic plants for a total installed capacity of 20,4 Mwp. The new plants are located in the Piedmont, Veneto, Umbria, Lazio, Molise, Puglia and Sardinia regions.
Eni rises by 1,10%. According to the Interfax news agency, the Kazakh government has reached a preliminary agreement with the Kpo consortium for the acquisition of a 10% stake in the Karachaganak maxi-field. The state-owned KMG would acquire 5% for $1 billion and the remaining 5% for free. The shareholders would have accepted Kmg's entry in exchange for the withdrawal by the Astana government of all the complaints presented in the past years. The Karachaganak field (Bg Group 32,5%, Eni 32,5%, Chevron 20% and Lukoil 15%) has estimated reserves of around 3 billion barrels equivalent, for an estimated value of around 20 billion dollars and a production of 350 barrels equivalent per day. The 5% given away for free could be worth around $900 million. The share held by Eni would be equal to 300 million dollars.
Saipem closed down 0,06% after hitting a low of 34,93 euros per share. Goldman Sachs this morning cut the recommendation to neutraldabuy, making a minimal reduction to the target price, which drops to 44 euros from 45 euros. Today's drop on the Stock Exchange of the company, which figures among the world leaders in services to the oil industry, may also be linked to the drop in crude oil.
THE MANEUVER HITS ATLANTIA, SCHEMAVENTOTTO RISES IN THE CAPITAL
Atlantia drops by 2,38%. The maneuver launched yesterday by the government envisages a new tax regime for managers of state concessions which entails an increase in taxes. The provision establishes that the annual depreciation must be extended for a period of 50 years (20 years more than the current one) with a consequent increase in the tax burden in the first few years and a progressive decrease in the following years. In the meantime, Schemaventotto, a company controlled by Edizione srl of the Benetton family, bought around 0,3% of Atlantia for 28 million euros through several transactions on the market in the first half of June at prices between 14,82 and 16,48 .42,25 euros per share. Edizione controls 33,2% of Atlantia through Schemaventotto (8,96%) and Sintonia (XNUMX%).
Tamburi announced that it has closed the first exercise period of the TIP Ordinary Shares 2010 – 2013 warrants. 1.509.200 warrants were exercised and 1.509.200 TIP ordinary shares were subscribed at 1,50 euro each. The holders of the residual Warrants will have the right to subscribe for the additional conversion shares in June 2012 and 2013.
