The rebound of the European lists succeeds in half, held back at the end by the sales of oil. Piazza Affari, after a morning of shopping, slows down and closes on parity. More substantial gains for the other European Stock Exchanges: Paris +0,89%, Frankfurt +0,56% and London +1,56%, Madrid +1,03% despite the tile arriving from Brussels. Today the EU Commission has opened one excessive deficit procedure against Spain and Portugal.
Pause for gold tracking down 0,54% to 1356,41 dollars a barrel. The Btp-Bund spread goes up by 1,5% to 141,9 and a yield of 1,26%. On Wall Street, the Dow Jones and S&P500 are weak. WTI and Brent oil respectively dropped more than 2% to 47,52 dollars a barrel and 46,21 dollars respectively after the data on weekly inventories which showed a drop of 2,223 million while analysts had expected a reduction of 2,3 million.
On the other hand, the data on the employment front are positive. In the private sector, growth was above expectations with the creation of 172 jobs, while estimates were for an increase of 151. The data anticipates the employment report that will be published tomorrow.
At the same time, initial jobless claims fell by 16.000 to 254.000. The figure is better than analysts' forecasts and has averaged below 300.000 for 70 weeks, the best series since 1973. The euro-dollar exchange rate was 1,106105, down 0,3%.
In Piazza Affari, Yoox stands out +6,02% in the wake of the growth forecasts of the plan to 2020. Yoox was among the stocks most under scrutiny in relation to the repercussions related to Brexit. Mediaset +3,93%, Mediobanca +3,44%, Saipem +2,48% also did well thanks to orders worth 1,5 billion euro.
Despite the easing of tensions on stock exchanges, sales continue on banks. Mps continues to suffer -5,79%, even if Consob has extended the ban on short selling for three months. From today until October 5, short positions will not be allowed. A similar measure was taken, after yesterday's sharp declines, on Credito Valtellinese -0,5% and on Telecom Italia which still scores -2,76% in the wake of the disengagement of the French entrepreneur Xavier Niel who will become a competitor with Iliad.
Among the banks also down Bper -4,51% and Banco Popolare -2,5%. Morgan Stanley has indicated that the ECB stress test (the results of which are expected at the end of July) is at risk for the future bank of Bpm. The bank replied harshly indicating that although it is not currently possible to disclose the results of the European stress test, "it can anticipate that it has conducted a stress test internally by applying the guidelines, indications and criteria set by the EBA and that this year, contrary to the misleading Morgan Stanley report of 6 July 2016, confirms Banco Popolare's resilience in the face of the adverse scenario".
Meanwhile, the minutes of the ECB meeting of June 2 make it known that during the meeting it was requested that the problem of bank exposure to NPLs and non-performing loans be resolved comprehensively and at all levels so as to avoid further fragmentation of the systems financial institutions of the euro area. At the same time, it was also underlined in the Council meeting that the process of restructuring bank balance sheets was tiring and required careful management, also in the light of financial stability needs. In the meantime, the meeting of Popolare di Vicenza was held today.
In a letter to the local newspapers, the president of Quaestio Alessandro Penati writes that the Atlante fund will take into consideration any expressions of interest for an entry into the capital of Banca Popolare di Vicenza "only if coming from entities capable of guaranteeing a real capital contribution and that have the IPO as their objective”. According to Corriere della Sera, expressions of interest came from four American funds (Atlas Merchant Capital, Warburg Pincus, Centerbridge and the hedge fund Baupost) to take over both the popular Vicenza-based company and Veneto Banca with the idea of merging the two institutes. During the meeting, CEO Francesco Iorio reported that he had no news of the funds involved. For Iorio, the priority now is "to start a recovery process to make the bank more attractive to the market".
