The yield of Annual bots fell this morning in auction to a new historic low: 0,011%. The Btp/Bund spread is 116 basis points. The news, combined with a further decline in the German 0,61-year rate to XNUMX%, has no impact on the performance of Piazza Affari, which is under pressure from the double devaluation of the Chinese yuan.
In the middle of the day the Stock Exchange of Milano loses 2,23%, in line with Frankfurt (-2,24%) And Paris (-2,61%). Heavy too Madrid (-2%) And London (-1,34%).
As for the yuan, this morning the central bank of Beijing revised downwards for the second time in a row (-1,6%) the central parity against the dollar. Meanwhile he continues the slowdown in Chinese industrial production, now +6% compared to a year ago.
According to Die Zeit, the German government is evaluating whether the European Union can guarantee the debt that Athens owes to the International Monetary Fund for the IMF itself to stay in the game and for large-scale debt relief not to be needed.
Go back to Piazza Affari Exor (-2,20%) after big blow to the City: the finance company will purchase 6,3 million (27,8%) of ordinary shares and 1,26 million (100%) of special B shares from Pearson with its own funds for a total of 405 million euro. Following this purchase and a buy-back transaction announced by The Economist on the remaining ordinary shares held by Pearson, Exor's stake will increase from 4,7% to 43,4% with a limit on voting rights at 20 %.
For Banca Imi, the company will also finance the operation with the sale of the Black Ant fund (value 384 million euro). Mediobanca Securities recommends the purchase of the stock (outperform rating and target price of €48,60). “Exposure to businesses we like – reads the report – such as FCA and Ferrari, and to laggards, such as CNH Industrial suggest a further rise in net asset value. Today the discount is around 15%.
Automotive and luxury are in sharp decline. Fiat Chrysler is down sharply (-3,6%), despite its reduced exposure to the Chinese market. The sector index in Europe loses 3%. Volkswagen loses another 2,8%. Falling Piaggio (-4,29%), very active in Asia. auto parts companies, Brembo e Sogefi, drop by more than 3%. Unchanged Pirelli, supported by the price of the tender offer at 15 euros which will start in September.
The European luxury sector is also down (-2,55%). Lose more than 4% Ferragamo, Moncler, Luxottica. Tod’s it is down by 3,5%.
The bankers are also weak: Understanding e Unicredit they drop more than 2%.
