REFERENDUM. AFTER THE RENEWABLES FESTIVAL THE STOCK EXCHANGE (BLACK JERSEY IN EUROPE) THINKS ABOUT THE GOVERNMENT
Despite the race for renewable energy shares, Piazza Affari closed, the only one among the lists of the Old Continent, with the red mark (-0,17%). Not even the upward revision of the industrial production estimates for April, which show that the manufacturing sector held up better than expected, did not translate into significant insights. As usual, worries about the Greek crisis weigh heavily on the eve of a European summit that has the flavor of a rustic duel. But this time, which rarely happens under the skies of global finance, Piazza Affari is probably also suffering from the effect of the uncertainty on the fate of the executive. Or, even more, the effects that uncertainty on the fiscal front can cause on the already weak trend of the domestic economy. Meanwhile, in the wake of the outcome of the referendum, they are celebrating renewable energies. Enel Green Power gains 3,08% and is once again close to the 2 euro mark. Kerself (+14,8%), also specialized in solar, Kr Energy (+13,9%), Pramac (+12,4%), Beghelli (+10,2%) and TerniEnergia (+3%) are also flying . For Enel, on the contrary, the end of the nuclear mirage translates into a loss of 0,26%. Utilities, on the other hand, did not move much after the victory of the referendum against private water management: only Acque Potabili is the worst in the list with -6,5%, while Acea limits the damage to 1.08 percent.
CHURCH: “THE DIFFICULT POSITIONS IN BPM ARE 116” “SITUATION UNDER CONTROL”.”MEDIOBANCA? I DO NOT THINK SO"
"There are 116 difficult positions, everything will be certified on June 30th". Thus the general manager of the Bpm, Enzo Chiesa, in front of the financial analysts, adding however that "the accounts of 30 June will be in line with those of 30 March: not even a million more provisions, we are serene". Also with regard to the capital increase: "It is much better to have 3-4 months to make the increase than to be on the market in 10-15 days" as Mps will do. No risk of takeover on the occasion of the 1,2 billion operation: even if each of the 12 banks in the consortium were to take over its unopted share, in the event of a 50% subscription, none would rise above 50%. And Mediobanca? Will the bank end up being incorporated by the institute in Piazzetta Cuccia? "I do not think so. But this is my personal opinion." Here is a summary of what the general manager of Piazza Meda said when meeting the analysts. And so the slowdown of the stock after the surge early in the morning: it lost 4,29%. On Mediobanca, almost simultaneously, Dieter Rampl said the same things.
EXPO 2015 TAKES A STEP FORWARD BUT THE EXHIBITION FLAWS (-2,41%) MODIANO ARRIVES AT THE LEAD OF THE MILAN SUPERHOLDIND
It was supposed to be a day of celebration for Fiera Milano. Instead, the share controlled by the Fiera Foundation suffered a heavy loss (-2,41%) Yet yesterday the agreement was finally completed to acquire the areas destined for Expo 2015: it was signed between the public company Arexpo and Belgioiosa srl of the Cabassi family for an amount of approximately 49,6 million euros. It is an "option contract", with which, in the words of Roberto Formigoni, "Belgioiosa irrevocably grants Arexpo, which accepts, the potestative right to purchase the real estate compendium from Belgioiosa itself", i.e. the area of 256.000 square meters which is located in the municipalities of Milan and Rho and where the Universal Exposition is to take place. Thus, just on the eve of the meeting with the Bie in Paris, the Expo bandwagon gets back in line with the times. But the Fair title does not celebrate. Probably because the battle over the price and intended use of the area has just begun; the new Expo councilor Stefano Boeri has already made it known that he will fight to have the agri-food park envisaged in the initial project maintained beyond 2015, thus giving up on building in the area. Meanwhile, the new mayor of Milan Giuliano Pisapia has decided: Pietro Modiano, the current CEO of Tassara, will be at the head of the holding company of the Municipality's investments (17 companies with 13 employees and a turnover of 3 billion excluding A2A).
GREECE FALLS . S&P IS WORTH LESS THAN JAMAICA ON THE EVE OF EUROGROUP CDS SPREAD TO 1.610 BP
Greece has succeeded. As of yesterday, Athens has the lowest rating on the planet, below countries such as Ecuador, Jamaica, Grenada or Pakistan. This is the verdict of Standard & Poor's, which yesterday awarded Greece a triple C, the antechamber of hell, which in terms is declined with D, for Default. An inevitable epilogue if, as Germany would like, private creditors are called to share the sacrifices of debt consolidation. It is difficult to imagine a more dramatic prologue than today's meeting between the finance ministers of the Eurozone in Brussels, where the two parties will clash over the distribution of the 172 billion that Greece will need by 2014: on one side the ECB, supported by France, Italy and most of the members of the euro area; on the other, Germany, flanked by Holland and Luxembourg. Meanwhile, the CDS of Greece, Portugal and Ireland have reached stellar levels, stuff to make Jamaica pale, former land of Bob Marley and the worst report card assigned by the World Bank. At 17 pm yesterday, immediately after the S&P verdict, Athens CDS were traded in London at the level of 1610 basic points, against 764 in Portugal and 740 in Ireland. Italy, meanwhile, remains far from the hot zone at 178 bp. The response of the oracle of the great crisis arrived on time. Nouriel Roubini, who in Singapore foretold a "perfect storm" arriving on the world economy in 2013, has taken the field with his therapy for Europe: the only viable solution, claims an article published in the Financial Times this morning , is the exit from the euro of Athens and Lisbon. “I know – writes Cassandra Roubini – it seems an unacceptable idea even in the countries involved. But what seems impossible today will seem even obvious in five years, especially for economies that are not growing”.
CHINA HOLDS LESS THAN EXPECTED ASIAN LISTS CLOSE IN THE POSITIVE
Inflation at 5,5% (against 5,3) but production in May rose much more than expected: +13,1 percent. And so China's braking is less scary. As a result, the Shanghai composite index recorded its largest increase since May 31 (+1%). The Nikkei 225 also scored a 1,2% jump in Tokyo preceded by the Korean Kospi (+1,4%).
AFTER THE REDUCTIONS WALL STREET CELEBRATES WITH TIMBERLAND BARRON'S: AT THESE PRICES CITI AND GOLDMAN ARE ON SALE
On the one hand, worries about tensions in Euroland, on the other the conviction that, at these prices, S&P 500 shares are not expensive at all: the ratio between prices and earnings in 2011, in fact, settled at 12,8 , well below the historical average of 15 times. The result was a substantial parity: the Standard & Poor's 500 closed with a gain of 0.1%, against 0,02% of the Dow Jones and a slight loss (-0,15%) of the Nasdaq. But the good mood among the operators was restored by the explosion of M&A that lit up Wall Street on Monday: Transatlantic Union, the reinsurance company formerly owned by Aig, was bought by the Swiss Allied World for 3,2 billion dollars, with a 16% premium on last Friday's prices. The operation will lead to the creation of a group of 21 billion dollars of invested assets and 8,5 billion of capital. But, above all, it was the day of the great clothing "deal": VF, the parent company of Wrangler jeans, wrote a check for 2 billion dollars to buy Timberland, whose shares jumped by 42 percent. Finally, the attention of analysts and the media for the Financial sector is significant: Goldman Sachs and Citigroup (+2%) are undervalued by 25% according to a survey by Barron's. Citigroup's lawsuit has found another notable attorney. Ubs, which believes that the stock is sacrificed after the strong spring sales.
CNBC SURVEY: FACEBOOK IS WORTH A HUNDRED BILLION BUT THE IPO OF THE CENTURY WILL ONLY BE DONE IN A YEAR
Banks, clothing. Wall Street, for once, "snubs" technology for more traditional assets. But only for a while. The countdown for Groupon's IPO has started, but we are already counting on the real object of desire: Facebook. One hundred billion dollars, less than Google (which capitalizes around 160 billion), but more than Amazon. Might as well, according to a survey by Kate Kelly of CNBC, the most eagerly awaited freshman in the Internet world who will land on Wall Street in the first months of 2012. Within three months, the valuation of Mark Zuckerberg's company has, at least in theory, doubled : in March, in fact, Goldman Sachs bought, for 1,5 billion dollars, a stake in the social network at an estimate of 50 billion. But the latest operation, which featured Shares Post, took place at a valuation of 85 billion.
