Tensions in Egypt, one step away from civil war, and the decline in US reserves have pushed the prices of WTI crude oil beyond the 100 dollar barrier (last price at 101,92) for the first time in nine months. Another risk factor, China. This morning the PMI index of non-manufacturing companies confirmed the slowdown in the economy: the Shanghai Stock Exchange dropped by about 2%, on a par with Hong Kong.
Almost unchanged Tokyo, braking in the final. But the Japanese Stock Exchange, which in the last four days has recovered the losses suffered in the crash in mid-May, is celebrating the most important 2013 IPO in Asia: 4 billion raised by the beverage giant Suntory. Slowdown in the final also for the US Stock Exchange: Dow Jones +0,3%, S&P500 0,30%, Nasdaq +0,30%. Finally, an uncertain day for the European Stock Exchanges. In Milan, the FtseMib index fell by 0,6%-. London closed in parity, Paris -0,6%. The worst was Frankfurt -0,9%.
EU, THE GREEK TRAGEDY IS REPLICATED. SHORT SITTING IN USA
July 4th is known to be a big holiday in the USA. So big that Wall Street will close its doors today at midday to allow traders to prepare in time for the event. Or, as is more probable, to recharge the batteries while waiting for the X hour of the week: the employment data that will be communicated on Friday. In the meantime, new positive news is arriving from the US economy. In May there was a good increase in industrial orders, up 2,1% from 1,3% in April.
In evidence Apple +22,21% to 418,49 dollars. According to Bloomberg, Apple is about to sign an agreement with Time Warner to offer TV programs on its products. Also worth mentioning is the big coup of Zynga +10%: the leading company in games for social network sites has chosen Don as new CEO Mattrick, former head of Microsoft's entertainment division.
The directorate of the ECB is scheduled for tomorrow, one year after Mario Draghi's lunge that saved the euro. Today things are better, but the fragile European recovery not crushed by the hawks. Or from the usual Greek pebble capable of blowing up the EU mechanism. Hence the concern with which the markets follow the tug of war between the Greek government, as usual in default, and the EU which threatens not to pay the funds, 8,1 billion, already allocated. In the meantime, S&P's ax has struck the yield credit giants, according to the agency, with "growing risks": the ratings of Barclays, Crédit Suisse and Deutsche Bank have been cut.
RISALE SAIPEM, S6P CUTS ENI
After a long suspension due to excessive increases, RCS finished the session up by 8%. The atmosphere was enlivened by a message from Diego Della Valle who, without quoting him, attacked the leadership of John Elkann. "On the other hand, I am waiting - wrote the entrepreneur from the Marches - for some important shareholders to confirm what we had discussed on more than one occasion: to give RCS modern governance, dissolving the current Syndicate Agreement and replacing it with some shareholders ready to invest and have shares similar to each other; modify the Plan presented; review some terms of the capital increase… If this strategic line is confirmed, I'm very ready to do my part. If, on the other hand, what was represented to me as possible no longer corresponds to the intentions, perhaps simply because someone has bought some option rights, I will acknowledge that the intention is to pursue an operation that I do not consider in the interest of RCS".
The Milanese price list was held back by Eni, down by 1,1%. Goldman Sachs and Deutsche Bank cut their target prices to 19 and 20 euros respectively. On the other hand, Saipem's recovery continued, up 4,4% after +8% on Monday, despite the collapse of a platform in Africa. Weak banks Intesa -1,3%, Unicredit -1,5%, MontePaschi -0,5%, Banca Popolare dell'Emilia Romagna -3,6%. Telecom Italia fell by 1,7%. Tomorrow, Telecom Italia's board of directors will deal with the negotiations for an alliance with Hutchison Whampoa and will take the "opportune decision".
Negative data on auto sales in Italy in June weighed on Fiat, down 2,1%. Only in the afternoon did Chrysler sales data arrive; +8% in June, the 39th consecutive month of growth. Among industrialists, Finmeccanica -2,9% and Pirelli-0,2% also declined: UBS raised its target price to 12 euros. On the other hand, StM+0,7% was positive. Weak banks: Intesa fell by 1,3%, Unicredit -1,5%, MontePaschi -0,5%, Ubi Banca +0,5%, Banca Popolare dell'Emilia Romagna -3,6%. Among the mid caps, the rise of Italcementi stands out, gaining 4,4% driven by the new "outperform" recommendation from Credit Suisse. Maire Tecnimont plunged 30% on the first day of the capital increase. Sharp drop of Saras-5,8%.
