The Greek crisis breaks into the listings of the European stock exchanges. And it is usually the banks that pay the price. A feature which, in part, explains why the Milan Stock Exchange (-2,16 the Ftse/Mib ) is once again the rear bringer of the Old Continent, even more than the Parisian CAC (-1,39%), despite the fact that Moody's targeted the three French credit giants (Socgen, Agricole and Bnp Paribas) this morning precisely because of their excessive exposure to Athens banks. In the meantime, the euro weakened against the dollar to 1,428 from 1,445 on the previous day. The future on the Ftse/Mib has slipped below the threshold of 20 thousand points. The Ftse Mib index, down by 2%, to 19.926 points, is close to the minimum for the year of 18.807 points, reached on 7 January. In the last month, the main Piazza Affari index lost 8,3, 1,1% and canceled the gains accumulated in the previous months: from the beginning of the year the loss is XNUMX%
RATING AGENCIES REJECT EUROPEAN PLAN HEAVY LOSSES FOR BANKS
In the afternoon, while the echoes of the riots in Syntagma Square reached the trading rooms, two blows from the rating agencies knocked the sector out. The first Ko came from Fitch. The agency, after having analyzed the characteristics of the rescue plan drawn up by the German authorities, would fall into the category of "distressed debt exchanges". Put simply, the replacement of those currently in the hands of Athens' creditors with new bonds at worse conditions could not be judged a "voluntary" operation, but rather an imposition against the market, capable of unleashing a storm at Lehman Brothers , as the ECB fears (including the future president Mario Draghi, who received the OK from the European Parliament yesterday). In the afternoon, to make matters worse, another torpedo arrived from Standards & Poor's, which developed a first, devastating simulation of the impact of the Greek credit restructuring on bank capital. A stress test, unfortunately, real. The consequence? Intesa Sanpaolo lost -3,4%, even if Corrado Passera can breathe a sigh of relief for having successfully closed the capital operation just in time. Unicredit is also down (-2,8%) but much worse for Ubi Banca (-4,11%), Mediolanum (-3,48%), Mediobanca (-3,46%) and Bpm (-3,31 at 1,604) now at very low price levels.
A2A ALARM: EITHER WE GO BACK TO THE MARCH AGREEMENT OR EDISON RISKS BEING ALL FRENCH
On the reorganization of Edison (EDN.MI: Quotazione) either a new solution will be reached by July, including an Italian one, or the March draft will be returned on which there was also the agreement of the French EDF which was then blocked by the Minister of Economy , Giulio Tremonti. This is the message launched by the chairman of the supervisory board of A2A, Graziano Tarantini. Also because if we don't act quickly, the risk of going to a competitive auction on Edison's assets with the clearly stronger French becomes ever more concrete. "Edf is one thing, A2A is one thing," said Tarantini, answering questions from shareholders during the meeting that approved the 2010 dividend of 0,096 euros. "If we have an all-Italian solution that makes us equal to the French, welcome and long live Italy". "We hope there will be a solution by July without getting close to September 15: either there are solutions compatible with us or we will resume the previous one", which envisaged the French majority in Edison as the Italian shareholders grouped in Delmi in the minority and with the unpacking of Edipower assets. Giuliano Zuccoli, chairman of the management board, also reiterated that “the skeleton of the agreement is there. The table with the French has been opened. There are no alternative scenarios to that of March and if they are presented they must in any case be consistent with the objective of defending the interests of our shareholders”. Finally, doors are also open to the hypothesis of the creation of a holding company that brings together all the shareholdings of the Municipality of Milan: "A holding company that manages shareholdings goes towards improving relations with shareholders, so I am in favour", concluded Zuccoli.
FERRAGAMO: THE PAY WILL BE BETWEEN 40 AND 50% AND FERRUCCIO ASSURES: WE WILL NOT DO LIKE BULGARI
Prada's IPO in Hong Kong risks being less triumphant than expected, if the doubts expressed yesterday by the Financial Times are valid. Meanwhile, Ferragamo, the first freshman on the Piazza Affari of 2011, is in the finishing straight: the debut, in fact, is set for June 29, La maison , according to what was declared by Ferruccio Ferragamo in the Milanese stage (the last) of the road show, expects to distribute a dividend in 2011 equal to 40-50% of the net result. The number one of the fashion house said so. Regarding the dividend, the group's owner said that the matter "has been discussed with the family and it is assumed that it will be equal to 40-50% of the result". However, the company has ruled out that the IPO could cause it to become "prey" once it is listed on the Stock Exchange and will not follow the fate of the luxury giant Bulgari, recently acquired by the French LVMH. "Absolutely not", replied the president Ferruccio Ferragamo to those who asked him if following the debut in Piazza Affari the company could end up like the Capitoline group.
WALL STREET, FINANCIALS AND FORD UNDER FIRE(-2,6%) BOOM DEBUT FOR PANDORA, THE RADIO ON THE WEB: +30%
The black day of the stock markets is confirmed by the trend of the American indices. On the Dow Jones (-0,8%), Nasdaq (-1%) and S&P500 (-0,9%) the manufacturing figure in the State of New York weighs in particular, down 7,8% in June compared to estimates of 12% growth. Here too, the declines were driven by financial stocks (-1,1% the sector index) but the most massive loss concerns Ford stocks (-2,6%). In the meantime, Internet freshmen are warming up their muscles. Waiting for the "mother of all IPOs", that of Facebook (worth around 100 billion dollars at least), it's up to Pandora to follow the example of Linkedin, in slowdown after the record IPO. The Internet radio announced that it had sold the IPO shares at a price of 16 dollars each: at the beginning of the road show it had given indications of a price between 10 and 12 dollars. The company raised $235 million for 14,7 million shares issued. The debut lived up to expectations: +30%. Now, shortly, the Groupon offer will follow, on which two opposing parties of "fans" and detractors have already formed. And, even more eagerly awaited, is the offer from Zynga, the company that has tens of millions of followers of Farmville, the most popular game on the Internet.
