S&P HEX WEIGHTS ON THE TREASURY. AND ON THE EURO
THE LAST ROUND FOR THE RCS INCREASE STARTS
THEBot auction at 3 and 12 months this morning will be the first test after the relegation. Indeed, the S&P agency cut Italy's long-term rating to BBB from BBB+ with a negative outlook. The decision reflects expectations for a "worsening of the country's economic prospects" after "10 years in which real growth averaged around -0,04%. According to the rating agency, "the slow growth derives largely from the rigidity of the Italian labor and production markets". But the uncertainty about the next moves of the executive in matters of Imu and VAT also weighs. Tomorrow an even more demanding exam is looming: the issuance of 3-year BTPs.
The decision by S&P and the comments of Georg Asmussen, a German member of the ECB directorate ("if needed we have a series of standard and non-standard measures that we can use" and "the markets are not putting much faith in the central bank's verbal guidance ") they have had repercussions on the euro, slipped against the dollar to 1,2788, and on the level of the 1,65-year Bund which fell to XNUMX%.
On the government bond market, the BTP suffered from currency uncertainty and the yield rose to 4,40% from 4,35% in the morning, the spread with the German Bund widened to 275 (+7 basis points ).
PIAZZA AFFARI BRAKES ALREADY BEFORE THE BAD NEWS
Also Business Square, like Madrid, slowed down its march in the afternoon, "sniffing" the arrival of bad news.
The Milan Stock Exchange thus closed in parity after having seen zero earnings in the last hour of trading.
London gained 0,9%, Paris +0,5%, Frankfurt +1,1%.
In Europe the rise was driven by commodity stocks (Stoxx of the sector +2,5%) and automotive (+1,5%).
TOKYO BRAKES, WALL STREET ONE STEP FROM THE RECORD
Mark the pace Tokyo -0,7% one hour after closing. Today begins the monthly meeting of the Bank of Japan from which, however, the market does not expect new injections of monetary stimulus.
Meanwhile they arrive new signs of slowing down from China: there was an unexpected drop in exports in June. Hong Kong +0,08% in balance.
The euphoria returns to Wall Street. The S&P index +0,72%, after the fourth consecutive upward session, is only 1% from the all-time highs. The Dow Jones rises 0,50%, Nasdaq +0,56%.
The publication of the minutes of the Fonc meeting of 18-19 June will condition today's session, from which we will try to glean new insights on the gradual exit strategies from the purchases of securities on the market foreseen by Quantitative Easing.
The Milan Stock Exchange closed in parity after having seen zero gains in the last hour of trading.
RCS: THE WORD TO THE MARKET
Always in the spotlight Rcs Media Group, yesterday at + 3% to 1,34 euros, on the eve of the unopted auction which will take place this morning. The capital increase, as we know, closed on Friday with acceptances equal to 85% of the total ordinary shares and therefore we now move on to the offer of the remaining 15%. The shares of the publishing group reached a maximum of 1,423 euros, well above the subscription price of the capital increase of 1,235 euros.
Meanwhile, theAntitrust it opened a dossier "for information only" and Consob also took action, asking Diego Della Valle and Fiat for clarifications regarding the recent declarations on RCS. In particular, the owner of Tod's should be heard by the Commission in the next few days after the letter addressed to the President of the Republic, Giorgio Napolitano, in which the entrepreneur invoked a passage from the major shareholders of the publishing group. Fiat, on the other hand, was asked by Consob to clarify why the investment in RCS is considered strategic.
LVMH MAKES LUXURY SHINE, MEDIASET LANDSCAPE
Off to a great start yesterday morning on the wave of the acquisition of Loro Piana, luxury stocks ended the session with more contained gains: Tod's unchanged, Cucinelli +1,6%. Excellent rise by Yoox +5,1% (it marked a new all-time high), Ferragamo rose by 0,8%.
Kepler Cheuvreux analysts have noted that, given the multiples with which Lvmh bought 80% of Loro Piana, Ferragamo would arrive at a valuation of 29-31 euros and Tod's at 130-170 euros (the shares closed respectively up by 0,84% at 25,08 euros and unchanged at 115 euros).
Mediaset in sharp decline -3,56% which was affected by the news of the setting for July 30 of the hearing in Cassation on the trial that sees the former prime minister imprisoned on TV rights.
In Milan he weighed in the afternoon the fall of the banks, natural target in times of sovereign debt tension: Unicredit-0,6%, Mediobanca-1,3%, Banco Popolare-2,2%, Pop.Milano-2,7%.
Mount Paschi limited the losses to -0,5%, Intesa finished positive at +0,7%.
The Milanese price list was also weighed down by the descent of Enel -0,1% and by Eni -0,4%.
The other two oil-related stocks, Saipem and Tenaris, rose by 0,7% and 1,2%.
Consistent the rise of Telecom Italy + 3,4%.
Industrial stocks moved in no particular order: they went up Fiat +0,9% and Fiat Industrial + 1,2%.
The extraordinary shareholders' meeting of Fiat Industrial approved the merger plan with CNH with 97,83% of votes in favour. Marchionne has assured that he has no intention of leaving Italy, where he has 14 factories, 10 research and development centers and employs 19 people.
Pirelli -2,5%.
