The dollar weakened and fell against the euro to 1,363, from 1,360 this morning. Oil has stopped rising: Wti at 106 dollars a barrel (unchanged), Brent at 113,5 dollars (-0,8%). Curiously, the slowdown in US GDP hit Europe the most: the Spanish Ibex -1,25%, the German Dax -0,71%, the Ftse 100 -0,79% closed the session in negative territory and the Parisian Cac-40 -1,28%. Gdf Suez left 2,33% on the ground after the government's decision to sell its 3,1% stake on the market for 1,5 billion to be used to acquire shares in Alstom following the agreement with General Electric. In Milan, the Ftse Mib ended trading with a drop of 0,8% to 21.469 points
US GDP
US GDP for the first quarter was estimated at +0.1% in the first publication, only to be revised to -1% in the second. Yesterday the market was prepared for a further downward adjustment, even to -1,8%. For this reason, the -2,9% initially caused some confusion. But, on closer inspection, it emerged that, in addition to last winter's severe cold, the slowdown was linked to an incorrect calculation of the effects of Obamacare: healthcare spending went from +9.1% year on year to -1.4% . The current situation of the economy seems very different: the service sector in the US in June recorded the highest growth rate for at least four and a half years. The picture that emerges from all these data is consistent with the analysis made by the president of the Fed, Janet Yellen: "the US economy is improving, but it still needs a supportive policy".
BOT
Yesterday the Treasury placed 3,5 billion euros (the maximum amount) between Ctz and Btp indexed to ten years without difficulty. For the biennial Ctz, the new minimum yield since the introduction of the euro was reached: 0,591%. Record air also for the 6-month Treasury bills at auction today for 7,5 billion: last night on the gray market the bond was traded at a yield of 0,315%, well below the 0,492% of the auction at the end of May. Finally, positive forecasts for the new 5-year (4 billion offer) in auction on Friday together with the BTP 10 (2,5 billion) and 1,5 billion CctEu, for a total amount between 6 and 8 billion. The Treasury will evaluate the possibility of adopting new measures in the next issue of BTP Italia, expected in November, in order to better control the amount of securities purchased by institutional investors. The number two of the Public Debt Directorate of the Ministry of Economy Davide Iacovoni said it yesterday, on the sidelines of an Assosim conference in Milan. The latest edition of the BTP Italia was placed last April for around 20,5 billion euros, halfway between retail and institutional investors.
MPS/BPM
The decline of Mps accelerates -19,79% to 1,5 euros amid very intense volumes which, in view of the closing of the increase, set for Friday, went into line with the theoretical value of the share on the occasion of the detachment of the right, (equal to about 1,5 euros). The Mps Foundation, Fintech Advisory and Btg Pactual Europe, as planned, have subscribed to the 5 billion euro capital increase. Since yesterday it is possible to arbitrage without the need for securities lending. Banca Popolare di Milano shines +6,1% after the announcement that the Bank of Italy has ordered the complete removal of the asset add-ons imposed on the Milanese bank after the Supervisory inspections of 2010-2011. With the term add-on they mean prudential measures that the Bank of Italy has ordered in the face of a stressed capital situation and which represent a serious burden on the group's normal operations. Based on the data as at 31 March 2014, following the full subscription of the capital increase, the partial sale of the investment in Anima and the full removal of the capital add-ons, Banca Popolare di Milano's Core Tier 1 rises from 7,30% to about 11%. Among the insurance companies, UnipolSai stands out +1,28%: Banca Imi confirmed the add rating on the share, raising the target price to €2,62 from €2,5.
MEDIASET /CAIRO
"Mediaset is a large company and represents a great opportunity for us," Emir Ali Bin Thamer al Thani, a member of the Qatari royal family, who controls the Al Jazeera broadcaster who is interested in a possible partnership with Premium. "We are evaluating the matter under various aspects and we are thinking about it", added Ali Al Thani, in Milan, to present the 2014 edition of "Brand Italy" to the market, the first Made in Italy exhibition to be held from 10 to November 12 next in the Middle Eastern Emirate. The alliance with the Qatari group is Alfa Romeo's wild card to ensure the take-off of the newco for the digital pay TV business in Italy and Spain, Telefonica permitting. In the meantime, the duel over football TV rights between Sky and Mediaset is proceeding with exasperating slowness while waiting for the white smoke that may not even arrive today. The hypothesis of a cancellation of the race cannot be completely excluded. Cairo, on the other hand, decreased -2% after the discounted awarding of the L3 frequency lot to the president of Turin, the only competitor, thanks to an offer of 31,626 million. According to an analyst, the news is positive but already taken for granted.
SAIPEM / ENI
The correction phase of Saipem continues, down by around 3%. Credit Suisse analysts reiterated the 'underperform' recommendation while increasing the target price from 15,5 to 20 euros. Eni loses 0,6% to 19,91 euros. The stock also suffers due to the bad news that continues to arrive from Kazakhstan, where it seems that the start of production of the Kashagan megafield will be further delayed until 2017. Exxon Mobil and Shell, Eni's partners in the project to exploit one of the largest fields in the world, have asked the Kazakh government to extend the concession by at least 20 years to 2061. For the oil companies involved in the project, a further delay means further reducing the useful years of production needed to repay the 50 billion in investments supported so far. Eni holds 16,8% of the consortium and has invested 8 billion euros to date. Prysmian (-2,37%), Tenaris (-1,68%), Buzzi Unicem (-2,64%) and A2a also dropped sharply, which today lost 2,85% after the good performance recorded yesterday on the stock of a positive report from Goldman Sachs. Telecom Italia, on the other hand, rose slightly, gaining 0,38% on the eve of the meeting of the members of the board of directors who will meet tomorrow to take stock of the company's situation. Ansaldo Sts closed up 1,4% at 7,66 euros, driven by the promotion of the French broker Natixis which raised its recommendation to Buy from Neutral. The target price goes to 8,7 euro from 8,2 euro. Since the beginning of the year, Ansaldo STS has lost 3,1% on the stock market
CUCINELLI TRIBOO
Brunello Cucinelli transferred his entire shareholding in Fedone to the Esperia Trust Company, currently owner of 61,56% of the company that bears his name. The beneficiaries of the trust are the daughters Camilla, currently a member of the board, and Carolina Cucinelli. Expected a committee of wise men with advisory functions The share in Piazza Affari loses 0,80%. Triboo Media +0,85% should be noted on Aim, which announced that it had acquired 100% of the Html group, one of the players on the Italian web. The value of the transaction is equal to 10,85 million, paid entirely in cash.
