Soft start for Asian price lists: Tokyo + 0,25, in line with Chinese and Far East stock exchanges. A climate of expectation reigns for the US quarterly reports and, no less important, for the data on Chinese GDP for the second quarter: the forecast is for an increase of 7,4%.
Will the accounts of corporate America be able to awaken the Bull? This is the hope of Wall Street, after a painful week, both for the new tensions on the Middle East front and for the slowdown of the recovery in the European Union.
The fashion show will be opened by Citigroup which is expected to announce "peace" with the US Ministry of Justice sanctioned by a record fine for the subprime season: 7 billion euro fine to close any dispute.
Then it will be the turn of a long series of data that will measure the state of health of Corporate America: among the banks, the quarterly reports of Morgan Stanley, Goldman Sachs, Bank of America, Jp Morgan are expected. No less important are the accounts in the tech sector, from Google to Yahoo, Ibm and Intel as well as General Electric, Johnson & Johnson and Yum Brands.
Tomorrow the market spotlight will be focused on Janet Yellen's hearing in the Senate.
On the other hand, in the Old Continent there is expectation for Mario Draghi's speech today in the European Parliament. Also important during the week was the release of the Zew index on the expectations of German companies. The EuroStoxx 50 index closed the week down by 3,6%. Since mid-June, the decline is 5%, the increase since the beginning of the year is reduced to +1,4%.
The Paris Stock Exchange closes with an increase of 0,3%, Paris and Frankfurt are practically unchanged. Milan (+0,6% on Friday) is the stock exchange that records the worst weekly performance with a drop of 4,38%, the most negative performance since April. The gain since the beginning of the year is reduced to +8,7%. The great dependence of the Italian Stock Exchange on the banking sector, affected by the crisis arriving from Lisbon, contributes to favoring the descent of Piazza Affari.
Against this background, the price of gold is advancing to 1345,46 dollars an ounce, the highest for four months. Tensions on the government bond front are less. After the placement on Friday of 15-year BTPs at a yield that is the new all-time low (3,44%), the week closed with the 2,89-year bond trading at 2,94%, an improvement from yesterday's 168%. The spread fell back to 5 (-1,3605 basis points). Stable the dollar (100 against the euro) and crude oil prices (Brent just above XNUMX dollars a barrel).
VIP SHAREHOLDERS IN FINECO, US LENS ON UNICREDIT
It is known that the crisis that hit Banco Espirito Santo, Portugal's second largest bank, unleashed the storm on the banks, which closed the week with a loss of more than 20%. The collapse was triggered by the statement in which Espirito Santo International, one of the financial institutions through which the Espirito Santo family controls the bank, announced in recent days that it will not repay the interest on a loan. The spotlights immediately turned on the risk that Banco would be among the group's creditors, and indeed it is, for a maximum amount of 1,18 billion euros, however less than the 2,1 billion excess capital that the bank boasts with respect to the minimum capital solidity requirements required in the euro area.
In Italy, among the stocks that suffered the most during the week were Unicredit (-6,3%), under investigation in the US together with other European institutes and Generali (-5%).
The parterre of the shareholders of Finecobank is enriched, the only IPO that has been able to challenge the summer crisis. Asset management giant Threadneedle Asset Management has acquired more than 2% in the IPO. Kairos Partners bought about 3%.
IPO, EVEN SISAL WAIVES. ONLY THE SMALLS REMAIN
The list of debutants is dwindling: after the renunciation of Rottapharm, Sisal Group has also decided to renounce the listing on Piazza Affari. The gaming company announced that the shareholder Gaming Invest has decided to proceed with the complete withdrawal of the Global Offer for the Sale and Subscription of the shares. Enthusiasts of freshmen will thus have to settle for a small cap: this morning the Iniziative Bresciane, a company active in the construction and management of small hydroelectric plants, will make its debut on the Aim.
INDESIT, TODAY TEST ON THE TAKEOVER PRICE
After Indesit's leap on Friday (+3%, to 10,85 euros), it will be seen if the stock exceeds the price announced by Whirlpool (11 euros), which has reached an agreement to buy 67% of the group from the family Merloni. Some operators hope to be able to snatch a raise from the US company, also given the good response from Wall Street on Whirlpool stock after the Italian operation.
The offer represents a 4,5% premium to Indesit's closing on Thursday, but on the back of rumors of possible special deals the stock has soared in recent months. Compared to a year ago, the value of Indesit shares has substantially doubled.
The family's decision to sell came after a long period of disagreement between the brothers over the future of the company. Last November it was announced that Fineldo had appointed an advisor (Goldman Sachs) to examine the strategic options for the stake held by the family.
The operation is subject to approval from the Antitrust and the Ancona court, which a few months ago appointed Aristide Merloni as guardian of his seriously ill father Vittorio, with the right to exercise Fineldo's voting rights.
TELECOM, TELEFONICA WILL TAKE A STEP BACK?
Telecom Italia on the move. The reports (see Exane) underline the industrial potential of the former incumbent on the eve of a season that promises to be full of twists and turns on the international scene, starting with the decision by Carlos Slim to sell parts of America Movil to the great dynamism of Vodafone and Orange.
But the real "bomb" comes from Brazil: Telefonica is in talks for the sale of its stake in Telecom Italia, a move that would respond to the requests of the Brazilian authority. The scoop, in need of confirmation, is from the Brazilian newspaper Folha de S.Paulo.
ENEL ELETTRICA, TODAY THE ANSALDO STS DIVIDEND
The market situation suggests caution on the front of government sales, as demonstrated by the half-flop of Fincantieri. But work continues on the construction sites of the state giants, in view of possible sales. At Enel +1,6%: during the week the board of directors officially decided to put the assets in Slovakia and Romania up for sale, giving the relative mandates to some investment banks.
Meanwhile Enel Green Power, one of the stocks most courted by international investors, . He announced that he has reached an agreement with Sharp to buy back the company (one share for every nine owned).
In evidence Finmeccanica, while attention is growing for the new pla business, Today Ansaldo STS will distribute the dividend (one share for every nine already owned). Snam is weighed down by the decision of the Palermo court which notified Italgas Spa, the gas distribution company of the Snam group, of the preventive judicial administration measure for contractual relations with some suppliers.
FIAT, THERE IS A CONTRACT FOR 80 THOUSAND
The assembly date of August 895.000 is approaching, the last stage in view of the merger with Chrysler which is recalling 2014 SUV vehicles to modify the electrical circuit of the vanity mirror lights. Fiat and the unions (excluding Fiom which is not taking part in the negotiations) have meanwhile reached an agreement for the group's national contract. The agreement provides for the disbursement of a one-off payment of 260 euros for 80.000 to the more than XNUMX Italian employees of Fiat and CNH Industrial, said a union source.
