THE EXCHANGES ARE BREAKING, THE BANKS AS WELL
LAZIO -4% ALSO IN THE BUSINESS SQUARE
On the eighth day, the European stock exchanges give the Bull a break.
In the late morning in Milan, the FtseMib index fell by 1,41% to 17.429, London fell by 0,16%, Paris -0,59%, Frankfurt -0,18%. Madrid -0,84%.
Investors' attention has shifted forward to next Wednesday evening, when the minutes of the last Fed meeting, that of July 30 and 31, will be released. From Thursday to Saturday, interest will shift to the central bankers' meeting of Jackson Hole despite defecting from the number one of the Fed.
On the government bond market, the BTP is trading at a yield of 4,22%, up from 4,18% on Friday evening, and the spread with the Bund widens again to 234 (from 230).
The yield on the Bund is 1,88% (this morning it had exceeded 1,90%) and the futures price is 140,1, after the first trades below 140 (it hasn't happened since October 2012).
In London, commodity stocks are down: Glencore loses 2,06%, Fresnillo 1,71%, Kazakhmys 2,33% and Rio Tinto 1,16%. On the other hand, Shire rose by 2,47% on speculation triggered by new press rumors on possible incoming purchase offers.
Among Italian equities, the biggest drop is in banks: Unicredit drops by 3,39%, Intesa -2,69%, Pop.Milano -2,71%, Ubi -3,26%, Banco Popolare -3,59% , Mediobanca -2,03%.
The exception is MontePaschi which runs up by 3,19%. In six consecutive upward sessions (9,3% of the capital changed hands) the increase is more than 20%.
The declarations of the mayor of Siena, Bruno Valentini, weigh heavily, who reiterated the interest in the bank on the part of foreign operators, and of the president, Alessandro Profumo, confident of being able to repay the state loan (Monti bond), and by the expectations of a drop below 10% of the stake held by the Foundation.
Among the oil companies, Tenaris lost a significant share -2,20% which announced the construction of a new plant in Mexico. The planned investment is around one billion dollars and will be partially financed by debt. The plant, which will be built through a vehicle company called Techgen, of which Tecpetrol will have 30%, Tenaris 22% and Ternium 48%, will have a capacity of up to 900 megawatts.
Banca Akros confirms reduction on Eni share which loses 0,86%, Saipem drops by 0,94%.
Luxury stocks rebound: Ferragamo +0,44%, Tod's +0,21%, Luxottica +0,19%.
Autogrill +0,33% and Parmalat +1,22% were also positive.
In the red Telecom Italia -1,82% and Fiat -1,47%. In the red Fondiaria Sai -2,46%, The real estate assets seized by the judiciary for a value of 251 million euros could be adjusted to the most recent appraisals which would assign them a lower value, equal to approximately 110 million euros. If the news were confirmed, Intermonte analysts observe, it could lead to further precautionary seizures and naturally it would be negative for the assets of the company now controlled by Unipol -1,91%.
Among the minor titles, Cell Therapeutics +14,11%, Neurosoft +12,44% and Seat Pagine Gialle +5,9% stand out.
Among the worst at the start there is also SS Lazio, down by 4,35% after the 4-0 defeat in the Italian Super Cup. On the contrary, the progress of the Juventus share +0,006% was imperceptible.
