War Bulletin. France's triple A shakes on Moody's instructions, the storm rages on the bonds of Italy and Spain. Wall Street takes for granted the announcement in the evening of failure of the bipartisan understanding between Democrats and Republicans on the federal budget. The obvious consequence is a difficult day, marked by emergencies.
In Paris, the Cac 40 index drops by 2,8%, Frankfurt scores -2,64%, London also loses more than 2%. The Dow Jones Industrial and Standard & Poor's are both down -1,9% and the Nasdaq is down 2%.
But once again the weak link in the chain is Milan: the Ftse/Mib index loses 4,74% to 14.509. The dividend effect (about -0,6%) must also be counted, but the landslide remains heavy, beyond any possible danger level.
On the bond market, Spanish government bonds suffer in particular: operators are not celebrating the clear victory for Mariano Rajoy's Populars. The Bonos are hit hard by the selling with the yield climbing 16 basis points to 6,49%. The differential with German government bonds rises to 465 basis points. The Italian BTPs are also under pressure: the yield rose to 6,65% (+2 points), the Italy-Germany spread widened to 479 basis points.
On the Milanese price list, the reduction of Finmeccanica, down by 6,60% after the series of indiscretions published over the weekend by the newspapers on the investigation by the judiciary. The investigation would have established a corruption activity with the payment of money to politicians by managers or consultants of the company. According to rumors, today the president Pier Francesco Guarguaglini (74 years old) could resign. The Agnelli galaxy is also doing badly with Fiat (-6,84% at 3,594 euros), Industrial (-5,12% at 5,9625 euros) and Exor (-7,23% at 13,370 euros) which bought shares on the market saving Fiat Spa, rising to 5,04% of the share capital of the category (from the 2,9% held) and Fiat Industrial, rising to 5,82% of the share capital of the category (from the 2,9% held). Equita analysts estimate that overall he may have invested over 16 million euros (about 0,2% of the net asset value). "We believe that Exor can continue with the purchases to ensure that it remains above 30% of both post conversion and have the necessary majority for the approval of the conversion in the extraordinary category meeting, i.e. 20%". specify the SIM experts who recommend the purchase (buy) of the savings bond Fiat Spa and Fiat Industrial with target prices of 6,6 and 6,5 euros respectively, which are currently down by 5,74% to 3,25 euro and 4,87% to 4,25 euro. Meanwhile, Sergio Marchionne has confirmed that Fiat-Chrysler will sell 4,2 million cars in 2011.
The Milanese price list weighs the drop of Eni -3,53% and of the other oil companies: Saipem -4,4%, Tenaris -4,53%. All the banks are negative: Unicredit -2,99%, Intesa -5,66%, Ubi -5,28%, Pop Emilia -7,50% are down. In the final tumble of Bpm - 6,52%, active for dark part of the session. Generali is down 2,44%. Telecom Italia loses 4,72%. Heavy reduction for Tod's -5,51% and StM -6,36%. Maire Tecnimont loses 6,5%. The only stock with a positive sign is Campari +0,1%
