The intervention of Mario Draghi in Brussels which has promised to counter an eventual escape from bank deposits and to work for a participation of the fund save states Esm the recapitalization of the banks gave confidence to the Stock Exchanges which in the morning attempted a rebound after yesterday's minus signs. Also thanks to the good German data on retail sales and unemployment and confidence in a positive outcome of the Irish referendum on the Fiscal Compact. But in the early afternoon the moods changed in the wake of some disappointing US data on unemployment and the downward revision of the first quarter GDP to +1,9. The European stock exchanges have taken the downward path after the opening of Wall Street and the spread ofChicago ISM index. Economic activity in the Chicago area fell 52,7 points in May from 56,2 points in April (revised figure). In recovery in the final they closed in contrast: Milan -0,14%, Frankfurt -0,26%, Paris +0,05%, London +0,18%. Dow Jones it was traveling at -0,43% at the close and the Nasdaq at -0,76%
THE EU ASKS MADRID TO CLEAR THE PLAN FOR BANKIA
FITCH CUT RATING TO EIGHT REGIONS OF SPAIN, BEWARE OF THE DOMINO EFFECT
THEFitch rating agency today cut its rating to eight regions of Spain and in a report warned of the risks of aGreece's exit from the Eurozone which is concrete and on the rise. And he warned about the consequences of a messy date. “A country that decides to leave the Eurozone would face strong negative effects from recession, inflation, lack of credit, restrictions on bank deposits and capital controls, as well as political and social instability. With a domino effect and contagion on other countries if the EU and the ECB fail to control the situation, with a consequent flight from bank and capital deposits and with the closure of the capital market for the country in question.
In Greece, the IMF has indicated that there will be no IMF mission until new elections and the formation of a new government. Today the polls show the pro-euro party, the Conservatives of New Democracy. But, reports the WSJ, fears for Greece have pushed two of the world's largest trade insurers, Euler Hermes, division of Allianz, and Coface, division of Natixis, to suspend contracts for those who export products to Greece.
From the Spanish front it continues the Bankia saga, after the barrage of rumors and denials, today the EU asked Spain to "communicate" the bailout plan it has developed for Bankia, the most expensive in the country's history, in order to "dissipate the uncertainties more quickly that undermine the confidence of the markets”.
The euro is still falling below $1,24 in a day full of interventions on the problem of the stability of the Eurozone at all levels. In an interview the World Bank President Robert Zoellick he said he was in favor of some form of Eurobond. From Berlin Angela Merkel he said that there must be no taboos in the debate on new tools to manage the euro crisis, but time is needed, stating that the integration of the European Union must go forward in an ever deeper way by asking for more competences for the EU Commission. Just before from Brussels Mario Monti has launched an appeal to Germany and to the other EU countries for quick and concrete decisions aimed at limiting financial contagion and acting for growth with European instruments. The Italian spread is back above 400, Monti pointed out, depends on an overall weakness of the system more than on the individual country. The Btp-bund differential fluctuated again today around at 470 points. Ignazio Visco also spoke from Rome at his first annual meeting as governor of Bank of Italy.
SALES ON FIAT SPA, INDUSTRIAL HALLS
MEDIASET SPECIFIES CONFALONIERI'S STATEMENTS
In Piazza Affari, sales with downward suspension on Fiat continue today which closed down by 3,21%. On the contrary, as happened yesterday, Fiat Industrial it closed up 2,07% after JpMorgan improved its target price to 9 euros. Yesterday the goal of integrating Fiat i was announced. and the subsidiary Cnh under a new company listed on the Nyse and in a European market that will not be Milan.
At the bottom of the Ftse Eb also Enel Green Powerr -4,29%, A2A -4,84% Tenaris -3,38%. Sales also continue on Mediaset -2,86% after the declarations of the president Fedele Confalonieri on the trend of advertising sales (“Not good”, he said). In the afternoon, however, a note from the Biscione specified that Confalonieri “responded to questions on the trend of the advertising market and Mediaset revenues. As is evident, the phrase 'Not good' could not refer to future months, but to those already closed and accounted for. It is totally premature to express definitive judgments on the trend of the month of June which has not yet begun”.
SNAM PUSHED BY THE ENI-CDP AGREEMENT
PONZELLINI RESIGNS FROM IMPREGILO
It stands at the top of the basket Snam Rete Gas +4,15% after completion of the separation from Eni +1,69% who lost 30% minus one Snam share to Cassa Depositi e Prestiti at 3,47 euros per share for a total value of 3,517 billion euros.
Some stocks penalized yesterday rebound: the Bpm it rises by 0,66%, slowing towards the end after the sales triggered by the investigation into the former chairman Massimo Ponzellini who resigned today as chairman of Impregilo (+2,53%). Bper rises by 3,32%.
FONSAI, ANTITRUST IS GOING IN THE RIGHT DIRECTION
On the Fondiaria Sai-Unipol front, while everything is still silent on the front of the decisions on indemnification and withdrawal that the Ligresti, the first signs of opening by the Antitrust are arriving. “After the suspension it seems to me that we are moving in the right direction. The important thing is that there are no conditions that are incompatible with competition both in terms of the business plan [market shares] and in terms of shareholdings,” he said the Competition Guarantor Giovanni Pitruzzella to reporters on the sidelines of a conference. Fondiaria salt by 6,63%, Premafin loses 9,05% e Unipol 3,73%. Meanwhile some Consob officials they were heard in recent days and today in the Turin prosecutor's office as people informed on the facts relating to the investigation, currently without any suspects, opened on Fondiaria Sai by the Turin magistrates in the wake of the one underway in Milan.
