Sitting in trouble for European stock exchanges affected by the cut in GDP estimates by the World Bank and the weak performance of Wall Street. To ballast the list of Milan is the tumble of Mps which last Monday launched the 5 billion capital increase. Today is the first day in which the stock manages to enter trading and, after several suspensions due to excessive downside, it closed down by 20,08% at 1,77 euros. Mps discounts the complicated methods of the increase and the lack of outstanding shares. The rights that yield 7,68% at 18,39 euros were also sold. Overall, the Ftse Mib lost 1,24% also due to the other main banking stocks: Mediobanca -2,88%, Mediolanum -2,7%, Banco Popolare -2,53%. Unicredit -1,46%, Ubi -1,58%. Entente-1,77%. At the bottom of the Ftse Mib also Yoox -2,59% while Ferragamo is instead the second best stock in the index with an increase of 0,33%. Tod's +0,15%, Moncler loses 0,16%. Tenaris sells 2m4% after the cut in the targets of its competitor Vallourec. Mediaste sells 2,3%. Best Buzzi Unicem stock +0,52%.
Success for today's auction of 1-year Bots which awarded all 6,5 billion euros with rates falling to an all-time low of 0,495%. The bid was 1,7 times the amount offered, up from 1,64 previously. Portugal also did well, filling up in the first auction of 10-year government bonds after exiting the international aid programme, recording rates at a nine-year low: 975 million euro of 3,252-year bonds were placed with declining yields at 3,575% from 2,43% in April. The demand was equal to XNUMX times the amount offered.
The other main European stock exchanges were also in the red: Frankfurt closed at -0,79% recording the crash of Lufthansa (-14%) after the profit warning, Madrid -0,7%, Paris -0,87%, London -0,5%. Negative start also for Wall Street which is losing ground with sales on blue chips such as Boeing and Bank of America. According to the New York Times, he risks skipping the agreement to close legal disputes with the American authorities. The euro travels at 1,353 against the dollar and WTI oil gains 0,3% to 104,6 dollars a barrel. In the US, mortgage applications in the United States rose by 10,3% to 387,1 points over the last week.
The World Bank has cut its global growth estimates for 2014 due to the cold winter in the United States and the crisis in Ukraine which weighed on the first half of the year: the forecast for 2014 is 2,8%, less than the 3,2% expected in January. American growth was cut to +2,1% from the +2,8% previously expected. For now the world estimate on 2015 is unchanged at 3,4%
