CHINA RECOVERY, TOKYO IN FLIGHT. FLAT WALL STREET. MILAN, REBOUND EXPECTED AFTER 7 DAYS OF REDUCTION
The Dragon roars again. The industrial PMI index signals a robust recovery of the Chinese economy. The news, combined with the comforting signals from the USA, allowed the Japanese Nikkei index to gain 1,4%. It should be noted that the advance of the Japanese Stock Exchange coincided with a new leap forward of the yen: the currency is no longer the only driver of the market.
The US stock market remained almost unchanged, despite the good data on home sales: S&P 500 -0,15%, Dow Jones -0,04%, the Nasdaq rebounds +0,23%. Today the focus will be on PMI data, awaiting Janet Yellen's speech to the IMF (Wednesday) and labor market numbers (Thursday). In evidence is gold which reached a maximum of 1332,10, in the wake of the weakening of the dollar and geopolitical tensions.
EUROPE SLOW, 1 IN 3 ECONOMIST BETS ON QE
Weak session yesterday for all European stock exchanges. Paris lost 0,1%, London finished tied, Frankfurt. In anticipation of the ECB meeting on Thursday attention focused today on the SMEs of the countries of the Old Continent. According to a Reuters poll of economists there is a one in three chance of European quantitative easing in the next 12 months.
The Milan Stock Exchange recovers from its lows but closes negative for the seventh consecutive session, like the European banking index: The FtseMib index fell by 0,1%. The yields of ten-year BTPs rose slightly to 2,740%. In the first six months of 2014, the Ftse Mib index grew by 12,2%. Leading the top ten is Banca Popolare di Milano +62,3% followed by Enel +33% and Monte Paschi +28,6% ahead of Telecom Italia +28,1%. At the bottom of the ranking are luxury stocks: Yoox -39%, Tod's -23.3%, Ferragamo -21%.
BNP PAYS 8,9 BILLION DOLLARS, OVERWHELMING ESPIRITO SANTO
Difficult day for the European banking sector (European Stoxx index -0,5%). Official confirmation of the 8,9 billion dollar sting by the US federal court against BNP Paribas +0,27% arrived yesterday evening. It's worse for Barclays -1,52% in the sights of the New York prosecutor for speculation on HFT with customers' money, kept in the dark about the operations.
But the most sensational affair concerns the investigations launched by the Luxembourg authorities into the three holding companies through which the Portuguese Espirito Santo family, one of the most important in the Portuguese country, controls the banking group with the same name. There Espirito Santo Financial Group it tumbled down 19%.
MPS REFUND THE MONTI BOND, PEACE IN BPM ON THE CONVERT
The Italian banks are holding back. At Piazza Affari MontePaschi it lost 3,7% in the first day after the conclusion of the capital increase. The option rights not exercised during the Offer Period will be offered on the Stock Exchange from today until 7 July 2014, unless early closing.
Today the institute will repay 3 billion nominal New Financial Instruments, the so-called Monti bonds, plus interest accrued in 2013 for a total of 3,455 billion.
A new agreement was signed yesterday between Bpm -2,9% and the consumer associations relating to the 2009 convertible. A conciliation commission made up of a bank representative and a consumer representative will examine the disputes still open on a case-by-case basis . Applications for access to the conciliation procedure can be presented from 15 September 2014 until 30 September 2015.
The worst title was the Banco Popolare -3,1%: the managing director, Piefrancesco Saviotti, explained that the 80% subsidiary Release, the former Banca Italease, is no longer for sale because the offers received were too low. Ubi -2,6%.
Understanding fell by 0,9% despite Société Générale confirming the Buy recommendation and placing the stock in the Premium List. The bank is the third best blue chip in the Eurostoxx 50 index with a gain of 26% which compares with the +4% recorded by the global index. Unicredit -0,4%.
Among the institutes under capital increase, Bper is flat while rights lose 1%. salt Carige +2,6% in a market awaiting news on the shareholder structure at the end of the operation.
BONOMI ATTACKS CLUB MED: 790 MILLION TAKEOVER OFFER
Andrea Bonomi puts aside his interest in banks for now and devotes himself to tourism. The financier yesterday launched the counter-takeover bid on Club Med at 21 euros per share, with a 22% premium on the offer presented by the Ardian-Fosun pairing (17,5 euros), for a total value of 790 million euros. The stock was suspended at the company's request.
During a press conference to present the proposal in Paris, Bonomi explained that the vehicle to promote the takeover bid is called Global Resorts, belongs to Investindustrial and will make use of the contribution of various professionals in the tourism sector.
The takeover bid by the Italian financier, who already controls 11% of the company, envisages an investment of a further 150 million euros, compared to what is already foreseen in the company's business plan, for business development. Compared to the current business plan, there will be 5.000 new beds and six new villages. The stock was suspended at the company's request.
ENEL GIVES A SHOCK, SALE OF 5% OF A2A POSTPONED TO DECEMBER
Electric day for Enel +1,6%, best blue chip in the Eurostoxx 50 index in the first half with a gain of 35%. The stock was pushed yesterday by the report by UBS analysts who confirmed the Buy judgment on the stock by raising the target price to 5,15 euros from the previous 4,9 euros with a potential gain on the stock of 23%: the market likes the hypothesis of an acceleration of the process of reduction of minorities and overall reorganization of the group.
The new deadline set for the sale of 5% of A2A +0,30% by the Municipalities of Milan and Brescia. The decision emerged yesterday after a confrontation within the administrations, who hope for a recovery of the shares on the stock market where they are currently listed at 0,84 euros, below the 0,91 euros that would have been needed to proceed with the accelerated sale.
FIAT IN OCTOBER IN WALL STREET. AGREEMENT WITH MITSUBISHI IN MEXICO
Among the industrialists, Finmeccanica + 0,7, StM it lost 0,6%. Well Prysmian + 2,4%. Fiat it falls by 2,5% to 7,15 euros and slips to its lowest level since mid-May. Together with Peugeot it is the worst European automotive stock today, the sector index drops 0,3%.
The data on new car registrations in Italy in June will be announced today: the forecast is for an increase of 7-8% to 132 cars compared to June 2013, when the market had registered just over 122.800 units. Chrysler has meanwhile concluded a distribution agreement with Mitsubishi in Mexico.
Speaking with journalists on the sidelines of the Unione Industriali meeting in Turin, the CEO of Fiat Sergio Marchionne confirmed that he hopes to see FCA listed (on the New York stock exchange) by the autumn: "This year, I hope by October". The shareholders' meeting to approve the Fiat-Chrysler merger will be held at the beginning of August, but the date has not yet been set. Despite today's decline, Fiat maintains a 21% gain since the beginning of the year which places the car manufacturer's stock in the top 30 of the Eurostoxx 600 index.
INCREASES: ROME START SPRINT, WELL CLASS
On the starting day of the 100 million euro capital increase, the leap of As Roma +30% on the starting day of the 100 million euro capital increase should be noted. Option rights, on the other hand, lose more than 35%. Class, also in this case grappling with the first day of the increase, scores an increase of 2,9% while rights yield 31%. The heavy backtracking of Rest -3%. Mediaset leaves 1,6% on the field, hit by sales after Friday's leap triggered by the outcome of the Serie A rights tender.
