MILAN -3,7% IN FREE FALL. EUROS UNDER FIRE
MARKETS HANGING ON THE EU SUMMIT. AND THE BUND RETURNS 0,07%
Piazza Affari dances on the edge of the abyss with the Ftse Mib -3,68 to 12960% under the weight of the banks. Once again the Milanese price list is the worst in a heavy Europe due to fears about the situation in Greece and the uncertainties about the outcome of the summit that opens tonight in Brussels. Heavy sales also in Paris -2,62%, London -2,53% Frankfurt badly -2,33%. Madrid is also down -3,33%.
Ma the bad macroeconomic data of our country worsens the situation of the Milan stock exchange. In April, Italian consumer confidence fell to an all-time low at 86,5 points below the estimates forecast by analysts. In the light of these data, the market fears a further deterioration in GDP.
The American Stock Exchange is also down causes losses of tech stocks. The Dow Jones index falls by 1,4%, S&P -1.07%, Nasdaq -1,25%.
Dell drops 13% after forecasting lower-than-expected second-quarter revenues. Hewlett-Packard -3,4%. Looking forward to tonight's quarterly. Also down are Intel -3,7%, Microsoft -2,5% and Texas Instruments -1,8%.
The new data, no less disturbing, concerns the crisis on the currency market: suffice it to say that the ECB today placed 300 million dollars within 7 days requested by a single bank and another 10,268 billion from 17 banks. In short, only Mario Draghi supplies the largest financial area on the planet with dollars. American banks, fearing for the stability of their colleagues on this side of the Atlantic, have cut dollar loans to banks across the continent, not just Italian and Spanish ones.
The euro loses weight again: 1,257 against the dollar, against 1,268 at yesterday's close. The strength of the dollar has negative effects on raw materials. Oil is down with the WTI at 90,7 dollars a barrel (-1,2%). Gold also fell to 1.536 dollars. The 430-year Btp/Bund spread increases to 20 points (+5,67 basis points), the yield has risen to 4,555%. Meanwhile, Germany this morning placed 2 billion euros of 0,07-year bonds (Schatz) at a yield of 0,14% from 6,06% the previous month. In Piazza Affari, the decline of Pirelli stands out, falling by XNUMX% after Goldman Sachs lowered its buy recommendation to neutral this morning.
Going against the Fiat trend +0,21% which announced this morning an alliance with the Japanese Mazda, down 1,6%, Fiat Industrial loses 5,71%.
Widespread declines also for other industrial stocks: Finmeccanica drops by 5,3%, Prysmian -4,7%, StM reverses course after good indications from CEO Carlo Bozotti on the third quarter, the stock rises by 1,18%.
Parmalat falls by 5,06% after the decision to acquire the US assets of the parent company Lactalis for 904 million dollars, at a price, 9,5 times the Ebitda, more than double the Parmalat share price (4 times the EBITDA).
Scenario of widespread declines among financial stocks: MontePaschi loses 7,6%, Banco Popolare -5,74%, PopMilano falls by 6,98%, Unicredit falls by 4,1% and Ubi fall by 5,4%, Intesa -4,8%. Generali is also bad -4,6%. A2A -0,1% also reversed course, Snam lost 1,4%.
