PIRELLI, FIAT, STM: INDUSTRY OK ON THE STOCK EXCHANGE
SPOTLIGHT ON THE AMERICAN INDEXES
They hold the Southern European Stock Exchanges, they move back London -0,97% Paris -0,43% and Frankfurt -0,45% awaiting the most important data of the day: the ADP index on the trend of employment in the US private sector in May (165 new hires expected) which will be announced before the opening of Wall Street.
A Business Square the FtseMib index gains 0,27% to 17081, Madrid did well with the Ibex35 rising by 0,13%, the Athens Stock Exchange rose by 0,5%.
On the market for government bonds, the 10-year BTP is trading at a yield of 4,08%, the spread is slightly down to 253 basis points.
Great animation in Milan sui industrial titles.
Goes down Camfin –7,42% after divorce between the Malacalza and Tronchetti Provera. The latter with its new allies Clessidra, Unicredit, Intesa Sanpaolo, Acutis and Rovati has already taken over 61% of the holding. In a note, the newco Lauro Sessantuno announces that it has reached an agreement to take over 60,99% of Camfin and that it is ready - following the preliminary operations - to launch a takeover bid at 0,80 euro per action. The Malacalzas will sell the shares directly held in Camfin to the Newco. The stock of the holding company, after a brief suspension, is back in trading at 0,7930 euro, settling just below the offer level. Markets focus shifts up Pirelli +1,74%. After the agreement, Malacalza will take over approximately 7% of Bicocca's capital from Allianze Fonsai, both linked to the syndicate pact which is on its way to early dissolution.
Fiat reversed course after a lower open to gain 1,13%. Tonight the Chrysler subsidiary said it has no plans to recall for modifications 2,7 million Jeep-branded automobiles sold between 1993 and 2007: Two Jeep models, the Grand Cherokee and the Liberty, have inadequate safety standards. The supervisory body sent a letter to Chrysler asking to recall the vehicles and to make some modifications to the fuel system.Chrysler replied that the vehicles are safe and that the statistics on accidents which led to a fire, for these two models, are in line with the average of the circulating fleet.
Fiat Industrial +1,07%. in a note, the company announced that it will be listed in Milan as well as on Wall Street. The extraordinary shareholders' meeting was convened on July 9 to approve the cross-border merger of Fiat Industrial into the Dutch-registered company Fi Cbm Holdings. The CNH assembly has instead been called for July 23rd.
Continue the climb of StM + 0,8%. Finmeccanica + 0,25% Ansaldo StS + 2,1%.
Indesit salt by 2%. Yesterday the company presented the corporate reorganization plan awarded by Kepler-Cheuvreux with the promotion to "buy" from "hold". The plan will involve over 1.400 employees, including 150 office workers and 1.250 workers, out of a total of 4.300 employed in Italy. The transfer of some productions from Italy to the plants in Poland and Turkey is foreseen.
Also good utility. In evidence A2A +1,68%: the general manager Renato Ravanelli, confirms that the new environmental pole of the Lombard utility will start on July 0,63st. Enel +3%, despite Berenberg having decided to cut the target price to 3,3 euros from the previous XNUMX euros, maintaining the "hold" recommendation. And to cut the rating of Endesa, the group's Spanish subsidiary, to "hold" from "buy".
Contrasted the trend of financials. In great evidence MontePaschi +2,9%, Unicredit rises +0,76%. Intesa-0,55% and B. Pop. are moving in the opposite direction. Milan -1,98% which also this year will not pay the coupon on perpetual securities. Finally, among the insurance companies, Generali +0,21%, Fondiaria +0,25%, Unipol +1,7%.
