HANGING BAGS WAITING FOR SUPERSTAR DRAGONS. CHINA SETS TIME, NEW RECORD FOR S&P
D-day, just 24 hours before the 70th anniversary of the Normandy landings, has arrived. At 14 pm, Frankfurt time, Mario Draghi will announce the decisions of the Central Bank to counter the fall in prices and the rise of the euro. As usual, in addition to the measurements of the day, the banker's tone and frown will count. But this time, after so many promises, the market is waiting for facts.
Among the most popular measures: a) the rate cut of 10-15 basis points; b) stop the sterilization of securities already in the portfolio: c) a new Ltro, this time on the English model of Funding for lending to encourage the flow of credit to SMEs; d) measures to support Abs.
Market expectations have never been so high, and this explains the climate of widespread uncertainty on the eve of the ECB directorate. The London Stock Exchange fell 0,5% yesterday. The eurozone price lists are almost flat: Paris -0,03%, Frankfurt +0,07%, Madrid -0,1%. Piazza Affari, down by half a point for most of the day, recovered in the final closing at -0,16%.
On the government bond market, the 3,00-year BTP improves slightly, with the yield falling to 156%. The spread is at 2 (-3,254 basis points). Meanwhile, Germany placed 0,45 billion five-year bonds with an average rate down to 0,57% from the previous 1,36%. The euro traded this morning at XNUMX against the dollar.
THE BEIGE BOOK: IMPROVING THE US LABOR MARKET
Few news have emerged from the Beige Book, the report that monitors the trend of the US economy: the recovery, we read, continues at a moderate rate, the conditions of the labor market are improving as are those of credit. After a weak start, the New York Stock Exchange erased losses to close higher: the Dow Jones index rose by 0,09%, the S&P 500, which recorded a new intraday all-time high at 1.928 points, by 0,2, 0,41% and the Nasdaq by XNUMX%.
The feeling is that operators are waiting for the maneuvers of the ECB and the data on the trend of the US labor market. Meanwhile, it emerged that in May private sector companies increased the number of employees by only 179 units, against the 210 expected on average by analysts. It is the lowest figure in the last four months.
The Asian price lists are also uncertain. In this case, the data from HSBC on the performance of the PMI services in Beijing weighs heavily, down significantly to 50,7.
SELEX PUSHES FINMECCANICA, WIND-3 WEDDING AIR
Star of the list on a dull day for Piazza Affari was Telecom Italy +2,6% which benefited from the rumors that relaunched an old dossier relating to the wedding between Wind and 3Italia. According to the Financial Times, contacts have resumed between Vimpelcom, a shareholder of Wind, and Hutchison Whampoa, which controls 3.
The prospect of less competition on the domestic market thanks to the reduction of managers to 3 favors interest in the company led by Marco Patuano who in the meantime has trusted that Tim Brzil will only be sold in the face of an exceptional offer.
The communications also push Finmeccanica +3,3%. Selex ES management said it expects new contracts from the Interior Ministry for the secure mobile communications network for the security forces. This was announced today by CEO Giulianini during the inauguration of the Cyber Security Center, a system through which 50 sites of the Atlantic Alliance in 28 countries will be protected from cyber attacks and for which NATO's OK has arrived.
Instead, among the Milanese blue chips they flopped Fiat -1,8%, after the negative data on car sales in Italy in May (-11%), e World Duty Free -2,1%, which records a change of scenario after the merger between competitors Dufry and Nuance.
PAMPLONA HAVES IN UNICREDIT
Day without history for the banking sector: Mediobanca rose by 0,8%, Understanding closed unchanged. Unicredit +0,2%. Pamplona Capital Management, the English private equity fund headed by the Russian tycoon Alexander Knaster, reduced its stake to 1,876% from 4,877%.
Step back even by Medium collected a total of 18,6 million euro from the sale of Intesa Sanpaolo and Ubi Banca shares, falling to 0,04% and 0,198% respectively, in the first half of 2013/14 (October-March). troubled waters in UnipolSai -1,9%.
“If you look at the stock market effect of the Vegas 'recommendations', you will see that Premafin's shares lost 22% the next day, those of Fonsai 8,23% and those of Milano Assicurazioni 6,7. XNUMX%. The collapse in the quotation was the clear effect of the Vegas declarations according to which there would be no takeover bid, which made these securities less attractive”. Thus the former Consob commissioner Michele Pezzinga comments to the prosecutor Luigi Orsi - according to what emerges from the information gathering report - the decision of the Consob president, Giuseppe Vegas, to "meet the top management of Mediobanca suggesting to modify the plan for Unipol's entry into the Premafin group”.
An initiative, according to Pezzinga, “irritual, beyond the plausibility of the merits. It does not seem to me permissible that the president of consob meets the supervised and recommends the operations that they are going to carry out. I could not publicly express my dissent. Pezzinga, to prosecutor Luigi Orsi, said he suspected 'a connection' between Consob's decision to exempt Unipol from the takeover bid on Fonsai in the face of some stakes and the alleged secret agreement (the so-called Papello) for which Nagel and Ligresti are being investigated for obstacle to supervisory activity.
ENERGY, ENI ADVANCES IN VENEZUELA
Oil is on the rise after the sharp drop in US hydrocarbon stocks: Brent rose by 0,4% to 109,2 dollars a barrel, Wti to 103,5 dollars (+0,8%). Among the oil stocks of Piazza Affari Saipem was up 2,2%: Exane upgraded its rating to Neutral from Underperform.
Eni it fell by 1,2%. The Minister of Petroleum and Mines of Venezuela and President of PDVSA, Rafael Ramírez, the CEO of Eni, Claudio Descalzi, and the president of Repsol, Antonio Brufau, yesterday signed strategic agreements for the exploitation of the Perla field, one of the most great discoveries in the world made in the last decade. Enel gained 0,4% after US broker Raymond James was promoted to Strong Buy.
Weak Cir -2%. The negotiations with the banks, destined to rise to 98% of Sorgenia, continue but will not close today, on the occasion of the board of directors of the holding company on the quarterly report. On the rest of the price list salt Recordati +0,97% thanks to the 50 million dollar investment that the company will make in Turkey. Ptl Energy it finished the first day of trading unchanged at 2,7 euros. leap of Ricchetti ceramics with more than 20% progress. Double-digit increase also for irce + 14%.
