The rebound of the lists deflated, however closing in positive territory, with the exception of London, driven by expectations for the ECB bazookas. For the Austrian member of the ECB board Ewald Nowotny there are margins to give the eurozone permanent bailout fund the banking license. Which would mean being able to multiply firepower of the anti-spread shield. Eyes therefore focused on Mario Draghi who intervened last Saturday in defense of the euro and on the Fed which, after the worrying data on the sale of houses, could with ever greater probability put in place new stimuli for the economy as early as the next FOMC meeting next July 31st. The euro recovers against the dollar at 1,2130 (+0,57%) and the BTP spread closes at 518 after an intraday high of 546 points, the yield is 6,44%. The Bono-bund differential also closed down at 611.
Milan, the best in Europe, gains 1,17%, Frankfurt 0,25%, Paris 0,23% while London stops just below parity at -0,02%. Madrid +0,82% and Athens +0,25%. On Wall Street at the European close, the indices were mixed: the Dow Jones +0,44% and the Nasdaq -0,71%. Apple debacle -4,8% after the disappointment for the sales of iphones. After the reduction of the IMF estimates on Chinese growth (to 8% from 8,25%), the eyes of the market are focused on US real estate: June sales filed an unexpected drop of 8,4% to 350 units (annualized rate). The figure is the lowest since last January and is worse than analysts' expectations, according to data compiled by Bloomberg. Oil is down to 87,17 dollars a barrel (-1,50%) after the increase in US inventories.
Bad news on the macro front as well from Great Britain officially entering a recession filing the second consecutive quarter of GDP reduction. While the problems of the Eurozone are also increasingly felt in Berlin: the Ifo index, which measures confidence in the business of German companies, fell to 103,3 points in June against 105,3 in the previous month, while analysts fsi expected a figure of 104,5 points. And yet, despite Merkel's creaks, the bund's hunger does not seem to subside: this morning the German Treasury placed 2,32 billion 30-year Bund at a record low yield by 2,17% from 2,41% in the previous auction.
And it increases the pressing of Madrid on Berlin which, according to the Spanish press, would not aim to obtain a bailout plan rather an intervention by the ECB to bring down the fever of the spread. Meanwhile, after the denial of Paris and Rome on yesterday's joint appeal with Spain on the implementation of the measures of the EU summit, Hollande backtracks and calls for the rapid implementation of the agreements.
At Piazza Affari it closes the banking sector was positive: on the Ftse Mib Ubi Banca stands out +7,62%. The gains of Intesa +1,42%, Unicredit +1,37%, Mps +0,89% were more contained, losing momentum compared to the morning. Well too bpm +1,30% the day after the presentation of the industrial plan which aims at a drastic reduction of costs and greater simplification.
However, Bank of Italy points out that in the second quarter of the year the tightening implemented by the banks in the criteria for the offer of credit to the economic system remained unchanged compared to the previous quarter. And the ABI still forecasts unsatisfactory economic accounts, with cost cutting remaining central.
General Bank (+0,00%) closes a six-month period above expectations with profits up by 80%. Stm +4,77%, Buzzi Unicem +4,40%, Fiat Industrial +4,10% and Prysmian +3,65% stand out among the best stocks on Piazza Affari. Fiat rises by 2,38%, together with the European auto sector which benefits from the good results of Daimler.
TelecomItalia gains 2,05%, after the Brazilian authorities have given cause for hope for a rapid elimination of the sanctions imposed on the subsidiary Tim Brasil. Eni unchanged after having suffered with the rest of the oil sector from the drop in oil prices. At the bottom of the Ftse Mib Mediaset -1,68%, Enel Green Power -1,54%, Atlantia -0,99%, after Ubs confirmed the buy but cut the target price to 13,5 euros from 14,2 euros . Analysts expect a 7,5% drop in traffic compared to the expected -5%. EPS estimates have also been revised downwards. Terna drops -0,78% after the release of the accounts.
