Closing sharp rise in European stocks, with a brilliant Milan Stock incurred by banks. The Ftse Mib index ended the trading day, up by 4.08%, on the day’s highs. Also progressed Paris (CAC40 + 1,77%) and Frankfurt (+ 2.24% the DAX30), with London slightly behind (+ 0.87% the FTSE100), after reading on the British consumer confidence collapsed in post Brexit: the index fell from 8 to -9 points, the sharpest decline in 21 years. US data on employment grew more than expected push Wall Street higher. In New York the Dow Jones closed up 1.37% to 18,146.53 points, the Nasdaq 1.64% to 4956.76 points while the S & amp; P 500 1.53% to 2129.90 points. In an already positive picture for the markets of the Old Continent, investors reacted enthusiastically to the US employment report for June.
Banks, Visco: impaired loans serious but non-emergency problem. Possible government intervention
The US economy showed that he had forgotten the disappointment of the previous month and for June is to record the creation of 287 thousand new jobs, the highest level since last October and well beyond the consensus that it was for 180 thousand new jobs. The unemployment rate rose from 4.7% to 4.9%, above expectations, which were for a rise to 4.8%, however, demonstrating the dynamism of the US economy, with increased confidence that increases the number of people entering the labor market. Meanwhile, banks have rallied and pushed up Business Square, while you bet on a quick solution to the problem of suffering and of greater openness to a possible public intervention support to credit institutions in Milan. That still leaves the bottom of investor concern about the consequences on the global output recovery in the UK from Europe, with the International Monetary Fund and the Moody’s rating agency cut its growth forecast for Europe for 2016 and 2017 precisely because of the effects of Brexit. Oil has first attempted recovery in the morning, after the slip of the vigil, and remained slight.
A rally Affairs Piazza del Banco Popolare
European stocks after a bad start in red have been restored parity and then the (here the sign ‘ performance of the main indices), and while the rest of the Continent purchases have honored above all the shares of the mining sector and the car in Milan the FTSE MIB was dragged by banking and finance. To encourage optimism, the statements coming from various quarters on the support to the banking system. The governor of the Bank of Italy, Ignazio Visco, said he was in favor of a public intervention for Italian banks in the current tense situation in the markets. Yesterday, the Vice President of the ECB Vitor Constancio has opened to public aid, given the post Brexit voltage while Economy Minister Pier Carlo Padoan, this morning confirmed that “dialogue of the government with the European authorities is continuous on all measures of eligible public intervention “and that the public role must be” precautionary. ” Purchases have supported the rally of Banco Popolare (+ 18,36%) yesterday closed Stock Exchange anticipates that the stress tests conducted internally confirmed “resilience” of banks in the face of the adverse scenario. The title yesterday had updated all-time low after two days of sharp declines, followed at a Morgan Stanley report that analyzed their own stress tests. A report against which the Bank has announced a complaint with Consob, stressing “blunders” and a “disconcerting superficiality.”
In light
also Bper (+ 16.19%), which is to close the sale of 450 million Npl two funds, half of the package on the market by the Institute of Emilia. Follow Unipol (+ 12.78%), Intesa Sanpaolo (+ 10%), after the CEO’s statements, Carlo Messina, according to which the bank “will surely surpass the stress tests,” and UnipolSai (+ 9.76% ). Further back but rising Banca MPS (+ 5.47%), in the aftermath of the board who discussed the plan for the suffering: according to the Sole 24 Ore is tipped to quit within two weeks of the sale of 10 billion Npl through Atlas fund or a fund, not the book for smobilizzarli affordable but not to half that today the market offers. It will then be possible to understand what is the additional capital requirement (3-4 billion € for analysts), and that should get the government guarantee in the different ways in which they might be, the point on which the government is negotiating with the EU Commission. In line at the Milan stock exchange energy stocks. Beware also of RCS Mediagroup: Cairo later today and the consortium led by Bonomi have the raises in the dark.
Mps to flash the sale of impaired loans
Dollar in recovery and rising Treasury after US occupation
On the currency market the dollar strengthened after the numbers on the labor market (hence the euro / dollar exchange rate), down with the precious gold back below $ 1,350 an ounce. Rising Treasuries with yields on ten-year rose by 0.02 basis points to 1.41%. Among the more tonic yen currency (here the cross dollar trend / yen and euro / yen). The pound is stable against the greenback. Remains slight the price of oil since the slump of the vigil, following the data on US stocks declined less than the market expectations.
(Il Sole 24 Ore Thomson Plus)
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