weak Europe with cars and banks. The Mps effect sends in red Milan – Il Sole 24 Ore

New highly volatile session for the European stock markets, after a positive start, with Milan (here follow the trend), which loses about one percentage point for the banks’ effect. Banca MPS is now in is volatility, and drags everything down all banks Business Square, after the rumors – confermate- that the ECB would send a letter -ultimatum Institute of Siena on the eve of the referendum on Brexit asking a more aggressive three-year plan for the reduction of suffering. Smaller losses instead to Paris and Frankfurt, but especially for London, virtually on par in mid-session. Today, however, will miss the Wall Street lighthouse closed for the Independence Day Friday, had filed, with the Dow Jones and the S & amp; P 500, the best seat in 2016. Meanwhile, the S & amp; P cut estimates on the GDP of Great Britain and the euro zone after the referendum that sanctioned the Brexit.

In Milan, rising oil instead thanks to Brent (September delivery) in excess of $ 50 rush fee and $ 50.61 per barrel (+ 0.52%): Saipem advance, thanks to the maxi project in Indonesia from $ 1.2 billion in Indonesia, and Tenaris. Positive also Yoox Net-A-Porter Group, waiting for the business plan that will be presented on July 6, A2a and with the mayors of Milan and Brescia are ready to discuss the new pact. Among the hardest hit stocks also Fca (in the wake of the European automobile sector) and Mediaset, who tomorrow will present the schedules of autumn. Gold stays above $ 1,350 an ounce. The euro stood at $ 1.112 (1,114 closing Friday) and 114.2 yen (114.7); as it regards the pound stood at 1,329 (from 1,326) dollars; Dollar / yen to 102.7 (102.5). The BTP-Bund spread (follow the behavior of spreads) widens to 140 basis points behind.

Here comes the diktat ECB on the sufferings, MPS back in the storm on the Stock Exchange

Letter ECB to MPS: reduce the suffering
No peace on Italian banks returning to lose ground after the letter of the ECB to Mps calling on the institution to submit as soon as possible a three-year plan to restore a physiological level, the percentage of non-performing loans. In Milan just Banca MPS, arrived to lose 10%, and Banca Popolare Emilia Romagna end several times in volatility with heavy losses. Even strong declines for Banco Popular, despite the capital increase closed to 100%, and BPM, as well as for bigUnicredit and Intesa Sanpaolo. According to the ECB, MPS is expected to develop a plan to dispose of the gross and net non-performing loans in the financial statements, more aggressive than the current business plan. The institute headed by Fabrizio Viola will have to respond to the letter, which asks for October also provide a plan to reduce the weight of NPL to total loans at 20% in 2018, by 8 July.

Ft: “Renzi ready to challenge Brussels.” The Government denies

For raising the tension on the banks also contributes an article in the Financial Times, according to which the president of Matteo Renzi Council would be ready to save the institutions with public money regardless of European rules. In a statement Palazzo Chigi, however, it belies the reconstruction of daily finanizario the City: “Contrary to reports today, the president of Matteo Renzi Council is ready to” challenge “Brussels on the future of Europe because they do not believe can ignore the result of the Brexit. It is thus on growth, investment, citizenship, immigration and the fight against unemployment which focuses Italy’s attention. ”

S & amp; P cuts estimates on Europe and the UK

To S & amp; P London at risk after Brexit recession, eurozone growth will slow down

“The UK will avoid barely a recession, but the risks of a worse picture are numerous.” Cosi ‘analysis of Standard and Poor’s on the consequences of the referendum on Brexit that, according to the agency, will have’ a 1.2% negative impact on UK growth of 2017 and 1% of that of 2018. For the ‘Eurozone, the agency predicts that economic recovery will continue, but it has a negative impact of 0.8% in 2017 and 2018. the Brexit – S & amp note; P -’ will have ‘undoubtedly a cost in terms of growth the Eurozone due to a more ‘low level of trade and investment. By contrast, the ECB’s response will be a key factor of support. ”

(Il Sole 24 Ore Thomson Plus)

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