European weak Bags (follow here Main indices trend), while investors are struggling in the analysis of the stress tests on major European banks, disclosed Friday in late evening. After a tonic start the lists have reversed course, with the exception of Frankfurt that seeks to defend the positions. Milan, which at first appeared beaten the best buoyancy caused by the banks, has changed course, reflecting the turnaround of some heavyweights such as Unicredit, which recorded the worst performance of the FTSE MIB. To discourage investors were also the PMI indices in the euro area, which witnessed a slowdown in manufacturing activity.
MPS, go-ahead of the ECB to the plane of suffering and capital increase
Banks under observation, Mps rising after bailout
Actions banks are in the spotlight in Milan, especially those of the institutions subjected to the stress tests. The securities, after a start to a great upside, however, have slowed the pace and Unicredit slipped into negative territory, posting the worst performance. The rest of the Gae Aulenti Piazza bank, despite having passed the exam of the stress tests, has obtained the minimum votes and was among the worst in Europe. Analysts also bring into account that the ad, Jean Pierre Mustier, eventually will be forced to launch a capital increase by 5-6 billion, but some goes to the hypothesis that the operation could reach 8 billion euro. Meanwhile rooms waiting for the first half results, scheduled for Wednesday. The guard remains high on Banca MPS, whose securities are kept rising, despite the institution’s rejection by the EBA. According to the European association of banks, Salimbeni Rocca would not be able to overcome a situation of serious economic crisis. On the other hand the MPS leaders have resorted to the shelters before the spread of the stress tests, the financial community by announcing a plan to secure the institute for the sale of gross non-performing for more than 27 billion Euros at a price of 9 , 2 billion euro. Once deconsolidated the NPL. the Sienese school will launch a capital increase of 5 billion. Operation, the latter, supported by a lifeline of 6-8 captained by banks JP Morgan and Mediobanca. Equita, however, points the finger on the risk associated with the transaction is realized. Sales push down Ubi Bank, BPER and even Intesa Sanpaolo, the latter in spite of the fact that the EBA has recognized for the fundamental institution among the best in the European landscape.
Transitional CET1 capital ratio. Scenario “adverse” in 2018
General and Mediaset volatile
I realized they did reverse the gait General, so that after the Friday’s sprint semi-annual accounts triggered by higher than estimated, have taken the road to decline. Mediaset continues to lurch waiting for news on the front of the battle with Vivendi, after the collapse of talks to sell the pay TV, premium. It ‘also volatile Fca, who has repeatedly changed the pace, waiting for data on registrations in Italy in July, which will be announced this evening in closed markets.
Espresso Group: integration framework agreement with Itedi Cir will have 43.5%
Espresso rewarded after agreement signed between members
Outside the basket main, Espresso well set on the day when it was announced a breakthrough in the integration plan with Italian Publishing (Itedi). After, the Memorandum of Understanding signed last March 2, today’s announcement of the signing of the Framework Agreement by Cir, Fca and Ital Press Holding the Perrone family, Itedi shareholders. The integration, it said in a statement, provides for the contribution by Fca and Ital Press 100% Itedi in Espresso Group, against a reserved capital increase. At the end of this operation Cir will own 43.4% of the company, it will Fca 14.63 and Ital Press on 4.37%.
Euro fairly stable, oil up slightly
On the exchange rate front, the euro is quite stable on Friday values (follow this trend changes). Oil has taken the road of downward (here follow trends of Brent and WTI). The spread is declining in area 127 points.
In China manufacturing activity decreases, expected on Thursday, Boe moved
Meanwhile this morning, investors have not given weight manufacturing PMI index for July spread to China and fell for the first time in five months below 50, exactly 49.9 points, indicating contraction. Europe ‘s index of July manufacturing PMI fell to 52 from 52.8 points in June. In particular in Italy it fell to 51.2 points from 53.5 in June and in Germany has led to 53.8 points from 54.5 in June. And ‘it improved in France, where, however, the activity remains in contraction has led to 48.6 points from 48.3 the previous month. The PMI index in the afternoon will be distributed in the United States, where today is also scheduled data on construction spending for June.
In most rooms waiting for the leaders meeting of the Bank of England on Thursday decide the moves in terms of monetary policy, after the status quo embraced immediately after the outcome of the referendum on Brexit. Many analysts predict that the central bank of the Channel will launch a cut of 25 basis points. It would be the first scissor kick to the cost of money for more than seven years.
(Il Sole 24 Ore Thomson Plus)
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