[ad_1]
Milan closes as the worst list of the Old Continent with a deficit of 0.86%, weighed down by the galaxy Agnelli which, after the dramatic release of the scene by Sergio Marchionne, burns in one session on 2.3 billions of euros. Also closing on Wall Street for FCA, with a loss of 1.76% to 18.98 dollars per share, while Ferrari closed the session by losing 2.53% to 136.46 dollars per share .
All in a weak meeting for the stock markets of the Old Continent, leaded by the geopolitical tensions between the US and Iran and persistent fears related to homework that penalize Wall Street. In Piazza Affari, the worst of the FTSE MIB is Ferrari (-4.9%), which will have to present its new business plan in September, followed by Exor (-3.2%), Stmicroelectron (-2.2%) and Cnh Industrial. (-1.7%) while Fiat Chrysler Automobiles – which also records the resignation of the head of Europe, Alfredo Altavilla – limits losses to -1.5% after a shock at -5%. Enel sells 3.6%, but dividends ex-dividends. Among the best, however, Leonardo – Finmeccanica who recovers 1.5% after the ground lost Friday, Mediobanca (+ 1.3%) and Unicredit (+ 0.4%) after the European Banking Authority responded to the demands of the speculative fund Caius Capital and decided not to open an investigation on the issue of cash balances. On the rest of the list, Banca Carige lost 4.6% by paying the ECB's rejection on the investment plan. On the currency front, the euro is strengthening on the greenback and has established at 1.171 dollar, after opening at 1.1718 dollar, against 1.177 of the closing on Friday. The single currency trades at 130.31 yen (130.94) while the dollar / yen exchange rate is at 111.39. Oil prices rise again: WTI futures in September rise 0.47% to 68.58 dollars a barrel
Ferrari, the worst, Fca takes a hit
Agnelli galaxy "burns" 2.3 about billions in the first session after the dramatic release of Sergio Marchionne, whose health conditions have precipitated over the weekend. The cumulative capitalization of Cnh Industrial, Exor, Fca and Ferrari was established last Friday at nearly 74.4 billion, while today, it has fallen back slightly above 72. The Worst was Ferrari, in which Marchionne would hold the positions of President and CEO until 2021 and called to present the business plan in September: the "Red" – even after the insult suffered yesterday at the GP of Hockenheim by Sebastian Vettel – closed down 4.88% to 113.95 euros, according to experts, however, a stock price on high multiples and long rally since the beginning of the year. Exor sold 3.2% to 54.7% and Cnh 1.7% to 8.67 euros. Finally, Fiat Chrysler, in which the Jeep boss Mike Manley has already taken the lead, who, after a 5% opening, closed the session with a good seal and yielding only 1.5% to 16, 17 € despite the resignation of the head for Europe, Alfredo Altavilla, formalized in the morning.
"Marchionne, man of rupture and innovations, symbol of the industry"
For badysts, the focus is on mergers and acquisitions, change to the biggest negative surprise
The Marchionne era at FCA has ended in the most unexpected and unexpected. According to Equita's badysts, the choice of substitutes goes "in the sign of continuity". In particular, regarding the new CEO Mike Manley, "the choice is reasonable". As for Cnh, the search for the new CEO continues (now for 4 months), "there remains a halo of uncertainty (at least on the spin-off strategy)". Equita also points out that "in the light of the successes of the last 14 years, Marchionne's exit is undoubtedly a serious loss" that could weigh "especially on Fca, removing the upside potential of M & A (knowing the qualities of Marchionne's negotiator), unless the scenario of Exor's acceleration of exertion prevails even without maximizing. "The effect of the manager's exit may be felt" temporarily on Ferrari because he shares strong valuations, believing that the unique characteristics of the brand are preserved "and" less on the Cnh, which has already suffered from macro factors (prices and price weaknesses). agricultural products) that lacks clarity on the new CEO. "For Banca Akros, the sudden release of Sergio Marchionne," FIAT Chrysler's leadership has weakened "and that's why" some speculation of M & amp; E could do it again. "The worsening of Marchionne's conditions has accelerated an already established process (that of the succession to the manager intervened but a year in advance, but the experts are not" 100% sure that the outcome of this process would have been the same. "In any case, the news represents a negative surprise." Banca Akros lowered the price target to 22.5 euros against 25 and changed the recommendation of & # 39; The car market, however, has been penalized by the tensions over rights: This week the President of the European Commission Jean-Claude Juncker will go to the White House to try to convince US President Donald Trump not to not impose tar ifs on imports of European cars.
Carige, the ECB does not approve the plan on capital. the board
At Piazza Affari St, Carige descent after the rejection of the ECB
Among the worst on the list is also Enel, on which he weighs the coupon, and Stmicroelectronics, which withdraws after the gains of the week last. Apart from the main price list, Banca Carige sells about 6% after the rejection by the ECB of the investment plan: Eurotower asked the institute to submit a new plan before the 30th. November for the reinstatement of capital requirements. also "a group of companies". In fact, Frankfurt calls for "strong leadership to overcome existing differences and ensure that the board aligns with the strategic decisions needed". Carige, for its part, has confirmed that the August 3 Board of Directors will convene the meeting in question for the month of September. Unicredit closes positively in relation to Ftse Mib, after the European Banking Authority responded to requests from the speculative fund Caius Capital and decided not to open an investigation into the issue of receipts (hybrid instruments used by the in connection with Capital Increase in 2008)
Here is Louis Camilleri, the new Ferrari advertisement that will replace Marchionne
Mixed US data, well manufacturing in the Chicago area, bad auction houses
Economic Activity L & # The US national team accelerated its pace in June after the May slowdown. The index that measures the performance, compiled by the Federal Reserve of Chicago, was established at +0.43 point against -0.45 point the previous month. The index is a weighted basket of 85 indicators from different economic sectors. Existing home sales in the United States in June declined unexpectedly. It was the third month in a row, a sign that rising prices and mortgage rates as well as a limited supply are holding back purchases. The indicator, prepared by the National Association of Realtors (Nar), fell 0.6% per month at an annualized rate of 5.38 million units. Analysts were expecting an increase to 5.45 million units. On an annual basis, there was a drop of 2.2%. The median price of an existing home in June increased 5.2% year-over-year to $ 276,900. To completely exhaust the houses available for sale would serve 4.3 months against 4.2 in June 2017.
(Il Sole 24 Ore Radiocor)
© All Rights Reserved
Source link
