A few minutes of bargaining and IntesaBci already proved to be the worst title of the list of Mib30. The title of banks led by Corrado Passera yields 3.64% to 2.46 euros. A weigh on IntesaBci are the exposures to large groups such as Worldcom and Vivendi. She adds to the non-sale of Sudameris Brazil to Banco Itau, which probably will roll over to next September.
It seems a bit back ‘optimism on the markets even if the uncertainty and nervousness due to the continuous scandals budgets could to change the mood among traders. “At this point it is important that the Milan Stock Exchange to remain above 27700-27800 points. The market could well make a base, which could push up to the 29,800-resistance of 30 thousand points,” said by Dresdner Bank. “Today, operators are waiting to know what will the United States President George W Bush, on Wall Street. Given that pulls the air, we think it unlikely scare the markets.”
The German financial sector seems to suffer for the declaration of insolvency of Babcock Borsig launched last Friday, in addition to the climate of uncertainty that surfaced after the latest accounting irregularities discovered in the U.S.. Dresdner Bank said they had an exposure to the German engineering company “two figures (in million euros). Among the giants of Germany, suffering Allianz (-2.67%), Commerzbank (-2.41%), Deutsche Bank (-0.5%), Munich Re (-2.80%).
IntesaBci fails to keep the wake of Piazza Affari. “The bank is accusing exposure in WorldCom,” says Marco Montanari of SocGen. “The group seem to be subject not only to 150 million dollars as part of a syndicated loan of 2.6 billion but for 11 million euros in bonds. Despite the huge provision of early years, the market did not think it was IntesaBci enmeshed in the rental WorldCom. Remember that IntesaBci had to deal with the crisis that hit Argentina, by now the ex-subsidiary Sudameris, but also Enron.
enter the good news for Fiat. After yesterday’s downgrade by Moody’s, analysts at Merrill Lynch confirmed the rating “buy”. The U.S. investment bank, valuing the Ferrari between 2.37 and 2.5 billion, has set a target price of 22 euros for the Lingotto by calculating the sum of its parts.
The news came from the United States late on Wednesday on the U.S. giant WorldCom has admitted to having made up the budget for an amount of 3.8 billion dollars and is now at risk of bankruptcy has undermined the lack of confidence that the rebound in European markets showed yesterday and drove back to selling by all sectors. A quick recovery, however, led the final Mibtel to close down, 1, 18%. The exchanges have pushed downwards especially banks that may be involved in the case of Worldcom. First of Banca di Roma and BNL, although the latter has denied. Denials has been voiced by Sanpaolo and IntesaBci. Deep red for Pirelli, always suffered from a second black day of Pirelli Real Estate, Olivetti, STM, Bipop and Mediobanca. Recovered instead toward equality in the end titles of the galaxy Eni. Positive Mediaset, Ras and IntesaBci. In rewriting the title Seat. Seat rumors were circulating about a possible sale of the Yellow Pages division in order to raise cash. A Piazza Affari have pursued other indiscretions, particularly on the supply to Mediobanca 35% of Ferrari. Just the board will meet tomorrow to Fiat, which owns 90% of Ferrari, and an executive committee of Mediobanca, which in all likelihood should evaluate the operation.
Cede land deal that the Tokyo Stock Exchange, in the wake of last Black Friday, has left at ground level 2.35% at 10,664 points, while the Topix lost 2.71% to 1025 points . Have suffered the session, the bank among which are Mitsui Banking (-7.2%) and Mizuho Holdings (-4.03%).
Final Rush to the bank Brescia. After the heavy reversal of last month (-26% from mid-May), Bipop is scoring an increase of almost 4% with the title changing hands at 1.635 euros on top of the day. Volumes in the media. Rising even Fideuram (+1.34%) to 6.81 euros and Mediolanum (+1.30%) to 7.23 euros.
Two more weeks of waiting, and then, June 25 Pirelli & C Real Estate land in Piazza Affari. Yesterday, the property company he presented the idea of listing the financial community. L’a. D. Carlo Puri Negri said he had submitted in partnership with an international merchant bank to an expression of interest to detect Starwood hotels once owned by CIGA.