Cattolica flies on the stock exchange after Generali's offer

2020-06-25T11:32:35.396Z

Another negative sign for European stock exchanges after yesterday's drop which saw Milan's Ftse Mib close down by 3.43 percent. At the opening the lists were stable, then there was a worsening, -0.9% for the Milan Ftse Mib index. Decline of similar magnitude for the London and Paris indices, while Frankfurt marks -0.43%. The Dow Jones index yesterday on Wall Street also slowed down, -2.70%, the worst performance of the month after the -6.9% of 11 June. The financial markets of Tokyo (-1.22%) and Seoul (-2.27%) were weak. Shanghai and Hong Kong were closed for holidays, the so-called dragon boat festival. On international markets there is the sum of three concerns. The increase in infections in various parts of the world; the forecasts of the international monetary fund, which yesterday revised the world GDP downwards: -4.9%, while for Italy the estimate is a very heavy -12.9 percent. And the possibility of new US tariffs on European goods: they would be the last 3.1 billion tariffs authorized by the World Trade Organization in the context of the dispute over aid to Airbus. The new goods affected by the duties include olives, coffee, gin and trucks. According to the Bloomberg agency, the Trump administration is considering this hypothesis. Yesterday evening the news of the entry of Generali insurance companies in Cattolica Assicurazioni, with approximately 300 million, corresponding to a share of approximately 25%. Cattolica had recently received a request from the insurance authority for a capital increase of 500 million. The opening reaction: Generali -1.77. Cattolica + 37%. The drop for Cattolica since the beginning of the year has decreased to 32 percent. Of the 40 Ftse Mib stocks, only Inwit has risen (+ 1.12%), which has recently entered the main basket of Borsa Italiana. Yesterday Tim (today -2%) sold a minority stake in Inwit to a consortium of investors led by the Ardian fund. Tim will continue to have control, along with Vodafone, of the tower company. Among other stocks, falls around 2% for Hera, Amplifon, Moncler, Campari and Ferrari.