On the one hand, the remote signing of the US-Iran agreement and the possible reopening of the Strait of Hormuz; on the other, the unexpectedly hawkish tone used by the new Federal Reserve Chairman, Kevin Warsh. In between, the new rally in US chips is disrupting the game and supporting the US stock market rally.
In this context European stock markets close in mixed order, trying to maintain a balance between conflicting forces while waiting (and hoping) that the profound uncertainty of the last period will be replaced by some stability. At the end of the session Milan rose 0,18% to 52.688 points, driven by the performance of Stmicroelectronics and gains by banks involved in the risk game. They performed better. Paris (+ 0,44%) Frankfurt (+0,4%), while they close the day below par Madrid (-0,1%) And Amsterdam (-0,11%). In depth London (-1%) after the Bank of England, as expected, decided to keep rates unchanged at 3,75% despite prices in the United Kingdom remaining very high.
Wall Street rallying with Intel, SpaceX in the red
Wall Street try to forget, at least for the moment, that the Fed could raise interest rates in the next meeting – a prospect that clearly emerged from the first meeting under the presidency of Kevin Warsh – and try to rebound by focusing again on HI-Tech with Intel (+9,2%) which drives semiconductors upwards, after President Donald Trump announced a partnership between the company and Apple Chip design in the United States (+0,5%). Meanwhile, Cupertino has announced that it will soon raise the prices of its devices, precisely because of the rising cost of memory chips.
In the sector they also increase Nvidia (+ 2,2%) and Micron (+8%), while SpaceX is down 7,3% after recording its first decline since its listing on Friday yesterday. Among other stocks, Pfizer falls 3,4%: CFO Dave Denton has announced that he will leave his position on August 15.
In this context the Dow Jones salt by 0,3%, lo S&P gains 0,87%, while the Nasdaq is doing even better: driven by its chips, the hi-tech index is up 1,2%.
In Milan, the spotlight is on risk: Banco BPM, Unicredit, and Generali.
In Milan, attention is still focused on the banking-insurance game. In light of this Bpm bank (+2%) after the rumours reported by Bloomberg, according to which Crédit Agricole (+0,5% in Paris), which holds a 22,9% stake in Piazza Meda and has already received the ECB's approval to increase its stake to within a mile of 30%, is reportedly considering increasing its stake to respond to the wave of operations underway in Italy. Discussions at the French bank's top management are, in any case, "preliminary phases," and no decision has been made, especially since maintaining the status quo is also among the options considered viable, the newspaper writes.
Spotlight also on Unicredit (+0,64%) which according to the Sun 24 Hours would proposed to Delfin to exchange 10% di Generali (-0,6%) held by the holding company with shares of Unicredit itself. After a dull morning, purchases of banks involved in the game of chance continue: Intesa Sanpaolo, the great protagonist of this phase, advances by 0,69%, while it takes Mps and Mediobanca gain 0,38% and 0,2% respectively. Also on the rise Bper (+0,86%) which, if the takeover bid is successful, would inherit the branches and the Monte dei Paschi brand. Speaking before the Parliamentary Commission of Inquiry into the Banking System, the Minister of Economy Giancarlo Giorgetti He confirmed his intention to sell his remaining 4,86% stake in Siena at the best market conditions and reiterated that the government intends to remain neutral in the ongoing banking consolidation process following interference in the first phase, when, by applying the Golden Power, it forced UniCredit to withdraw its offer for Banco. Giorgetti, however, did not rule out the possibility that the merger between Intesa and MPS could be subject to the Golden Power review and be subject to limitations.
Piazza Affari: Stm surges, oil stocks plummet, Stellantis down
Returning to the stock market, the excitement of the star-spangled chips is also spreading stmicroelectronics at the top of the Ftse Mib with a 4,2% increase. Good Prysmian (+1,2%) and Brunello Cucinelli (+1,18%), energy purchases with Terna and Italgas which mark 1,17% and 1,04% respectively.
After a morning of growth, it closes in the red Avio (-1,16%), penalized SpaceX's performance despite the successful launch of the Ariane 6 with the new P160 boosters, while the collapse in oil prices in view of the probable reopening of the Strait of Hormuz sends sector stocks tumbling: Saipem yields more than 7%, Tenaris 4,49%, Eni marks -3,16%. Another day of sales in the auto sector after the profit warning launched on Tuesday by bmw which in Frankfurt loses a further -3,6%, while in Milan Stellantis records a decrease of 3,67%. Down Fincantieri (-2,47%).
Also in red Poste Italiane (-2,36%) after the shareholders' meeting approved the delegation to the board of directors for the capital increase to service the takeover bid (public purchase offer) launched on Telecom Italy (1,96) and a buyback of up to 125 million euros.
Oil prices plummet
The remote signing of the peace agreement between the US and Iran and the prospect of a near-reopening of the Strait of Hormuz are pushing oil prices lower: Texas WTI is trading below $74 a barrel, down 3,7%, while European Brent is down 3,5%, trading around $76. TTF gas is also down more than 3%, trading at €40 per MWh in Amsterdam.
The dollar, however, is rising, with the exchange rate against the euro moving below 1,15 and falling to 1470, a one-year low. The greenback's performance is influenced by Warsh's hawkish tone, but also by the numbers emerging from the latest FOMC meeting: Nearly half of the members of the Fed's Monetary Policy Committee (9 out of 19) believe that it will be necessary to raise interest rates this year. None of them shared this opinion just three months ago, when the Fed released its latest projections. Six of these nine, or nearly a third of the committee, believe that more than a quarter-point rate hike will be necessary this year.
Orders above 8 billion for the BTP Italia Yes
On the secondary market, the spread is stable at 70 basis points, with the yield on the benchmark 10-year BTP at 3,62%.
The issuance of the new one continues BTP Italia Yes the new government bond indexed to Italian inflation. Orders have surpassed 8 billion euros during the fourth day of issuance. Today's bids totaled approximately 1,14 billion euros, adding to the 6,91 billion euros received in the first three days (compared to 6,53 billion in the first three days of the June 2032 BTP Italia placement). The placement is scheduled to close on Friday, June 19, at 1:00 PM.
