Oil is pushing Wall Street and providing enough fuel for European stocks to close in positive territory. Milan is the best, also thanks to Atlantia, +2,48%, and toFriendly takeover bid launched on the Iberian Abertis. The FtseMib stops at +0,6%, 21.704 points, with Italgas as the best stock of the day +3,22%.
Madrid +0,56%; London +0,26%; Frankfurt +0,29%; Paris, +0,22%, on the day that President Emmanuel Macron conferred the post of prime minister to Edouard Philippe, mayor of Le Havre, moderate exponent of the right of the Republicains.
New York, at the opening, gives a little impetus to the European markets and, right now, the three main US stock exchanges are moving in positive territory, with oil companies such as Exxon Mobil and Chevron in evidence. Stocks related to information security, such as Fireeye, Symantec, Palo Alto Networks, following the hacker attack that hit about 200 computers in 150 countries, were also in tune.
Brent surges +2,75%, $52,24 a barrel, with Saudi Arabia and Russia agreeing to cut production through March 2018 in an effort to reduce global inventories.
The dollar, on the other hand, is losing share compared to other currencies. The euro approaches 1,10 and trades at 1,098 (+0,43%). The weakness of the greenback benefits gold, +0,45%, 1234,32 dollars an ounce.
On the macro front, the growth ofinflation in Italy in April: +0,4% on a monthly basis, +1,9% on an annual basis, with prices at their highest levels since 2013. Public debt, however, hit a new record in March. Italy remains a special observation in the European panorama, as confirmed by S&P in a report. “In an uncertain political climate, 2017 could prove to be a lost year for much-needed reforms.” Bonds are not affected too much, today the spread between the ten-year Italian and the German Bund remains stable: 185.30 points (-0,27%), yield 2,28%. Also, starting this morning retail bookings for Btp Italia in May 2023, with a guaranteed minimum coupon of 0,45%, reached 1,6 billion. Retail investors will be able to subscribe for the stock until Wednesday, barring an unlikely early closing tomorrow.
Returning to the stock market: the market promotes Atltantia's takeover bid on Abertis. The purchase and/or exchange offer on all the shares of the Spanish company is 16,5 euros per share, for a countervalue of 16,34 billion. It intends to create the world leader in transport infrastructure management with a diversified asset portfolio in 19 countries with 14.095 km of motorways and 60 million passengers at Rome and Nice airports.
Oil shopping day; Eni +0,74%, Saipem +1,43% and Tenaris +2,18%. The utilities moved little, apart from Italgas +3,22%.
Multi-speed session for financials: good Bper +2,75%, Banco Bpm +1,36%; Ubi +1%. Weak Banca Generali -1,17%; Fineco -1,56%. Opposite sign at home for Unipol -1% and Unipolsai +1,11%. Positive results for Intesa +0,5% and Unicredit +0,41%.
The Fiat galaxy toned down: FCA +1,5%; Ferrari +1,24%; Exor +1,3%. Purchases for Prysmian +1,12% and Stm +1,05%.
Sales hit Leonardo -0,57% and, outside the main basket, Fincantieri -4,71%, after the demotion from buy to hold, by some brokers. Finally, Esprinet collapsed, -5,9%, after the accounts for the first quarter.
