The dollar is trading in a three-week high against the euro at 1,1262 after the rise in consumer prices and the declarations of various Fed exponents (John Williams and Denis Lockhart) who have rekindled expectations of an increase in US short rates.
In Milan the FtseMib index advances by 0,5%, in the early stages it dropped by half a point. Losses around 0,3% for Paris, Frankfurt and London. Madrid -0,1%.
Eurozone bond market little moved with the exception of Greece. The Germany/Greece spread it falls below 700 basis points for the first time in 2016. The spread between ten-year BTPs and their German counterparts opens stable at 132 points. The yield stands at 1,47%.
Il oil is flat, with Brent exchanging at 49,20 dollars a barrel. Eni -0,9%, Tenaris -0,4%, Saipem +0,3%.
However, what ignited the attention in Piazza Affari was the rebound of Fiat Chrysler +2,6% in the wake of the rumor, reported by the "Giornale" that the Chinese Guangzhou Automobile Group, industrial partner of FCA in the country of the Dragon, intends to acquire a stake in the group. Not excluding the majority itself.
Mediobanca Securities analysts recalled this morning that Gac has publicly declared that it wants to expand aggressively in the USA and that next year it will be at the Detroit motor show. “Gac helped FCA enter the US market – reads the note – now FCA could help Gac do the same”. “The M&A process between European and US players is stalled, an outsider like Gac could be the unexpected company capable of turning the tables on the table. Exor rises by 0,4%. Cnh Industrial is down -0,9%.
STM WILL DEVELOP THE SENSOR OF THE DRIVERLESS CAR
Another title in great evidence is StM +3,7%. Yesterday the Italian-French company and Mobileye announced that together they are developing the fifth generation of Mobileye's SoC, EyeQ5, which will be used as the central computer for the fusion of sensors in fully autonomous driving systems (FAD) installed in cars from from 2020.
EyeQ5 will be able to perform more than 12 Tera operations per second, while maintaining power consumption below 5W, to continue using passive cooling systems and achieve outstanding performance.
RCS, EXCHANGE OF BLOWS BETWEEN INTESA AND MEDIOBANCA
Meanwhile the title Rcs +0,42% it remains above the level of the offer price proposed by the Bonomi consortium, at 0,72 euro. This morning, at the request of Consob, the company revealed that the 352 million refinancing of the group still awaits the green light from a group of banks, which took time until June 7th. Among these is Banca Imi, the largest creditor of the group involved in Urbano Cairo's takeover bid. This morning, by no coincidence, Mediobanca Securities reduced the weight of Italian banks in its portfolio. But the only short position concerns Intesa itself +0,82%.
RECOVER MPS AND BPM
Unicredit recovers from the lows -0,21%: RBC confirms the Sector Perform recommendation and lowers the target price to 4 euros from 5 euros. The institute has launched a takeover bid on a series of equity instruments up to a maximum of 700 million euros. The operation will concern up to a maximum of 325 million euro of Tier 1 securities and up to a maximum of 375 million of Tier 2 securities.
They breathe Banco Popolare +1,39% and Banca Pop. Milan +1,57%. This morning, HSBC analysts cut the judgment to Hold da Buy with a target price reduced to 0,57 euro from the previous 0,89 euro. Montepaschi +1,35%.
LUXURY, CHINA PUNISHES BURBERRY
The thud of weighs on luxury Burberry – 4% in London. The luxury company has released the final figures for the second half of its fiscal year and has announced a £100 million cost-cutting plan to be completed in 2019.
Continue the descent of Ferragamo -0,78%. Moncler also down -0,98%. Better Yoox +0,74%.
