There is no peace for Italian banks and the script repeats itself: the sector sinks the Ftse Mib which in a day of sales for all European equities closed with a marked drop of 1,19%. The market targets Banco Popolare in particular -6,29% in view of the 1 billion capital increase which should start next week, followed by Bpm -4,73%, Bper -4,31%, Mps -3,85 .1%. The flop weighs in the pre-marketing phase of the Veneto Banca IPO. The board of directors of the Veneto institute has decided to set the price range for the 0,1 billion capital increase between 0,5 and 8 euros, a demonstration of the less than positive outcome of the pre-marketing phase. The IPO offer, subject to the green light from Consob and Borsa Italiana, will start on June XNUMX and will end at the end of the month.
The main European lists are also in red who pay for the weak data on Chinese manufacturing and the fall in oil on the eve of the Opec meeting: Frankfurt -0,57%, Paris -0,67%, London -0,62%. The Brexit risk is weighing on sentiments ahead of the June 23 referendum.
In 'Semi-annual Economic Outlook published this morning by the OECD – which also underlines the strengthening of the recovery in Italy – reads the possible farewell of Great Britain to the European Union "risks to translate into renewed turbulence of the financial markets and in the euro area could increase the yield differentials between government bonds and the costs of servicing public debt", one scenario that "would require greater budgetary restrictions".
On the macroeconomic front, thePMI index of the Euro area referring to purchasing managers in the manufacturing sector, it stood at 51,5 points, in line with expectations. In Italy, the index dropped to a three-month low at 52,4 from 53,9 in April. In the US in May the manufacturing ISM, the index that measures the performance of the manufacturing sector in the United States, accelerated to 51,3 points, from 50,8 in March and above analysts' estimates.
On the contrary, the construction costs in April they fell by 1,8%, worse than forecasts. The slowdown on the US car market weighs on the price lists with registrations in May which fell by 5,9% and 18% respectively for Ford and General Motors. Countercurrent in the sales data instead FCA whose registrations in May are substantially stable (+1%). However, the stock yields 2,96%.
Wti oil drops 0,49% to 48,86 dollars per barrel on the eve of tomorrow's OPEC meeting. The euro-dollar exchange rate rose by 0,34% to 1,11669. The yen rose against the dollar after Japanese Prime Minister Shinzo Abe announced a second postponement of the VAT hike. The eyes of the markets are also on tomorrow's ECB meeting.
Positive on the Ftse Mib were Finecobank +0,53%, Telecom Italia +0,47%, A2a +0,47%, Campari +0,40%, Unipol +0,36%.
