The European stock exchanges contrasted after the confirmation of the next hike in US rates coming from the minutes of the Fed. Milan is the worst place in the middle of the day, with the banks that after a mixed start have veered into negative territory: the Ftse Eb it drops 0,24%, to 21.319 points. The other European Stock Exchanges, already in negative territory, recover: Paris + 0,34% Frankfurt + 0,14% Madrid gain about half a percentage point.
THEeuro it has an advantage against the dollar at 1,124 (+0,2%). The yield of btp it goes to 2,10%, from 2,12% yesterday. The Waist in ten years it yields 0,36%, from 0,40% yesterday.
The price of Petroleum is stable today and could recover now that OPEC has decided to extend production cuts until March 2018, in an attempt to reduce the global supply glut. In the meantime, however, the operators who had already taken into account the agreement take action and thus Brent drops to 53,2 dollars. The WTI yields 11 cents, to 50,5 dollars. Eni loses 0,8%%, Tenaris 1,12% and Saipem 1,02%.
However, it is the banks that are putting pressure on Piazza Affari: the EU Commission has reiterated its opinion no to a review of the request for additional private capital (one billion) necessary to allow for the public recapitalization of the two institutions. Without an agreement, the bondholders also risk paying.
“Hope dies last” headlines a Beremberg report on Italian banks. The broker, considering the weight of Italian debt and the weak economic growth, wonders who could be the buyer of Italian debt if the ECB starts tapering. “Although planning or recapitalization has reached almost 40 billion euros in the last 18 months – write the analysts – we estimate that Italian banks need 40-90 billion of new capital”.
The Italian sector index dropped by 0,50%, while the European one was slightly positive. Those who had run the most recently are down: Banco Bpm falls by 1,9%, Valtellinese credit -2,87%. Where's Banca -1,6%. Down also the Bigs: Intesa Sanpaolo -0,8% (Jefferies changed the rating to Hold from the previous Buy and the new target price is €2,90), Unicredit -0,3%. B for Bank earn 0,5%.
Some upside points on asset management: in April the net deposits of the industry was 9.029 billion. Azimuth earn 1,18%, Anima the 2,26%.
Among the utilities, Snam +1% ed Enel + 0,8%. Mediaset -0,1%. Telecom Italy -0,2%. Fiat Chrysler advances by 0,4%. Atlantia +0,1%: the Spanish press reports that the government does not appreciate the launch of the takeover bid on Abertis.
in luxury, Moncler -0,4%. Ferragamo marks a new decline of 0,8%. With a note, the management confirmed caution on the trend in 2017 and reaffirmed the medium-term objectives communicated on the Investor Day of 3 February 2017. It also weighs twice as much downgrade of China and Hong Kong by Moody's.
