The euro slows down in mid-morning, the European stock exchanges accelerate. Business Square, having absorbed the dividend effect, is the brightest: the Ftse Mib index rises by a good one and a half points, over 17.500. Well too Paris e Madrid, with increments above one percentage point. TO Frankfurt and London gains above 0,6%. The price run was hampered by the disappointing data of the Zew, the German confidence index, which collapsed in May to 6,4 points from 11,2 in April.
In Milan, attention is focused on the banking sector, starting from Unicredit (+2,6%) a few hours before the board of directors (starting at 16pm) which should end with the resignation of the managing director Federico Ghizzoni. Also prominently featured Understanding (+ 2%) and Mount Paschi (+3,9%). Well too Ubi (+ 2,2%) and Mediobanca (+2,4%). Weaker Banco Popolare (-0,7%).
Along with the banks, insurance companies and asset management companies are also on the rise: Generali + 2,2% Azimuth + 1,7%.
Brent falls to 48 dollars a barrel (-0,8%), Wti to 47,8 dollars (-0,7%), but oil companies are advancing: Eni earns 1,7%. JP Morgan analysts raised the target price on the stock to 14 euros from the previous 13 euros, confirming the Neutral judgment.
Tenaris +1%. Saipem also rose (+0,9%), which was also downgraded by Moody's. At the beginning of May, Standard & Poor's downgraded the rating to 'BB+' with a negative outlook from 'BBB-' with a stable outlook.
Prompt collection of Fiat Chrysler (+1,4%), which recovers part of yesterday's sharp drop (-4%), triggered by accusations in the German press on alleged violations of anti-pollution regulations. Relay in the team of Sergio Machionne's closest collaborators: Reid Bigland takes office as the new Chief Executive Officer of the Alfa Romeo and Maserati brands in place of Harald Wester, who "will be able to devote full attention to the role of Chief Technology Officer of FCA".
Among industrialists, the rise of Leonardo (+1,5%): the US Navy should launch a tender for 85 training helicopters after the summer, probably in October. The order could have a value of approximately 255 million dollars, in addition to the costs of training and maintenance.
In decline Telecom Italy (-0,4%). This morning Exane BNP Paribas cut the target price by almost 30% bringing it to 0,80 euro from 1,10 euro, reiterating the Neutral recommendation. positive Enel (+ 1%).
In luxury it descends Luxottica (-0,7%) and Moncler is advancing (+0,5%), with Citigroup confirming the Buy recommendation.
Actions Salini Impregilo they are down by about 13% in Piazza Affari at 3,23 euros, the worst session for three years, with volumes around half the average of an entire session. Yesterday the company announced the 2016-2019 business plan with an Ebitda margin estimated at over 10% at the end of the plan and a contract in Ethiopia worth 2,5 billion euros.
Kepler Cheuvreux reacted to the new business plan by cutting the recommendation to Hold da Buy with a target of 3,90 euros. Disappointing. Bnp Paribas also cut its target price by 2% to 4,6 euros. On the other hand, the contract in Ethiopia was positive. More optimistic is Exane, for which the stock remains Outperform, with a target of 4,60 euros.
