Miracle: Italy is growing again. Piazza Affari celebrates with an abundant 1% rise the data on gross domestic product for the first quarter, revised up to 0,4% from the 0,2% already estimated. The annual trend rises to 1,2%, above the government estimate of 1%. The index Ftse Mib returns to touch 21 points, the other price lists of the Old Continent are more cautious: Paris +0,7%, Frankfurt +0,3%, in red Madrid – 0,4%. London, in full electoral atmosphere, advanced by 0,4%.
A positive note comes from the banking front. An agreement in principle was reached between the Treasury Minister, Pier Carlo Padoan, and the Competition Commissioner, Margrethe Verstager, on the reorganization plan of Banca Mps which allows the start of the precautionary recapitalization of the bank in line with European rules.
The debt market moved little: the rate on the 10-year BTP rises to 2,20% from 2,18% at yesterday's closing. However, the opening of the German paper with a negative sign also leaves the spread between the ten-year BTP and the Bund unchanged at 189 basis points in the last session. Last Tuesday, the Btp/Bund spread rose to 192, the highest level since the beginning of May, the ten-year rate up to 2,21%, the highest since mid-May.
Recovery oil after yesterday's fall: Brent is trading at 51,1 dollars a barrel, up 0,6%, yesterday it lost 3%. The market expects a sharp contraction in US crude inventories. Oil also improved: Eni rose by 0,9%, Tenaris +1,1%, Saipem unchanged.
In Piazza Affari on a pre-holiday day it shows off Atlantic +3,7%. According to the president of Abertis, Salvador Alemany, it is unlikely that the Spanish government will decide to oppose Atlantia's takeover bid. Alemany also said he believes the market will decide to accept the offer.
It stands out among industrial stocks Fiat Chrysler+0,3%, pending May sales data. In France, the group doubled the market with an 18,5% increase in sales.
Avanza Enel +1%. CEO Starace announced that the process of selling the Russian plant has resumed and that the group is currently taking part in a tender for wind power in the country. Meanwhile, it has signed an agreement with Rosseti to digitize the network. Italgas +3,8%.
Do not miss the negative notes:
– In sharp decline instead Fincantieri -4,3% after French President Emmanuel Macron said he wanted to review the terms of the recent agreement on the sale of a major stake in Stx France's Saint-Nazare shipyards to Fincantieri.
Technogym also down -5,5%: Nerio Alessandri, founder and controlling shareholder with 60% of the capital, sold 8% of the capital with an accelerated bookbuilding at 6,90 euros per share.
- He still suffers Ferragamo -0,3%, after negative indications from Michael Kors and Prada (-4% in Hong Kong).
Leonardo earn 1%, Cnh Industrial + 0,8%.
Spotlight on Telecom Italia board of directors +1,7%: a relay at the top is looming with the promotion of Arnaud de Puyfontaine in place of the current president Giuseppe Recchi. The latter explained that the company was not asked by the EU to sell Persidera.
