It drops more than expected the Ifo index, which measures German business confidence. The markets are hoping for an opposite signal from the USA: the American confidence index will be released in the afternoon, expected to rise to 83,5 points from 83 in May.
In the meantime, Piazza Affari loses ground (-0,63%), an index Ftse Eb at an altitude of 21557. Things are better in the rest of the Old Continent: Paris +0,11%, Frankfurt -0,05%, London -0,27%, Madrid -0,08%. The Btp/Bund spread fluctuates around 157 bp, with a yield on Italian government bonds of 2,90%.
Spain is auctioning up to 3,5 billion short-term, 3- and 9-month government bonds. Meanwhile last night the Italian Treasury announced that in the after-tomorrow Bot auction 7,5 billion 6-month Bots will be offered, against maturities of 8,8 billion. Tonight with the markets closed, via XX Settembre will instead communicate the details of the medium-long auctions on Friday, in the context of which the new 5-year benchmark should be launched, envisaging an offer of up to 5 billion five-year BTPs, up to 3,5 billion ten-year bonds and up to 1,5 billion Ccteu.
The price of crude oil stabilizes: the Iraqi government forces seem able to defend the pipelines that guarantee the flow of crude oil exports. Eni (-0,25%) completed the sale of 1% of Galp for a consideration of 107 million. "This is positive news for the company as it has put an end to the exit from the Portuguese company, a process started in 2012", Banca Akros analysts said this morning, recalling that Eni has announced a plan to divest non-profit assets -core for around 9 billion euros in its 2014-2017 business plan. “We reiterate our buy recommendation on the stock with a target price of 22 euros. While on Galp we have accumulated and a target price of 15,3 euros”. Equita instead reiterated hold on the six-legged dog (target price at 18,7 euros) and buy on Galp (target price at 15 euros).
Banks are still holding back the Milanese price list: Unicredit e Understanding they mark declines of 2,15% and 1,88% respectively. Always volatile Mount Paschi which slips by 5,93%. Bper + 0,38%. Banco Popolare (-0,99%) does not recover yesterday's sharp drop (-2,8%). A board meeting on the sale of the bad bank Release is scheduled today, after unsatisfactory offers.
Utilities are in turmoil. Among the best stocks of Piazza Affari there is A2A , up 0,8% as a Goldman Sachs boost lifted a Sell recommendation to Neutral. The American investment bank also promotes Ivy, unchanged: Goldman Sachs raised the target price by 6% to 2,7 euros. The title has been placed on the Conviction Buy List.
Enel +0,37%: the group is preparing to sell 10% of Bayan Resources, an Indonesian mining company: at today's prices, the package is worth 169 million euros. CIEN, a subsidiary that manages a high voltage electricity grid between Brazil and Argentina, is also being sold and should be worth 750 million euros.
It deflates Mediaset, unchanged after the promising start: the market is betting on a decision on the auction of Serie A football TV rights in favor of the Fininvest group. Still on the rise Finmeccanica (+1,01%). It bounces Telecom Italy (+0,93%). Not lucky Cerved's debut after the IPO: the stock is traded at 4,76 euros, down 4,4% compared to a placement price of 5,10 euros.
The debut of Rottapharm it is scheduled for July. The valuation is estimated at between 1,9 and 2,2 billion. Instead, it resumes the infinite flight of TXT e-Solutions (+7%). In a letter addressed to shareholders, the chairman and major shareholder of the company that makes software for clothing and luxury companies, Alvise Braga Illa, said that he and other major shareholders have resumed buying the stock on an ongoing basis.
