Waiting for the Fed European stock exchanges are taking a breather after five days of decline. The easing of tensions was favored by the positive opening of Asian stock markets this morning and was then supported by the moderately upward trend of Wall Street.
Banks recovering in Piazza Affari push the Ftse MIb up by 1,49%. London rose by 0,73%, Paris by 1% and Frankfurt by 0,92%.
However, the fly ti quality continues which brought the German bund up to ten placed at auction this morning for 3,259 billion euro, recording a yield of 0, down compared to the 0,015% of the May auction (yesterday's secondary purchases had pushed 0,14-year yields below zero for the first time).
The Btp-bund spread always moves around 150 basis points and a yield of 1,49%. Today though it is Spain that reaches a negative record: Spain's public debt rose to 100,5% of GDP in the first quarter, a 20-year record.
On the macroeconomic front in Europe, the first estimate by Eurostat of exports of goods from the euro area to the rest of the world in April indicated a drop of 1% compared to April 2015: they went from 173,9 billion to 172,3 billion. Imports fell by 5% from 153 billion to 144,8 billion. As a result, the surplus in trade in goods was $27,5 billion compared with $20,9 billion a year earlier. Intra-eurozone trade increased to €142,8 billion, up 1% on April 2015.
Some good macro data, such as producer prices and manufacturing, support Wall Street awaiting the Fed's words tonight at 20.30. The markets are expecting a stalemate on rates, on standby pending the Brexit referendum, but are hoping for indications on future central bank moves from President Yellen.
The Empire State index, which measures the performance of manufacturing activity in the New York area, jumped +6,01 points in June from -9,02 points in May, significantly beating expectations of a hike to -4points. Producer prices in May are also above the estimates, rising by 0,4%. The data on industrial production in May which fell by 0,4% does not seem to worry the markets, more than the forecasts in the wake of the slowdown in that in the auto sector (-4,2%).
Oil finally recovered from the day's lows but still closed both Brent and WTI down: inventories fell by 933.000 units to 531,543 million, while analysts expected a drop of 2,1 million barrels
The banks rebound in Piazza Affari: Banco Popolare +7,10% best stock, Bpm +5,66%. In evidence Leonardo +3,93% after the 4 billion euro order in Qatar. According to a preview from the Sole 24 Ore, the pre-agreement with which Fincantieri is awarded a 4 billion euro contract for the supply of 5 military ships will be signed tomorrow. Half of the value will go to Leonardo Finmeccanica for the supply of missiles and radars and systems.
Moncler +3,81% and Ferragamo +3,01% are also in evidence while Pitti and the men's fashion shows get underway.
Rcs +0,95% which benefits from the pPossible arrival of a Chinese partner alongside Cairo for a raise. According to what is claimed by Il Messaggero, the possibility is emerging that Wanda Group, a Chinese group active in various sectors (hotel, real estate, tourism and sport) will join Urbano Cairo in the takeover of the via Solferino publishing group. In Italy Wanda is also known for two other reasons: through Infront he manages the TV rights of football and is also indicated among the subjects of the Asian consortium that is negotiating the purchase of Milan.
Meanwhile, the RCS board of directors will convene, according to Radiocor, a meeting on the 'fairness opinion' relating to the takeover bid launched by International Media Holding - the newco that brings together Investindustrial, Diego Della Valle, Mediobanca, Pirelli/ChemChina and UnipolSai - by next Friday
At the bottom of the Ftse Mib Anima -2,07%, Unipolsai -1,13%, Mediaset -0,45% and A2A -0,34% and Bper -0,32%
