The European stock exchanges move volatile awaiting the words of Janet Yellen but they closed the session in positive territory also supported by the upward start of Wall Street. Piazza Affari, after a negative move at the end of the morning, ends the session up 0,74%, better than Paris +0,04% and Frankfurt +0,18%, held back by the data on German industrial orders which fell by 2% economic situation in April, much worse than expected. However, the best stock exchange in the old continent is London, thanks to the mining sector, which closes up by 1,03% despite new Brexit polls and the sharp rebound from sterling. Over the weekend and again this morning, some polls showed that the majority of the British would be in favor of leaving the EU. Even the Btp-Bund spread widened again during the day above 140 basis points and yielded 1,49%, however closing in the end at 127 points.
During the day, Piazza Affari took the downward path weighed down by the downward revision by the Bank of Italy of the estimates of economic growth in 2016 and 2017. For the 2016 the central bank forecasts an increase in Italian GDP of 1,1%, compared to the previous indication of +1,5%, while for 2017 the estimate is +1,2% from +1,4%
Wall Street opens positively by accelerating in anticipation of Yellen's speech scheduled at the World Affairs Council in Philadelphia at 18.30pm. Meanwhile, the markets register the statements of James Bullar, governor of the Federal Reserve of St. Louis which does not prejudge any outcome of the meeting scheduled for the 14th and 15th of this month. "The odds of a June rate hike are now much lower but a July tightening is possible," Bullard said in an interview with the Wall Street Journal, explaining that May's disappointing US jobs report (released last Friday) it was “clearly a negative surprise”. With regard to Brexit, ie the United Kingdom's exit from the European Union which will be put to the vote in the referendum on June 23rd, Bullard declared that it is not a significant issue for the USA. The euro-dollar exchange rate closed slightly at 1,135775. WTI oil jumped by 2,20% to 49,69 dollars a barrel and Brent by 1,81% above 50 dollars a barrel.
Piazza Affari records the good start of the Banco Popolare increase: +5,06% the share, after the detachment of the rights, and the rights jumped by 14,71% to 1,17 euro. Overall, the combined straighter stock posted a 7,6% gain over Friday's close. Bpm +3,17% is also good. Meanwhile, Borsa Italiana has issued the provision for admission to trading of Veneto Banca shares. However, Borsa underlines that "the starting date of trading will be established with a subsequent notice subject to the verification of the sufficient diffusion of the financial instruments". At the beginning of May, on the occasion of the attempted IPO of Banca Popolare di Vicenza, Borsa Italiana had blocked the listing precisely due to the insufficient diffusion of financial instruments.
However, the best stock of the ftse Mib is CNH Industrial which benefits from being shortlisted by Goldman Sachs. The investment bank adjusted the price target from 6,5 euros to 8,5 euros, countering an improvement in the American market which will also lead to an improvement in the company's profitability in the period 2016/2020. In evidence are the oil stocks with Saipem rising by 2,8%.
Ibottom of Leonardo blue chip basket -2,12%, Unicredit -1,9%, Ubi Banca -1,29%, Mediobanca -0,76% and Mediaset -0,61%.
After the outcome of the first administrative roundspotlight on municipal utilities, in particular for the renewals of the city councils in Rome and Milan which will go to the ballot in two weeks. Acea sells 3,17%: the markets are frightened by the possibility that Raggi will change the top management of the company, including the CEO Alberto Irace and impose a change of direction to the industrial plan outlined so far by the management. Hera (-0,8%) and Iren (-1,4%) are also bad. A2A instead rises by 1.43% waiting to understand who between Giuseppe Sala and Stefano Parisi will be the new mayor of Milan.
Pininfarina +7,27% after the official entry of Mahindra in the capital with a share of more than 70%.
