Stock markets are improving after a high tension start, exasperated by the rise of the spread to 294 points which then returned to less pathological levels.
In Milan, the index reduces losses to -0,4% around 19.600. Just below parity Paris, Madrid lose half a point. London does little better - around 0,4%. Frankfurt – 0,37%. The German Infineon -7% announced this morning the purchase of California-based Cypress Semiconductor for $10,1 billion, including debt. The buyer pays $23,85 for the stock, 46% more than last month's average price. Stm drops by 0,9%.
Promoting the recovery is the trend of thePMI index on the expectations of purchasing managers of Italian manufacturing companies unexpectedly rebounded in May, approaching 50, the one that divides the field between contraction and expansion. The PMI index, elaborated by Markit itself on a European basis, is confirmed at the April levels, in line with expectations.
The Prime Minister, Giuseppe Conte, announced on Facebook that today at 18,15 he will hold a press conference at Palazzo Chigi to communicate "some important things"
It has shrunk to 282 points the spread after the initial peak. The ten-year rate trades at 2,61% from 2,68% at the start and from 2,66% at the previous close. The 10-year Bund yield extended last week's decline, hitting a new all-time low of -0,216% this morning. The gap between German 2-year and 10-year yields is the narrowest since August 2016. The movement of the Bund follows that of US Treasuries, whose yields hit new lows overnight: the 2017-year yield is at its lowest since September 2017, the two-year at its lowest since December 2008 in the best two-session rally since the XNUMX financial crisis.
Investors fear the repercussions on global growth of the increasingly bitter trade dispute, with US President Donald Trump increasing tariffs on Chinese imports in recent weeks, threatening to raise tariffs on Mexican imports and removing some privileged treatments reserved for the Indian ones.
Il oil tries to go upWTI is trading $53,70 a barrel this morning, up 0,5%, down 5% on Friday, ending the week down nearly 9%.
Oil recoveries: Saipem -2,19%. Eni +0,99% announced that it has made its fifth discovery in the space of a year in Block 15/06, deep offshore Angola.
Gold trades at 1.315 dollars an ounce (+0,7%), the highest in the last two months.
In the business square Fiat Chrysler loses 1,43% on the eve of the board of Renault (rising, as well as Nissan) dedicated to the merger between the two houses. The market already discounts the demands of the French government which, among other things, is asking for an extraordinary coupon for the transalpine group.
The CEO of Nissan, Hiroto Saikawa, also spoke on the matter: “I believe that a potential entry of FCA into the Alliance could expand the space for collaboration and create new opportunities for further synergies. Having said this, the proposal currently under discussion is a complete merger which, if implemented, will significantly modify the structure of our partner Renault” and therefore, underlines Saikawa, “this would require a complete review of the current relationship between Nissan and Renault”.
The auto sector is the weakest in Europe. May registration data will be released tonight. Pirelli -0,7% Berenberg raises the rating to Hold, from Sell. Brembo -1,7% and Ferrari -1% lose shots.
In great evidence Diasorin +2,7%, is among the best blue chips thanks to Bofa's Buy
Fight the banks. Unicredit -1%. Credem -1,5%. Fitch confirmed its long-term rating at 'BBB' with a negative outlook.
Enel -0,4%, sold 540 Megawatts of renewable capacity in Brazil: proceeds of 660 million euros. Salvatore Ferragamo -0,7%. The CEO Micaela Le Divelec gave an interview over the weekend, in which she talks about the plans to relaunch the current business. Fincantieri -1%. The official launch of the alliance with Naval will be this summer.
