Afternoon see-saw for Piazza Affari, which in the end closed in line with the other European lists with a fractional increase, +0,45%, 20.940 points, despite Wall Street opening in the red and the news that the Elliott and Fortress funds have left the negotiating table for the purchase of non-performing loans within MPS. The losses of some bank stocks (Bper -3,24%) are offset by the gains of big names such as Brembo +2,54% or Leonardo +2,22%.
Bonds slow down as the hours go by, but archive a positive week: the spread between Italian and German ten-year bonds stops at 171.10 basis points (-0,18%), yield 1,99%. Meanwhile, Ecofin warns Italy: it must "keep ready to take new measures to ensure compliance with the Pact" in 2017-2018, even if "the assessment of the accounts will be made taking into account the conditions of the economic cycle". Minister Pier Carlo Padoan is confident, according to which there are no indications that the request for a 0,3% adjustment next year can be rejected.
Moving on to the other continental price lists: Frankfurt +0,48%; Madrid +0,56%; London +0,6%. Paris +0,89% is the best place, two days before the second round of legislative elections, which see President Emmanuel Macron's party in pole position.
Wall Street is currently in negative territory. The news of the day is that Amazon will buy Whole Foods Market for $13,7 billion, paying it $42 a share. The stock of the e-commerce giant gains on the Stock Exchange, but its entry into large-scale distribution pushes down the stocks of its rivals in the retail sector. Also remember that today is the day of the “four witches”i.e. index futures, index options, stock futures and stock options expire at the same time; this could induce some volatility. A dose of political uncertainty also remains, with President Donald Trump admitting in a Tweet: “I'm being investigated for firing the FBI director by the man who told me to fire the FBI director. Witch hunt!”. The euro recovers 0,39% against the dollar, 1,1191. Oil rebounds: Brent +0,49%, 47,23 dollars a barrel.
On the Ftse Mib however, a zero point is not enough to restore tone to Saipem, which today leaves 3,52%% on the ground. Money instead on Eni, +0,58%, despite the cut of the target price, from 13,5 to 13 euros, by JPMorgan; and Tenaris, +0,95%.
The sales hit some banks, in particular Bper and Banco Bpm -2,39%. Among financials, Azimut rose +2,28%; Banca Generali +1,65%; Banca Mediolanum +1,51%. New slide for Ynap -2,8%. Mediaset loses appeal -1,6%. Fiat down, -0,78%, despite the excellent data on registrations in Europe in May (+11,9% against 7,7% for the market). The CEO Sergio Marchionne excludes that the investigations underway on diesel emissions in the USA could have an impact on the accounts and confirms the objectives of the plan for 2018.
In addition to the securities already mentioned, Exor also supported the list +2,49%; Cnh +1,67%; Ferrari +1,16%; Moncler 1,57%, Snam +1,7%; Enel +1,15%; Generals +1,25%. The market rewards Buzzi, +0,71%, which signed a mandatory agreement for the purchase of 100% of Cementizillo, a company active in the cement and ready-mix concrete sector in north-eastern Italy. Atlantia was also moderately positive, +0,43%, which filed the prospectus relating to the Abertis operation with the Spanish Consob.
