The start of the infringement procedure against Italy crashes into Piazza Affari. The Milan index, close to parity at the start, at 13 pm showed a drop of around 0,8% around 20.080 points. The verdict from Brussels on the Italian measures is very severe: the government's choices have weighed down the budget. Now, said Minister Tria, a negotiation is opening which promises to be very difficult. The spread it rises above 280 (from 273). The yield on the Bund is close to an all-time low at -0,22%.
Theuro continues to strengthen against the dollar, the cross is up 0,2% to 1,127. In the meantime, the other stock markets, from Frankfurt to Paris and Madrid, rose by a good half percentage point, favored by the composite PMI index of the Eurozone, which improved in May to 51,8 from 51,5 in April. But for Chris Williamson, chief economist at His Markit, "growth remains modest", a forecast that strengthens Mario Draghi's position on the eve of the ECB meeting which should reveal the terms of a new mini Qe.
Il Petroleum WTI is down 1% to $53 a barrel. API, a consultancy close to the oilmen's association, anticipates a 3,5 million barrel increase in US crude stockpiles this week. Down Eni -0,7%. Takes flight Saipem +4,6% after the announcement of a contract in Mozambique for the construction of a $6 billion LNG project.
Mark the pace Fiat Chrysler -0,8%. The all-out Renault board of directors, which began yesterday, resumes this afternoon. The French automaker reports that it will continue to study the offer. There could be a joint press conference of the two companies in the evening.
On the tariff front, we should note the outcry of Republican senators from the South of the United States against the tariffs threatened by Trump on goods imported from Mexico, including cars. Advance Brembo + 2,2%.
To be registered Tim -0,5%: closed the sale of Persidera, the TV business company. Gedi, Persidera's minority shareholder, earns 4%. Prysmian -0,7%. Today the shareholders' meeting expresses itself on the dividend, the proposal is 0,43 euros per share. The Scotland-Wales shipping link returned to full operation two days ago.
Utilities are worsening, after the rises in the morning supported by the drop in interest rates: Enel -0,2%. Italgas -0,5%, new all-time high. A2A -0,17%.
He perks up Atlantia +1,96%, again linked to the trend of the laws on concessions. In the latest version of the procurement decree, there is an article that simplifies the procedure for revoking a motorway concession. The new rule protects ministry leaders called to sign the revocation, who are now subject to legal action. The decree should be converted by the middle of the month. Sias also rose +2,5%.
Down the banks after the decision of Brussels: Unicredit -3,37%. Bper -2,63% Ubi -2,61% Intesa Sanpaolo -2,41%.
General Bank +0,78%, ending May with 475 million euro in net inflows, the total rising to 2,43 billion in the first five months. Collection of management products, 196 million, advanced consultancy 300 million. Azimuth +1,5%.
In great evidence Juventus + 2,6%.
The luxury sector bounces back: Moncler e Salvatore Ferragamo they advanced by 2,8% and 3,3% respectively. Salt too Geox +4,5% on the launch day of the new treasury share buyback plan. Ovs +3,4%. Also worth noting Diasorin -0,05%, which announced this morning the expansion of its collaboration with Qiagen, the two companies will work on the development of a test for the diagnosis of Lyme disease, spread by tick bites.
