Thanks to the rush of banks, Piazza Affari compensates for the slowdown in utilities and the car sector, conditioned by the air of rising interest rates and the advance of the euro. The Ftse Mib index at 12.30 was practically unchanged at around 21.100. The other European lists were down: Paris -0,6%, Frankfurt and Madrid -0,3%. Slight progress London +0,26%.
The euro remains over 1,14 on the dollar in a market that seems to ignore the attempts of the ECB to cushion the interpretation made by the markets of the message Draghi. The economic confidence index in the countries of the Eurozone stood at 111,1 points in June, an increase compared to 109,2 in May and above the expectations of economists.
Oil recovery continues: the Brent gains 0,5% to $47,50 a barrel. It is the sixth rise in a row. In the previous five sessions, all on the upside, crude oil was up nearly 6%. Eni -0,37%, Saipem + 0,2% Tenaris + 0,2%.
Il BTP ten-year contracts at 2,05%, from 2,03% yesterday. The XNUMX-year bund also dates to 0,40%, from 0,36% yesterday. The interest rate curve steepens in Italy, the spread between 2 years and 10 years rises to 223 basis points, the highest in the last three weeks. A steeper curve brings benefits to the activity of banks, already favored by the rally in sector stocks in Italy but, above all, by the positive outcome of the stress tests in the United States: 32 of the 34 banks rated by the Federal Reserve passed the exam and were authorized to proceed with the distribution of dividends.
Among the banks to which the Fed has given the green light also the US units of Deutsche Bank, HSCB and Santander which rise between 0,9% and 4% Deutsche Bank was also pushed by the news that a US federal judge did not accept the accusation that the company had hidden flaws in its anti-money laundering controls in the context of money transfer operations from the Russia for 10 billion dollars.
In positive territory the Italian banks: Intesa +1,14%, Unicredit +0,4%, Ubi +3,54%, Banco Bpm +3,9%, BPER +2,07%, Credito Valtellinese +6,66%.
In Europe, utilities suffer/ The sector index loses 1,4% on the possibility of an interest rate hike by the ECB by July 2018.
Enel is down by 1,16%, Terna -1,57% Italgas - 0,09%.
Salt instead Telecom Italy +1,04%. Yesterday the CEO Flavio Cattaneo said that the second quarter data will show how strong the growth in broadband customers is. Mediaset +0,7%
Weak luxury. Under fire in particular Tod's -3,8%. Equita expects weak margins to emerge from the next accounts (due on 3 August) in the first half and has cut its estimates for the group and the target price to 56,5 euro, confirming the reduced rating. Luxottica -0,8% Ferragamo -1%, Brunello cucinelli -3%
The rise of the euro slows down the automotive industry: downhill Fiat Chrysler -1,8%, Ferrari -2,07% and Brembo -1%.
