European stock markets start cautiously, with Business Square which returns to play its own game, dragged by banking risk. In the old continent the focus still remains on Middle East, where the cross-attacks of the last few days between Israel and Iran have stopped again after the intervention of the US president Donald Trump who called for an immediate halt to the exchange of fire. The tycoon reportedly warned Israeli Prime Minister Netanyahu of the risk of escalating the conflict during their last telephone conversation: "I told Bibi that he would do very well to be careful about what he is doing, because he could very soon find himself alone facing Iran,” he told Israeli broadcaster Channel 12.
Despite the tensions, Trump has once again promised an agreement with Iran within two or three days. This is enough to help the situation ease. Petroleum: the price of WTI is around 90 dollars a barrel, European Brent is at 93 dollars.
In this context London is down 0,4%. Paris, after a slow start, in the following minutes it recovers and rises above parity (+0,1%), as Frankfurt (+0,06%), the latter supported by industrial production which grew again in April. Tonic Amsterdam (+ 0,4%) and Madrid (+ 0,5%).
Milan is driven by the banking risk
Keep on running Milan, which after an uncertain start, marked a rise of 1,9% and reached a new record of 51,168 points. Attention is still focused on the risk game after Intesa Sanpaolo's attack on Banca MPSA joint operation with Unipol, which will acquire the MPS brand and 635 branches of the Sienese bank.
And so, at the top of the Ftse Mib they are placed Bper (+ 4,09%) and Unipol (+4,03%). Closely followed by Mediobanca (+1,78%), e Bpm bank (+1,69%), despite CEO Giuseppe Castagna's proposal for a merger of equals with Siena appearing to have less chance of success than Intesa's maxi offer. Also rising Ps (+1,50%), while the shares Generali, main target of Ca' de Sass advances by 1,28% and rises for the first time above 40 euros. Finally, salt Unicredit (+1,1%), which today will reveal the new acceptance percentages for the Commerz offer. The bank led by Andrea Orcel, an absolute protagonist of the first phase of the Italian risk game, is currently out of the second, but could return to the scene both due to its involvement in the Lion's Company, which for a possible return to Banco Bpm.
Outside the banking sector, they stand out Poste Italiane (+ 3,2%), Italgas (+ 2,3%) and Telecom Italy (+1,79%). Sales on Avio (-0,64%) And Amplifon (-0,5%).
Hi-Tech recovers on Wall Street
Futures rising on Wall Street After yesterday's mixed session, dominated by the recovery of semiconductor stocks after Friday's collapse. The session closed with the Dow Jones below parity (-0,14%) and the S & P 500 (+0,3%) and above all the Nasdaq (+0,86%) positive. The shares of Micron Technology, The memory chip maker that led the market's latest bull run is up nearly 10%, after a 13% decline on Friday.
Even the actions of Nvidia and Broadcom closed up 1,7% and 2,8% respectively, while the stock of Apple lost 1,9%, after the start of its Worldwide Developers Conference.
On the macroeconomic front, expectations are rising for the inflation data The May US Federal Reserve (FEDEX), which will be released on Wednesday, is crucial for the FOMC's monetary policy decisions. Analysts expect the annual price index to have risen 4,2% in May, the highest increase in three years. If expectations hold, the Fed could consider raising rates, especially considering that data released last Friday showed the labor market remains in excellent health.
From Space X to OpenAI, IPO fever is rising in New York.
But also those taking centre stage are the IPOs coming soono. It will be listed on the stock exchange on Friday SpaceX. Secondo BloombergThe coordinating banks—a consortium of 23 institutions led by Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan—will close the institutional order intake on the evening of Wednesday, June 11, several hours earlier than expected, before starting trading on the Nasdaq on June 12 under the ticker Spcx. Elon Musk's company is offering 555,6 million shares at a fixed price of $135 each—a nearly unprecedented move for IPOs of this size, which typically announce a range—for a total of $75 billion and a market capitalization of approximately $1.770 trillion. If the consortium exercises its greenshoe option on an additional 83,3 million shares in full within 30 days, the fundraising would rise to €86,2 billion and the valuation to €2.000 trillion, surpassing Saudi Aramco (€29,4 billion in 2019) and Alibaba (€22 billion in 2014) as the largest IPO in history.
But there's not only space. At the window there is OpenAi which, a week after rival Anthropic, filed its IPO documents. “We recently filed a confidential S-1,” the company explained in a post on X, referring to the regulatory document required to initiate the IPO process. “We haven’t yet decided on a timeline; it may take some time as we have activities we want to pursue that are likely easier to manage as a private company.” However, “this is a complex situation that requires balancing several factors; this move gives us the option to go public earlier, should we deem it the best option.” Figures are not available at this time, but what is known is that last March, OpenAi’s valuation rose to $852 billion after raising $122 billion in capital.
Asia rebounds with chips, Seoul's Kospi soars (+8%)
The return of purchases linked to artificial intelligence, also in view of the upcoming mega debuts on the Nasdaq, is pushing up the sector's stocks also in Asia, where the Kospi of Seoul is about to close in a sprint (+8,1%), driven by stocks such as Samsung (+ 8%) and Sk HynixThe company that produces memory chips, recently entered the trillion club, advances by 16% thanks also to the agreement signed with Nvidia for the development of chips. Good Tokyo (+1,97%) flat Hong Kong and growing Shanghai (+ 0,68%) and Shenzhen (+1,6%) with markets still open.
The EuroStoxx 50 futures fell 0,3%, while the FTSE MIB futures rose 0,1%, further supported by the recent upheavals in the banking sector.
At Piazza Affari, investors' attention will continue to be focused on the stocks involved in the banking game, following Intesa Sanpaolo's bid for Banca MPS. This deal, shared with Unipol, will acquire the MPS brand and 635 branches of the Siena-based bank. Yesterday, Rocca Salimbeni's board of directors announced it will examine the offer, as well as the proposed merger made by Banco BPM, announced on Sunday.
A proposal that, however, looks more like a letter of intent than a real transaction presented to MPS. The two initiatives also put the spotlight back on Generali, which yesterday already updated its all-time highs.
The spread opens lower
Opening slightly down for the spread tBTPs and Bunds. At the start of the session, the yield spread between the benchmark 10-year BTP and the German Bund of the same maturity stood at 76 basis points, down from 77 basis points yesterday. The yield on the benchmark 10-year BTP also fell, opening the session at 3,81%, from the last reference point of 3,82%.
On the currency market, the euro is still at 1,1538 dollars, almost unchanged from yesterday's close. The single currency is also worth 184,75 yen (184,761), while the dollar/yen rate stands at 160,1 (160,13). bitcoin is stable in the $63.000 area. The price of the gas remains substantially unchanged at 49,9 euros per megawatt hour (+0,1%).
