The Milan Stock Exchange is up after the release of data on the trend of consumption in the euro area, the Ftse Mib index rises by 0,7%. The main European stock exchanges moved little, with modest variations while the ECB directorate meeting is in progress. At 13.45 the European Central Bank communicates how it intends to fight low inflation and unemployment. Mario Draghi's press conference opens at 14.30. London -0,27%, Paris +0,04, Frankfurt -0,08%, Madrid +0,17%. The exception is Milan +0,55%, the Ftse Mib index at 21742, up after the data on the trend in consumption in the euro area, which grew by 2,4% compared to the previous year. The data on German industry was also better than expected: orders rose by 3,1% month on month from -2,8% in March.
The euro is up slightly against the dollar at 1,361. The BTP trades at a yield of 2,99%, down by two basis points. The outcome of the Spanish auction was excellent: Madrid placed 4,5 billion euros of 3- and 5-year bonds at the lowest yields ever. Telecom Italia slows down +0,16% after a brilliant start in the wake of sector consolidation: the merger between the third largest mobile telephone operator in the United States, Sprint with the fourth, with T-Mobile is about to be announced 32 billion dollars. Deutsche Telekom which owns 67% of T-Mobile, gains 0,9% in Frankfurt. The Stoxx index of European telecommunications rises by 0,3%.
Much more effervescent Mediaset +3,24%. Rumors suggest that the Alfa Romeo company will give in to requests to sell its 22% of Canal +, the Spanish digital platform, to Telefonica. The price is around 350 million euros. Finmeccanica still on the rise +3%. Kepler Chevreux reiterated the buy recommendation with a target price of 7,10 euros. Among other industrial stocks, Fiat rose by 1,4%, StM +0,2%.
In the banking sector, spotlight on MontePaschi -1,6%: in the afternoon the board of directors meets to determine the price and option ratio of the capital increase, which will start next Monday and close on 27 June (tradable rights on the stock exchange until 20 June ). Unicredit is up by 1%, Intesa +0,8%. Ubi Banca rises by 1,5%.
In the sharp decline in the fashion sector Yoox -3% which continues to suffer due to the news coming from Asos -30%, the English benchmark of the sector, which has issued a warning: in the current year profitability will be lower than than expected due to marketing investments and a less favorable sales mix.
In luxury, Ferragamo is down 1,3%. World Duty Free climbs +0,9% after Bank of America promotion to Buy from Neutral. On the energy front, A2A rises +0,5%: Goldman Sachs confirms the negative Sell opinion and slightly lowers the target price to 0,84 euro from 0,85 euro. Enel is up +1,4%, Eni +0,3%.
