Limit the damage Piazza Affari +0,31% after opening low. On the Stock Exchange Saipem is still in the storm. The market hopes (but not too much) that good news can arrive from the European front, both on the gas price ceiling and on the anti-spread level. But on both issues an agreement is still far away. It dates back to it spread at 194 points. But yields are down due to the risk of recession: the BTP strengthens to 3,40%, minus 13 basis points, the Bund trades at 1,43%, from 1,75% the day before. The offer of Btp Italia it closed with subscriptions for 9,45 billion euro.
The sword of Damocles of supplies of Russian gas prompted Germany to activate phase 2 of the alarm, but Berlin still hesitates in the face of the price ceiling move advocated by Draghi.
Borsa limits the damage but slows down the economy
The positive movement of Wall Street futures resizes the scope of the fall of the European Stock Exchanges in this final phase of the morning. But the macro data confirm the slowdown in the Old Continent's economy. Business growth has slowed well beyond forecasts judging by thePMI index of S&P Global, dropped to 51,9 in June from 54,8 in May, to its lowest since February 2021. “Eurozone economic growth is showing signs of slowing, as the stimulus to pent-up demand due to the pandemic wears off, offset by the shock cost of living and plummeting business and consumer confidence,” said Chris Williamson, chief business economist at S&P Global. The core manufacturing PMI dropped to a nearly two-year low from 54,6 to 52,0.
Stock market, Saipem still falling. Capital increase only for Eni, CDP and banks
In Piazza Affari, the tormented start of the Saipem capital increase is still taking center stage. After Wednesday's collapse, with losses of 21,5% and after a sluggish start (-18,6% at 10 am) the shares of the oil service started a slow recovery around 30 euros (-8/ -9% ). The extreme volatility of the share is linked to the hyper-dilutive characteristics of the increase from 2 billion (over double the current stock market value). Investors are selling hands down ahead of tomorrow's deadline, the last day to get rid of the shares, before rights start trading on Monday 27 June. An almost obligatory choice for retail which, in order to participate, would have to shell out a very high amount, in the light of the exchange between new and old shares. Year to date the title is in the red by about 70% against the good performance of the oil & gas sector thanks to the jump in oil prices.
Borsa, the other stocks in evidence
Il government decree on energy supports utilities in Piazza Affari: the best is Italgas +3%. Increases of more than 2% for Hera, Enel, A2A and Terna.
Also prominently featured Fineco +2,99% in contrast with the rest of the financial sector: Bper -2,3%. Unicredit -1,23%.
The best stock is Amplifon + 4,75%. Always on the move Telecom +2,7% around 0,26 euro.
