Contrast the European stock exchanges in anticipation of the reopening of Wall Street. Piazza Affari, the most tonic in recent days, is trying to achieve parity but with difficulty. The index FtseMib it is just under 21k points at 13:10pm on Wednesday. The other markets are doing better, starting with Paris + 0,15%. Frankfurt is also on positive, albeit slightly, ground. Madrid -0,15%, even less move London -0.07%.
The final reading of the euro zone composite PMI came in at 56,3 in June, down from 56,8 in May, but well above the flash estimate of 55,7. In Italy, however, growth in services activity slowed for the second consecutive month.
Rising rates on the bond market: the BTP ten-year is trading at a yield of 2,12% (from 2,10% yesterday), the spread widening to 164 basis points.
Dollar down slightly with the euro strengthening to 1,136, from 1,134 at yesterday's close. Gold stable at 1.223 dollars/ounce
After closing on Tuesday for the Independence Day holiday, the American stock market will restart today at the same time as the release of some significant data on the US economy: factory orders and durable goods orders for May. In the evening, the minutes of the last meeting of the FOMC, the Fed's monetary policy committee, will be released.?Dollar down slightly with the euro strengthening to 1,136, from 1,134 at yesterday's close.
Oil down: the Brent at 48,85 dollars per barrel (-1,53%). Among the blue chips, the decline of Saipem -1,9%, penalized by the downgrade of Barclays which lowered the recommendation to Equal Weight from Overweight. The company partially cancels the effects of the mini rally at the beginning of the week. Eni drops by 0,2%.
The leap forward of some luxury stocks stands out on the market: In the opposite direction, they run Moncler +1,3% and Yoox +2,8%: both benefit from the start of coverage by the American broker Jefferies which recommends Buy on both companies.
Instead they go down Enel -0,5% and Atlantia -0,4%. According to El Economista, the JP Morgan Infrastructures fund, in consortium with Globalvia, is studying the possibility of launching an offer on Abertis, competing with that of Atlantia. Akros does not exclude the hypothesis.
Telecom Italy slightly down -0,43% after linvestigation opened by the Antitrust.
The attention of the banking sector is concentrated on Banca Carige, which is posting a fresh 11% gain after the +14% rally.
Spotlights also on the press conference of the top management of Mount Paschi after green light to the plan by the ECB and the next entry, by July, of the State into the capital with a 70% stake: the shareholding structure will last until 2021, barring an early turnaround. The business plan developed by CEO Morelli provides for: the reduction of 5.500 employees from the current 25.500; the closure of branches from 2 to 1.400; Npl junior and mezzanine transferred to Atlante II at 21% of the face value. In 2021, before the bank returns to private individuals, the profit will be 1,2 billion.
The other banks moved little: Unicredit -0,1% Understanding unchanged, Ubi+0,5%. Industrial stocks are up StM + 0,8% Leonardo +1,1% and Prysmian + 1,4%. Fiat Chrysler falls by 0,2%.
