The progress made on the issue of migrants al Brussels summit (although many distinctions already emerge) and the positive performance of Wall Street supported the European Stock Exchanges, which closed higher. Piazza Affari rises by 0,9% and reaches 21.626 points, favored by the rebound of Prysmian (+4,66%) and by the good performance of the banks (in particular Ubi +3,33% and Banco Bpm +2,11% Flat Understanding -0,06%). FCA appreciates, +1,82%, despite losing momentum during the session after the denial of Hyundai Motor Group for a takeover on the shares of the Italian-American car manufacturer. In pole position Exor +3,37% and Atlantia +2,3%.
Purchases reward almost all sectors, while sales are concentrated on Mediaset, -4,56%, due to the relegation of Morgan Stanley, with an underweight rating from equal-weight and a target price of 2 euros from 3,80 EUR. The Biscione also bears the risk that Simon Fiduciaria, excluded yesterday from participating in the meeting, will challenge the resolutions passed. The company holds, on a fiduciary basis, 19,9% of Mediaset shares owned by Vivendi. Modest reductions also for Tenaris -0,25%; Unipolsai -0,21%; Post -0,14%.
Government bonds made a big splash: the spread between 10-year BTPs and the Bund decreased by 5,11% to 237.70 basis points, while the yield fell to 2,69%. The other price lists of the Old Continent are also in tune: Frankfurt +1,06%; Paris +0,91%; Madrid +0,35%; London +0,3%; Zurich +1,62%.
The American stock market opens positive, with the Dow up by more than a percentage point. The Nike stock is traveling at record levels, after presenting higher-than-estimated quarterly accounts and the rally in the financial sector continues, with the stars and stripes banks passing the Federal Reserve stress tests. Oil stocks did well, in the wake of the advance of black gold: Brent +2,22%, 79,33 dollars a barrel; Wti +1,07%, $72,58.
The euro recovered ground against the US currency, reaching 1,166. The single currency accelerates after the publication of the flash reading of the inflation data in June (2% per annum, against 1,9% in May).
The area also benefits from the agreement reached in the European Council on the issue of migrants. The signed document does not resolve all the knots, which are already coming to a head, but at least today it was perceived by the markets as a positive signal. Furthermore, the heads of state and government of the Eurozone have said yes to the financial parachute (backstop) of the Bank Resolution Fund and to the agreement for "a roadmap, to begin the political negotiations on the single deposit guarantee system".
