The markets are proceeding without a precise direction while awaiting the start of the awaited European Council: “The fate of the European Union lies in its ability to manage immigration” German Chancellor Angela Merkel said in front of the Bundestagahead of the summit. Aid to the Chancellor has arrived from Greece, Prime Minister Alexis Tsipras tells al Financial Times to be ready to sign an agreement on the movement of refugees in transit or present in the countries of the Union.
After the negative opening, the indices climbed back above zero and then returned to the red. Milano around 13 pm it marks a drop of around 0,4%, above the 21.400 mark. Heavier markdown for Frankfurt -0,7% Paris -0,1%. Down too Madrid -0,6%, almost flat London.
Good results from the auction of medium/long-term securities. The Treasury has placed BTP and Ccteu for a total of 6,5 billion euros. 10-year BTPs were allocated for 2,5 billion at an average yield of 2,77% (3% in the auction at the end of May). 5-year BTPs were also allocated for 2 billion at a yield of 1,82% (from the previous 2,32%). The Treasury also placed CCTEU for 2 billion at a rate of 1,67%.
Lo spread Btp/Bund widens to 252 points after warning from the ECB in its economic bulletin: Italy is among the seven countries in the euro area that this year risk a "significant deviation" from the public finance targets envisaged by the EU pacts. The perception of the "Italy risk" remains high. The spread against Greece remains at the lowest level since 2009 at 114 basis points.
The ECB bulletin also deals with the aging of the European population and what implications this may have for the evolution of the euro area economy. "in some countries, for example in Italy and Spain - we read - the risk of taking steps backwards with respect to the pension reforms previously adopted seems high".
In June Italian inflation it recorded an increase of 0,3% on a monthly basis and 1,4% on an annual basis, an acceleration compared to the +1% in May. This is the preliminary estimate by Istat, which specified that the acceleration of inflation is mainly due to the prices of unregulated energy goods (from +5,3% in May to +9,4%).
Petroleum slightly down, yesterday WTI crude rose to its highest level since the end of 2014, taking the oil majors with it on Wall Street. Saipem + 0,2% Tenaris + 0,4%. Eni -0,1%. This morning Kepler-Cheuvreux strengthened the Buy rating, bringing the target to 18,50 euros from the previous 17 euros.
In no particular order are the bankers in Piazza Affari.
Unicredit +1,2% is at the top of the list, despite JP Morgan, in a report on the sector, having cut the target price from 21 to 20 euros, in any case with a potential upside margin of 44% compared to yesterday's quotation. The same broker has revised downwards the target price of Understanding + 0,8% Where's Banca -0,5% Bpm bank +1,15% And B for Bank -1%.
The worst title is Prysmian -2,6%. The capital increase of 500 million euros will start on July 2 at a price of 15,31 euro per share. 32,6 million new shares will be issued, diluting earnings per share by approximately 12%. The rights will be purchasable until July 19.
Still down Tim -0,6%. According to Berenberg's estimate. Since the launch of the service, Iliad has acquired around 10.000 customers a day.
Ferrari loses more than 2% after the positive rebound of the last few days.
Also vulnerable to US tariffs Cnh Industrial -2%.
In the rest of the list:
It shoots up Astaldi + 4,21% after the president of the company Paolo Astaldi spoke of talks at an advanced stage for the sale of the stake in the Bosphorus bridge, a necessary condition for the formation of the guarantee consortium for the capital increase, as part of a plan which also provides for the entry of the Japanese company IHI.
DiaSorin +1,9% updates the historical record for the second consecutive day, reaching 99,20 euros.
During the week Kepler-Cheuvreux rewarded the partnership with Qiagen by raising the judgment to Buy from Hold and bringing the target price to 100 euros from the previous 76 euros.
