After the first rising trades, Piazza Affari reversed course and in the middle of the day it was down by around 0,23%, with the Ftse Mib index fluctuating around 16 points. The industrial production data influenced the market: in May, the first tendential drop since the beginning of 2016 was recorded, -0,6% compared to May 2015. All sectors are experiencing a cyclical contraction starting from capital goods (- 1,8% since April). The consensus was expecting an increase of 0,4%.
The other European lists are up: London + 0,6% Paris + 0,8% Frankfurt +1,3% and Madrid + 0,5%.
Il BTP draft at 1,20% (+1 basis point), not far from the lows of the last 15 months. The yield on the Bund fell by one basis point to -0,20%, close to historic lows, signaling that tensions remain high.
THEeuro/dollar this morning it reached an intraday low of 1,1016, just above 1,1003, which the exchange rate fell on Friday following the publication of the new labor contracts. The dollar also gained against the pound, which dropped as low as 1,2910 this morning.
In Piazza Affari the rush of Mount Paschi (+4,8%), in the hope of a forthcoming agreement in Brussels on bank non-performing loans. Conversely, other banks have gone negative. In particular, UniCredit -3,8%, Bper -3,5%, Ubi Banca -0,6% and Popolare Milano -1,9%. Intesa loses 0,3%. Mediobanca removed the stock from the short portfolio (aimed at the downside) to include it in that of long stocks (aimed at the upside).
Il Petroleum type Brent loses 1,5% to 46 dollars a barrel. Reuters reports that US shale oil producers have reduced extraction costs by adapting them to the new scenario. Many of them are now able to survive on $45 oil. A report by Goldman Sachs forecasts a price per barrel of American WTI in the range of 45-50 dollars for the next 12 months.
Eni it lost 0,5% to 14,42 euros. The European Oil & Gas sector is on the other hand up slightly (+0,4%). Well tuned Saipem (+4%): this morning Goldman Sachs wrote that the main research offices have added the stock to the list of shares to keep an eye on. In the meantime Mediobanca has decided to include the stock in its recommended Long Portfolio, confirming the Outperform recommendation and the target price of €0,47.
On positive ground Fiat Chrysler (+ 2%), Mediaset (+ 1,5%) and Telecom Italy (+ 1%).
Leonardo rises by 0,7% to 9,33 euros. This morning SocGen reiterated the Buy recommendation, the target price goes from 14,0 euros to 15,0 euros. Meanwhile, Mediobanca removed the stock from the recommended Long Portfolio.
Out of the main basket, Rcs Media Group it jumped by 16,49%, to 0,9925 euros, after having reached a maximum of 0,9960 euros. The stock therefore remains below the prices of the raises by Cairo Communication +0,5% and by the consortium led by Investindustrial.
