Mixed session in Europe and practically colorless for Piazza Affari, which closed just below the levels of the day before (-0,08%) at 25.736 points, with the main list held back by profit-taking on oil stocks and bank sales. However, Atlantia is flying, +3,56%, following the announcement of a 1-2 billion buyback and a new dividend policy, which will see the distribution of 600 million from the 2021 financial statements (with subsequent growth in the coupon), thanks the sale of 88% of Aspi to the consortium led by CDP and the consequent collection of 8 billion euros.
Overseas Wall Street proceeds in fractional decline after yesterday's records and on the day of the start of the awaited meeting of the Federal Open Market Committee (FOMC), the monetary policy arm of the US central bank. The two-day event will end tomorrow with a press conference by President Jerome Powell. In the meantime, the US government bond market remains slightly moved, while Boeing is lukewarm in the stock market, despite the historic EU-US agreement, which comes after 17 years of disputes, for public funding to the American company and the European Airbus. The two countries will suspend each other's tariffs for 5 years. The White House, in the statement with which it confirmed the news, informed that Washington and Brussels "will work together to counter China's actions in the aviation sector". The dispute over the tariffs imposed by the White House on steel and aluminum imported from the EU will take "a little time", but the president of the commission Ursula Von der Leyen, now that the axis with the US has re-established with the G7, he hopes to find a solution.
In any case, European shareholders as a whole recorded gains for the eighth consecutive session, thanks to the vaccination campaign underway, the rapid and robust recovery and the belief that the central banks will not withdraw the stimulus measures prematurely. The STOXX 600 benchmark hit an all-time high this week after the European Central Bank displayed a dovish stance despite rising inflation. The final data for May was released today in Germany: monthly growth of 0,5% and 2,5% on an annual basis, in line with preliminary estimates and Frankfurt closes up 0,31%, with industrial stocks well bought and destined to benefit from an upturn in the economy. London +0,32% and Paris +0,35% are also positive, while
Madrid loses 0,62%, mainly due to the plunge of ArcelorMittal -4,52%. In the bond sector, there is a boom in requests for the first Eurobonds. The placement of the first ten-year issue maturing in 2031 linked to the Next Generation Eu project has started today, which will serve to give gas to the economy of European states, starting with Italy. The first placement (Bnp Paribas, Dz, Intesa Sanpaolo and Morgan Stanley, lead coordinator Danske Bank and Santander) has already largely exceeded the ceiling of one hundred billion requests against an offer of ten billion euro, the first tranche of issues which , for 2021, they could reach a total of 185 billion (but it should remain well below the maximum limit). This is the first in a series of issues of up to €800 billion that will fund grants and loans to member states until 2026.
In this context, the Italian secondary closed in green: the spread between 10-year BTPs and Bunds of the same duration stopped at 97 basis points (-1,19%) and the rate of the Italian bond was +0,74%. In the meantime, Bank of Italy has learned that in April the Italian public debt reached a new record. The reported increase is 29,3 billion compared to the month of March, so as to bring the total debt of the Public Administrations to 2.680,5 billion.
The euro-dollar is flat, around 1,21. Among raw materials, copper slips by more than 3% on international markets to 4,36 dollars a pound, although it has always remained at its highest level for over a year. Oil remains on the crest of the wave, trading higher. Brent futures move above 73 dollars a barrel, while Texan crude requires almost 72 dollars. The push of the black gold is not enough today for the stocks of the sector of Piazza Affari, which close in no particular order after the gains on the eve. Tenaris, -2,05%, is the worst share of the Ftse MIb, Saipem loses 0,18%; Eni +0,06%.
Sales penalize banks above all, starting from Bper -1,57%; Bank Bpm -1,5%. Off the main MPS list -2,04%. Andrea Enria, chairman of the ECB's Supervisory Board, said today that the European Central Bank plans to take a decision on July 23 on the possible lifting of the limit imposed on bank dividend payments and share buybacks. Among the Milanese blue chips on the rise are Moncler +1,44% and Interpump +1,1%.
Italgas dropped 0,03% and did not react, during the session, to the green light to the new plan to 2027 which envisages investments of 7,9 billion euro (+0,4 billion on the previous plan), of which 2 billion on gas tenders, 380 million on M&A and 1,4 billion for the digitization of networks. The current dividend policy was confirmed for the three-year period 2020-2023. The shares of Italia Independent tower above the Aim, +27,61%, following the signing of the licensing agreement by the brand founded by Lapo Elkann with Pacha for the creation of eyewear collections.
