Deflation Goodbye. May data revealed a 0,3% year-on-year increase, ending five months of stagnation. In the wake of the news theeuro went into orbit: +1,7%, to 1,11 on the dollar in the space of a few hours.
Also the positive signs on the Greek situation helped the markets recover. International creditors are close to a draft aid deal to be presented to the Greek government, a source close to the talks told Reuters.
Flaky i BTP together with Waist. An uninspiring start that had already seen the 2-year reference rate return above XNUMX%, was followed by a further weakening after the inflation data.
Two days after the OPEC meeting in Vienna, they go up oil prices supported by the weakness of the dollar and the statements of the Saudi oil minister, Ali al-Naimi. Brent trades at 65,29 dollars, Wti goes to 60,89 dollars.
The oil companies are moving well: Tenaris +1,76%: Capitalone Securities raised its target price from 26 to 27 dollars (equalweight rating confirmed).
Saipem + 1,80% Eni up 0,86%, also thanks to the agreement signed yesterday for 2 billion dollars for the next two years for exploration with Egypt.
Goldman Sachs "continues to see value in European equities in terms of earnings improvement." In fact, based on corporate earnings per share, stock valuations don't look high. As far as individual countries are concerned, for Goldman Sachs the greatest value is found in the periphery, particularly in Italy and Spain.
Mixed news from the planet Fiat Chysler. In May, the company sold more than 2007 cars (200) for the first time since March 202.227, with an increase of 4%, higher than the market results. For the company led by Sergio Marchionne it is the 62nd month of the increase. Conversely, in Brazil the market collapsed: -26%.
Even if the improvement in group volumes so far is in line and consistent with our estimates for the whole of 2015, we positively evaluate the Italian data as well as the +3,3% achieved in France, where the market slowed down by 4% in May”, add the analysts of Banca Imi who reiterate the buy recommendation and the target price of 18,43 euros.
