Despite the concerns expressed by Draghi and Yellen on the fate of the economy in the event of Brexit, the markets after a slide in the early afternoon managed to close in positive territory. The Ftse Mib ends the session up 0,45%, Paris by 0,61%, London by 0,36%, Frankfurt by 0,54%. In Germany, the index of confidence in the German economy measured by the Zew index recorded a sharp leap in June, rising to 19,2 points from the 6,4 points to which it had fallen in May and has wrong-footed the estimates of analysts who expected, for June, a further reduction to 5 points.
The Btp bund spread goes up to 140 basis points and a yield of 1,45%.
On Wall Street, indexes are moving cautiously but positive with high tech stocks in the spotlight. Wti oil dropped 1,76% to 49,08 dollars a barrel and Brent dropped 1,88% to 49,7 dollars a barrel. The euro-dollar exchange rate is down and is back below 1,13. Gold is down 1,57% to $1269 an ounce.
In the afternoon, the president of the ECB Mario Draghi indicated that the alert in the central bank system is maximum even if it is very difficult to predict the impact of the British vote in its various dimensions. At the same time, overseas, Janet Yellen, speaking before the Senate Banking Committee, stated that Brexit could have significant repercussions on the US economy and here too attention is high. Furthermore, while Yellen is optimistic about the long-term prospects for the US economy, she cannot rule out a continued decline in productivity. On the Brexit front, all eyes are now on the duel that tonight at Wembley will oppose the former mayor of London Boris Johnson, champion of Brexit, against his successor, Sadiq Khan, a staunch supporter of British membership of the EU.
At Piazza Affari, purchases reward Saipem +3,33%. Mediobanca adjusted its target price upwards by 10%, bringing it to 0,44 euro from 0,39 euro. However, the judgment remains neutral. The company is finalizing the final details for a bond issue of up to 1,5 billion euros.
Overall the banks rose Bper +2,56%, Intesa +2,47% promoted by Socgen to Buy from Hold, target price at 3,0 euro, Ubi Banca +2,46% (Buy rating, target price 3,60 EUR). UniCredit +0,96%. Generali also highlighted +1,79%. Francesco Gaetano Caltagirone rounded off his stake in Generali again, rising to 3,19% of the capital and becoming the second largest shareholder behind Mediobanca (13,21%) and ahead of Leonardo Del Vecchio's Delfin (3,16%).
At the bottom of the Ftse Mib Cnh Industrial -2,44%, triad -1,69%, Bmps -1,48%, Tenaris -1,47% and Poste Italiane -1,26%.
Anima, which left the Ftse Mib a few days ago (replaced by Recordati), rose by 5,53% thanks to the opinion of Ubs which raised its rating to Buy with the target price unchanged at 6,8 euros. Furthermore, Bpm is evaluating whether to reduce its stake in Anima or whether to launch a takeover bid together with Poste Italiane after Consob clarified that a 25% takeover bid threshold is applicable for the asset manager.
Cairo Communication closed up 1,52% at 4,396 euros: touching today the top of the session, the shares value the Rcs share at 0,703 euro and have exceeded the 0,70 euro cash offered by the consortium competitor International Media Holding. The relaunch on RCS of the entrepreneur from Alessandria, who awaits the go-ahead from Consob for the weekend, provides for the exchange of 0,16 Cairo Comm shares for each RCS share, as well as a plan that envisages the merger between his group and the one that controls il Corriere and a capital increase of up to 70 million euros. Rcs closes down by 0,52% to 0,76635 pending the possible relaunch that the consortium of Bonomi and partners should announce by next Friday.
