Stock markets above par in Europe awaiting tonight's announcements Fed. Trading volumes are modest, likely as investors wait to hear Janet Yellen's press conference. The rise in the cost of money is taken for granted, what matters most will be the indications on the planned reduction of the central bank's balance sheet, which has ballooned out of proportion as a result of the expansive manoeuvres.
In Milan the index Ftse Eb it rises by 0,3%, around 21,140 points. Paris advances 0,9%, Frankfurt of 0,5%, Madrid by 0,3% and London, after a negative start, is now up 0,4%. The Exchange of Athens it gains 2% and pushes to a two-year high, +23% since January 15st, in anticipation of an agreement with creditors at the Eurogroup meeting on June 4,5th. The two-year Greek bond yield fell to 2010% on its lowest since 1,3. This morning Athens placed 13 billion euros in XNUMX-week government bonds.
Il technology sector it is the one that earns the most today, with an increase of 1,1%, after the crash of recent days. Chipmakers Infineon and Dialog Semiconductor earn between 0,7% and 1,5%. Salt too stm (+0,7%): Moody's revised the outlook to “positive” from “stable”.
In April the industrial production in the euro area it grew by 0,5% on a monthly basis and by 1,4% on an annual basis, in line with consensus expectations. This was announced by Eurostat, also pointing out that the March figure was revised upwards to +0,2% on a monthly basis and to +2,2% annually.
Bank of Italy sees GDP growing by 2017% in 1,3 compared to the 1% estimated last week, Deputy General Manager Fabio Panetta said today, specifying that today's estimate incorporates Istat's upward revision of GDP growth in the last two quarters.
Meanwhile, the performance of the Italian secondary continues to improve, with the yield differential between the BTP and the Bund on the ten-year stretch reaching its lowest level since last January. The spread it dropped to 168 basis points from 172 at yesterday's close. The 1,94-year reference rate fell to 1,98%, also at its lowest since January, after closing yesterday at 0,26%. Ten-year Bund yields drop at auction to XNUMX%, a new low.
The President of the Bundesbank, Jens Weidmann, rejected the European Commission's idea of creating a new common debt issuance instrument. This type of bond, warned the central banker, "could be interpreted as a step towards Eurobonds, i.e. a debt mutualisation tool".
The utilities and companies with a high level of debt, favored by the fall in rates, are highlighted: Enel + 0,6% Atlantia + 1% Telecom Italy +1% and Terna +1%. Changing of the guard at French utility EDF lifts stock nearly 5%. The French giant has promoted an Italian to head its UK subsidiary, which oversees the construction of new nuclear reactors at Hinkley Point.
Oil falls after the data that signals a new increase in US hydrocarbon inventories, which suggests that the abundance of crude oil supply in the world is not reducing. Brent crude is trading at $48,2 a barrel, down 1%. Eni -0,1%, Saipem +0,1%.
The downward trend in European rates, on the other hand, plays against the profitability of banks. Unicredit -0,6% Intesa Sanpaolo -0,5% Where's Banca -1%. Bpm bank +1,4%, on the news of the sale of 693 million Npl. Banca Carige it rebounded by 1,22% after yesterday the Board appointed Delmonte as general manager and will shortly identify the CEO. According to Akros, the bank made the first decision to stabilize the situation.
"Despite a significant reduction in the ratio of NPLs to total credit in Italy, the progress made by Italian banks in reducing NPL stocks to manageable levels remains insufficient," ECB Vice President Victor Constancio explained this morning.
Among the industrial stocks it is advancing Prysmian (+1,7%) which yesterday inaugurated the new optical cable factory in Slatina, Romania, the largest in Europe.
Instead it goes down Fiat Chrysler (-1%). Analyzes conducted by a laboratory in West Virginia have revealed a large discrepancy between the nitrogen oxide emissions of diesel engines in the laboratory and on the road.
Between small and mid caps it falls Amplifon (-7%): the controlling shareholder, Ampliter, yesterday sold 5,5 million shares to institutional investors, equal to 2,43% of the capital. Ampliter's share is reduced to 44,9%. At the same time Tamburi sold 3,5 million, equal to 1,55%.
Pierrel +11%: agreement between the partners for the recovery of the company. Landi Renzi + 12%. Digitouch +5%, the Milanese digital advertising group has launched a new proprietary data management solution aimed at companies.
