A prudent but positive session for the main European price lists, on the day of the Council on the Recovery Fund, where Angela Merkel put her political weight on the scales, with the aim of closing the game by the summer. Piazza Affari concludes trading in the pink jersey in the euro area, +0,68%, 19.618 points, ahead of Frankfurt +0,25%, Paris +0,4%, Madrid +0,28%. In the rest of Europe, London was tonic, +1,03%, with the pound still under pressure after the decisions of the BoE and the debt-GDP ratio which, for the first time since 1963, exceeded the 100% threshold.
Meanwhile, in the American morning Wall Street travels in tune, finding hints of optimism in the rumors according to which China is ready to accelerate the purchases of American agricultural products to respect the "phase 1" trade agreement reached with Washington and after some delays due to the Covid-19 pandemic. Raw materials, in particular oil, lend a hand to purchases. Brent appreciates by about 2% and trades at 42,37 dollars a barrel. Texan crude oil is even more tonic, which is close to 40 dollars. Gold travels shipped, over 1756 dollars an ounce. Euro-dollar little moved, below 1,12.
In the EU, the dominant theme of the day was the virtual summit of the 27 heads of government on the next budget of around 1100 billion euros for 2021-27 and on the 750 billion recovery fund, proposed by the Commission and to be allocated to post- Covid. The appointment, as expected, ended without turning points, but it served to once again define the positions, unfortunately distant. If the so-called frugal countries, Sweden, Holland, Denmark and Austria, have reiterated their perplexities, Merkel, Macron and Conte have on the other hand insisted on carrying out the project quickly. Press sources report in particular that Merkel recalled that the European Union is facing the worst recession since the Second World War and that she has every interest in launching the Recovery Plan by the end of the summer, before events such as the elections american. For this reason the Chancellor would have asked for a physical summit in Brussels as soon as possible and this should be held in mid-July.
In this climate, the Italian secondary closed slightly higher: the spread was 181 basis points (-0,44%), while the yield on the 10-year BTP slipped by one step to 1,36%.
Meanwhile, the Btp Futura is taking shape on the primary, which will be ten-year with a maturity of July 2030. There will be three increasing coupons and they will be communicated on July 3, on the eve of the placement scheduled for July 6. The first, which lasts 4 years, will be definitive. The last two (three years each) could be revised, but only upwards, at the end of the placement. Btp Futura, as already happened for the Btp Italia last May, will be entirely dedicated to financing the expenses envisaged by the latest measures launched by the government to deal with the pandemic emergency and support the recovery. There will be a minimum loyalty bonus of 1%, for those who keep Futura until expiry. This premium may increase up to a maximum of 3%, based on the average annual growth rate of Italy's nominal GDP recorded by Istat over the life of the security.
In Piazza Affari, the session is splendid for Telecom, +3,54%, while details are beginning to emerge on the offer presented by Macquarie to Enel (+1,7%) for 50% of Open Fiber. Utilities are in pole position: Terna +2,92%; Snam +2,48%. Good for oil: Saipem +1,52%. Ferragamo closes its last session on the Ftse Mib with a bang, +3,24%. Banks in no particular order: Ubi +1,91%; Mediobanca -2,12%.
Sales penalize Poste -2%; Leonardo -1,65%; Buzzi -1,46%. Among the minors, Gvs, a Bolognese company active in the supply of filtration solutions and industrial masks, makes its great debut. The stock, suspended several times upwards, closed with a leap of 21,72% to 9,92 euros compared to the IPO price of 8,15 euros. This is the first listing on the main market this year. The company starts with a capitalization of around 1,4 billion euros. “The initial placement ended up in a strong rally in the face of a demand that was equal to six times the offer and this is driving up the stock because there is a lot of interest,” observes a trader.
