With a negative acceleration in the final, Piazza Affari closed down by 0,37%, 21.111 points, with the Telecom share (-0,32%) in swings after denials, new rumors and no comments on the early release of the ad Flavio Cattaneo. Brilliant Fiat, +1,78%, but asset management and Unicredit (-1,83%) are down.
Same fate for the other European lists: London -0,55%, Paris -0,48%, Madrid -0,61%. Flat Frankfurt -0,07%. In the Old Continent practically all stock sectors are in negative territory. Real estate investments dropped by 1,1%, telecommunications (-0,6%), finance (-0,5%), industry (-0,4%), energy (-0,3%).
The further push to the downside comes from Wall Street which first opens mixed, then hooks the plus sign, to reverse course in the middle of the session with data on inventories worse than expected. In any case, the climate seems mostly wait-and-see, with investors looking for indications from the appointments for the next few days: Janet Yellen's speech to Congress tomorrow and Thursday and the start of the quarterly phase on Friday.
The euro remains tonic against the dollar: 1,1429, +0,28%. Bonds, after a day of respite, are back under pressure. The Italian 2,32-year yield rises to 177.00%, the spread with the German Bund widens to 1,61 basis points, +20%. The prospect of less accommodative policies by central banks seems increasingly credible, also in view of the meeting of the European Central Bank on XNUMX July. Angela Merkel notes today that “in terms of the ECB's monetary policy, we are not yet back to where we want to be“. “The good news is that all eurozone member states are growing again. Millions of new jobs have been created, reinforcing our belief that we are on the right track."
Italy is also part of the good news: according to data released by Istat, industrial production in May went beyond expectations and according to the Confindustria study centre, monthly growth was 0,4% in June as well. A trend that bodes well for the next few months, so much so that Economy Minister Pier Carlo Padoan is convinced that in the end the European Commission will grant a discount of half a percentage point of GDP on the 2018 correction. Meanwhile, the government is trusting on Venetian banks.
Oil drifts a bit, then takes a positive path: Brent +0,85%, 47,28 dollars a barrel. Smooth gold. Returning to Milan: the best blue chip is Exor, +1,9%, in the wake of the excellent performance of Fiat, in line with the European auto sector, thanks to the positive data on sales in China. Despite a new Dutch front on Dieselgate, the risks for Akros are limited. In the US, the judge will also appoint an expert with a view to reaching an agreement.
Banco Bper good +1,81%; Ubi +1,37% and Mediobanca +1,24%. Mediaset recovered +0,88%, which benefits from the "outperform" assigned by Macquarie which also promotes the subsidiary Mediaset Espana. The biggest decreases are for Brembo -1,97%; Unicredit -1,83%; Finecobank -1,64%; Buzzi -1,53%; Banca Generali -1,3%.
Off the main list Carige is still up +2,78%, with the green light from the board of directors for the sale of a portfolio of non-performing loans (Npl) for 1,2 billion euros by the end of 2017. The merger by incorporation of Banca Cesare Ponti, to be implemented by the end of the year. Creval boom, +9,84%.
