YELLEN AND CHINA PUSH EXCHANGES UP. THE UNKNOWLEDGE OF THE VOTE WEIGHTS ON BTP AND PIAZZA AFFARI
The bull is advancing in Asia and in the USA on the wave of encouraging data from the Chinese economy and the reassuring remarks of the Fed. The Tokyo Stock Exchange rises +1,2%. Shanghai, yesterday the scene of the historic meeting between Vladimir Putin and Ji Xinping in which an agreement on Siberian gas estimated at 400 billion dollars over 30 years was signed, advanced by 0,4% after data on industrial production, the best of 5 months.
Reassuring signs are coming from the US central bank, which is about to welcome Stanley Fisher as Janet Yellen's deputy. There will be a change of course by the Fed, but it is too early to indicate when and how it will happen. This is what emerged from the minutes of the last meeting of the central bank at the end of April. On this occasion various scenarios were examined without making a decision on the tools to be used for the exit strategy.
Driven by these indications, the US stock exchanges accelerated on the way up. The Dow Jones index rose 0,97%, the S&P500 0,8% and the Nasdaq 0,85%. General Electric has decided to exit the finance sector. In the third quarter, an IPO will be launched on 20% of the subsidiary Synchrony Financial, valued at 20 billion dollars. The rest of the capital will be distributed pro rata to the shareholders of the conglomerate which will focus even more on industrial activities. Meanwhile, Jeffrey Immelt, CEO of Ge, does not despair of winning the race for Alstom, overcoming the offer of rival Siemens.
The good news from overseas suggests a positive start for the lists of the Old Continent, however dominated by the expectation of two events: the European elections on Sunday, on which the unknown populism weighs, and the decisions that will be adopted next Thursday in ECB meeting.
The result was a highly volatile session for Piazza Affari (from a minimum of 20.189 to a maximum of 20.633), in the end, however, the best stock exchange in Europe with an increase of 1,07%. London +0,2%, Paris +0,3%, Frankfurt +0,6% is also positive.
HIGH VOLATILITY SPREADS. BUNDESBANK LIFESAVER FOR BUND
The performance of Italian government bonds, the most volatile in view of the elections, is much more agitated and significant. The BTP touched the psychological threshold of 200 basis points in the morning and then dropped to 183 basis points at the end after a minimum of 177. The 3,21-year yield thus settled at 4,23%. The flop of the German auction helped to deflate the differential, after the Berlin Treasury collected only 5 billion euros in the placement of new 1,41-year Bunds against the 1,365 billion offered. But the average yield, thanks to the intervention of the Bundesbank, fell to its lowest level in a year, at 1,370%. Lastly, the dollar is strengthening against the euro, which fell to XNUMX from XNUMX at yesterday's close.
THE RISE OF OIL PUSHES ENI. ENEL ON DESPITE GOLDMAN SACHS
The good performance of oil stocks (Stoxx of the sector +1,1%) conditioned by the events in Libya favored the rise in European lists. Crude oil prices are up with Brent at 110,5 dollars a barrel (+0,7%) and Wti at 103,8 dollars (+1,5%).
It is no coincidence that the most followed title was Eni +2,2%. Salt too Saipem +2,2% on the wave of the awarding of the order for a gas liquefaction terminal in a Canadian port to a consortium of which the Italian multinational is a member. The French Total it gained 1,4%.
Good upside for too Enel +1,8% in a two-speed session: after a slow start due to the judgment of Goldman Sachs (Sell judgment confirmed, target price lowered to 3,6 euros from 3,65 euros) the stock took advantage of the promotion of the German companies Rwe and Eon by the Royal Bank of Canada.
WEAK TELECOM. FILE THE ACCUSATIONS IN TRONCHETTI
Weak in the telecommunications sector. Telecom Italy it lost 1,3% despite Mexican financier David Martinez Guzman, head of the Fintech group, declaring his interest in investing.
The investigating judge of Milan, at the request of the prosecutor, dismissed the charges of international corruption and criminal association against the president of Pirelli, Marco Tronchetti Provera, as part of an investigation into the so-called illegal dossiers fabricated by Telecom's security when it was led by Giuliano Tavaroli.
Of the utilities, noteworthy were the profits taken on Atlantia - -1,28% despite Nomura's increase in the target price from 19 to 21 euros, which confirmed the buy rating.
BANKS IN RECOVERY, EXCEPT MPS. BAP FOR CARIGE
The rise in Piazza Affari was supported by the banks starting from: Unicredit +3%. Understanding +0,8%. Good performance byUbi 3,3% and del Banco Popolare +1,32%. It's an exception MontePaschi -2,4% on the day of the shareholders' meeting that approved the 5 billion increase. The CEO, Fabrizio Viola, said he aimed to start the increase in the first part of June to complete it in the first part of July, adding that the first contacts with the new shareholders are positive and that in the coming days the prospectus relating to the recapitalization will be presented to Consob.
Heavy loss for Carige -17% after the Carige Foundation placed a 10,9% stake on the market at a price of 0,40 euro per share. The stake sold is lower than the target of 15% announced the day before and the price is lower than the indicative range already set (0,435-0,48 euro).
MANAGED IN RECOVERY, SOUL TAKES FLIGHT
Generali it rose by 0,6%, with little movement UnipolSai -0,4%. The recovery of managed savings favors Azimuth +2,5%. Little move Mediolanum +0,3%. Anima Holding takes off +6,02% after the triple buy-out of UBS, Kepler Cheuvreux and Goldman Sachs, which started hedging the stock with a target price of 4,4 euros, 4,7 euros and 4,9. XNUMX euros.
HIGHLIGHTS AUTOGRILL AND GTECH
Little moved the other blue chips. Among the industrialists Fiat rose by 0,4%, Pirelli + 0,8% StM +0,3%. Instead they go down Finmeccanica -1,2% and Prysmian -0,9%. On the rise Campari +1% and Rest + 1,7% Gtech it gained 1,8%. Of note, among small caps, is the collapse of Eems -17,5% to 0,1808 euro: the market capitalization has fallen to less than 10 million euro.
