Personal spending on consumption in the US in April remained unchanged on a month-on-month basis, down on the consensus at +0,2%. In Milan, the FtseMib index fell by 0,2%, the stock exchanges in Paris and Frankfurt rose by 0,3% and 0,1%, Madrid +0,2%. The Btp market is in tension, but with reduced volumes. The spread rose to 146 basis points, to then rise to 141. The ten-year yield is equal to 1,90%.
GREECE
“Contacts are ongoing at both a technical and political level. I continue to think that there will be an agreement on Greece”, said Economy Minister Gian Carlo Padoan. In the meantime, yesterday evening there was a meeting between Merkel, Hollande and the spokesman of the European Commission Jean-Claude Juncker.
Once again the rumors about Greece played a trick on investors: shortly after midday, rumors spread that the deal would be announced in the afternoon. The indiscretion made the markets go up, driven above all by the rebound of the Dax which gained about 100 points and then retreated after the denial.
FCA
Fiat Chrysler gained 0,6% ahead of the Italian May sales data, which came out in the evening. In the five months, the Italian car market grew by 15,20% to 725.516 with FCA registering an increase of 16,3% to over 206 units, exceeding the average growth for the sector for the fifth consecutive time. The share held by the group has risen to 28,5% compared to 27,8% a year ago.
Cnh Industrial +1,1%. Exor is down -0,88%. The president of PartnerRe, Jean-Paul L. Montupet, reiterated that 'integration with Axis represents the best opportunity for shareholders. Banca Imi (hold, Tp 46 euro) attributes a good probability of success to the offer of the Turin financial company and thinks that a vote against the Axis proposal would be a reasonable result.
A2A/UTILITY
A2A takes off under the impetus of Goldman Sachs, today it rose by 2,2% to 1,16 euros, on the highs of the last three and a half years. The share of the utility controlled by the municipalities of Brescia and Milan, despite having gained 38% since the beginning of the year: the analysts of the American broker raised the target price to 1,36 euros and confirmed the Buy recommendation. The provision is justified by the expectations of starting a consolidation among electricity producers in Italy. The report also talks about aggregations between regional and local utilities.
10 out of 13 analysts surveyed by Bloomberg recommend buying the stock. Average target price €1,18. In the finale, Enel reversed course and closed negative -0,1%.
Telecom Italia on the rise +1,1%, which benefited from the promotion to Buy by Jefferies. Jefferies analysts promoted the stock to Buy from Hold in the morning with a target price brought to 1,35 euros from the previous 1,1 euros.
CEMENT
Among industrialists StM decreases -0,5%, unchanged Finmeccanica. The cement stocks promoted by HSBC to Buy stood out: Buzzi goes up by 0,8%, Italcementi goes up by 2,1% to 6,33 euros. This morning, HSBC analysts promoted the stock to Buy da Reduce, raising the target price to 8,4 euros from the previous 5,0 euros. Since the beginning of the year, Italcementi has risen on the Stock Exchange by 25,5%.
PHARMA
In Europe, the sector showing the greatest growth is the pharmaceutical sector (Stoxx +1%). AstraZeneca and Roche both jumped more than 2% on positive news on some of their cancer drugs. In Milan Recordati earns 1,8%.
Pierrel +3%. Last week the subsidiary Pierrel Pharma Srl, devoted to the development, registration and licensing of new drugs or medical devices, and NDC Inc, a North American company that deals with the supply chain of healthcare products and the supply of logistics and master distribution services in an extensive network of associated dental and medical distributors, have signed a three-year agreement for the distribution of the dental anesthetic Orabloc (Articaine Pierrel) in the USA.
OTHER TITLES
Good rise for Campari (+1,5%), with Nomura confirming the Buy rating. The stock recovers after last Friday's drop (-1,9%), helped by Nomura who confirmed today the Buy recommendation and the target price of 8,20 euros. From the beginning of the year to today, the increase is 38% and the capitalization has reached 4,14 billion euros.
Saipem rises by 0,6%, while Eni marks a decrease of 0,6%. Fila, which went public thanks to the combination with Space, closed up 0,93%.
