The main European lists weighed down by the performance of Wall Street. Paris loses 0,53%, London 0,64% and Frankfurt 0,68% where Volkswagen is in the spotlight, paying disappointing bills still in the wake at dieselgate (-20% profits in the first quarter, a drop higher than expected).
Even more marked is the decline in Ftse Eb -1,45% which is affected by the new wave of sales in the banking sector: the eyes of the market are on the increase of Veneto Banca for which a new intervention by the Atlante fund is expected. The sector thus ends up at the bottom of the Ftse Mib: Banco Popolare -7,33%, Bper -5,17%, Bpm -5,47%, Unicredit -4% and Ubi Banca -3,36%. Carige rises by 6,06%: yesterday the Board of Directors unanimously approved the guidelines of the industrial plan and the medium-term plan for the 2016-2019 period which will be presented to the ECB.
today governor of the Bank of Italy Ignazio Visco demonstrated cautious optimism on the problem of bad debts: “The moderate economic recovery underway since last year is being reflected in a significant drop in the flow of new non-performing loans; in 2015 they amounted to 3,7% of total loans, against 4,9% in 2014; for the household sector the flow fell back to pre-crisis levels. The trend towards normalization is continuing”. For Visco, in the face of the slow recovery, however, it is necessary to relaunch public investments and cut the tax wedge.
On the front of Italian macro data today came the data on the Italian GDP which rose in the first quarter by 0,3% and by 1% compared to the first quarter of 2015. The change acquired for 2016 is equal to +0,6%. In April, the Italian unemployment rate rose to 11,7% (36,9% for young people). Employed people increased by 0,2%, equal to 51 units. On the other hand, there is good news on the inflation front: in May, the index recorded an increase of 0,3% on a monthly basis and an equal decrease on an annual basis (-0,3%, it was -0,5% in April) . Consumer prices in the eurozone in May recorded a drop of 0,1%, confirming the deflationary phase and in line with expectations.
Lo BTP-Bund spread it closes at 130 basis points and yields at 1,45%. On Wall Street, the indices move weakly around par. Several macro data published today. In particular, consumer spending in April rose by 1% beating estimates and personal incomes recorded an increase of 0,4% in line with estimates. Also in line with expectations, the Case-Shiller index on house prices in 20 cities rose by 5,4% on an annual basis in March. On the other hand, the data on consumer confidence from the Conference Board dropped to 92,6 points and the Chicago PMI index fell to 49,3 points in May. WTI oil rose 0,56% to $49,88 a barrel. The euro-dollar exchange rate is 1,113235.
In Piazza Affari, among the best of the Ftse Mib, Cnh Industrial +0,63%, Snam +0,59%, Atlantia +0,50%, FCA +0,31% are moving against the tide. Digital Bros leaps among the minor titles by 25,55% after yesterday's announcement after closed markets of the sale of Payday rights to Starbreeze. Kepler Cheuvreux brought the target price on the stock to 6 euros from the previous 4,5 euros. They stand out Pininfarina +5,05% after the company's transfer to the Indian Mahindra&Mahindra and Isagro +8,96% announced that its biosolution Ecodian has obtained authorization for marketing in Italy from the Ministry of Health.
