European stocks rise on the eve of the British referendum. But there is an exception Milan falls into negative territory under the pressure of banking stocks. Around 12 the Ftse Mib index of Piazza Affari marks a drop of around half a percentage point, just above 17.300 points. The Spanish Stock Exchange was almost unchanged +0,02%, Paris +0,18% was positive, Frankfurt +0,30% and the English Stock Exchange +0,2%.
Continues rise of the pound against the dollar to 1,468 (+0,2%), the highest for five months. The latest polls on the eve of the referendum register the overtaking the 'remain' (45% vs 44%). Meanwhile, over 1.300 executives of British companies took the field in favor of Europe in a letter published in the Times, underlining the risk of job cuts in the event of Brexit.
Several will come in the afternoon Use macro data: the weekly index of mortgage applications and that of home sales in May. Focus also on the preliminary June consumer confidence in the Eurozone.
Oil on the rise: Brent crude rises 0,7% to 50,9 dollars a barrel. The official data on the trend of US crude inventories will be published this afternoon. According to the American Petroleum Institute, they dropped by 5,2 million barrels last week. If so, it would be the fifth consecutive week of contraction. However, total inventories remain more than 100 million barrels higher than the average of the last five years.
Slow down, after the strong rises, Saipem -1,34%. The purchases of these days could be supported by the news that, starting from last Monday, the company has replaced Banca Popolare di Sondrio in the composition of the Stoxx 600 index.
Eni -1,2%, after the halt in negotiations with SK Capital for the sale of a majority stake in Versalis. In the bond market, the yield of the Waist ten-year period stands at +0,05%. BTP 10 years 1,45%.
To condition the progress of the banking sector (Italian sector index -1,5%, the European one unchanged) are the advances on flop of the Veneto Banca increase, deserted by the subscribers and the denial of Atlante on the interest of potential buyers for the People of Vicenza.
It's in sharp decline Mount Paschi -3,5% followed by Banco Popolare –2% and from bpm -2%. Drops of more than 1% even for Unicredit and Intesa. Down Generali -0,2%: Francesco Gaetano Caltagirone bought another 0,06% for a value of 10,4 million euro, thus becoming the second shareholder of the Lion of Trieste.
Telecom Italy +0,76% moves up to 0,7915 euro. This morning Credit Suisse cut the target price to 1 euro from 1,20 euro, confirming the Neutral recommendation. Weak Fiat Chrysler -1%. In luxury, they retreat Luxottica -0,9% and Ferragamo -1,1%.
