The price of oil falls again and the Stock Exchanges follow. Even Piazza Affari, supported yesterday by theIntesa Sanpaolo offer on Veneto banks, adjusts to the weak tone of the markets. Even if the market sentiment remains positive on the operation so much that Understanding travels against the trend at + 0,54%. The index Ftse Eb, recovering after 12, dropped by 0,5%, just above the 20.900 mark. On line Madrid (-0,45%). They do a little better Paris (-0,3%), Frankfurt (+ 0,02%) and London (-0,37%).
Futures on the stock exchange Wall Street anticipate a start down by 0,2%.
Health-related stocks are the ones that fare best today, with Switzerland Novartis in the spotlight up 3% on a successful study of a new drug for heart patients.
Among the sectors, the worst is the Eurostoxx Oil & Gas with a loss of 1,2% in the wake of the weakness of crude oil. Down Eni (-1,1%) and Tenaris (-0,5%). Saipem -0,7%. This morning Morgan Stanley confirmed the Overweight opinion, however cutting the target price to 5,50 euros from 6,0 euros. The broker is pessimistic on the oil sector, pushing negatively Subsea 7, Foster Wheeler and Tullow Oil, all down between 2,6 and 4,8%.
Il Petroleum Brent yesterday closed down 2,6%, at 44,8 dollars. Prices stabilized at these levels during the night, this morning we are at 44,8 dollars.
The march of the gods continues BTP. The 1,88-year yield falls to XNUMX%, its lowest level since the beginning of January. The expectation of a solution to the crisis of the two Venetian banks is growing.
The 025-year German Bund remained stable at 2%. The Greek 4-year government bond breaches the 2010% threshold downwards, this has not happened since XNUMX.
The economic bulletin of ECB expects the inflation rate in the euro area to remain at recent levels in the coming months. Eurozone economic data also suggests solid growth in the second quarter.
Weak too i financial: Eurostoxx Banks -1,3%. With the arrival of Intesa Sanpaolo's offer, unchanged, the rescue machine of Banca Popolare di Vicenza and Veneto Banca seems to have moved, now it's up to the government to get it going.
He took advantage of the other institutes, after Wednesday's euphoria: Unicredit -1,7% Bpm bank -2% Where's Banca -1,8%. B for Bank -1,4%. A decision on participation in Arca is expected to be made within three weeks.
Also brakes in the late morning Carige (-0,98%) after the appointment as managing director of Paolo Fiorentino, ex Unicredit. Analysts at Mediobanca Securities (neutral, target price €0,31) believe that the appointment of a new CEO in the short term was an essential step to relaunch talks with the ECB.
"A constructive dialogue with the ECB is needed - we read - to avoid further risks for the Italian banking system after MPS and the Veneto banks".
Generali -0,9%, Unipol Sai -1,3%. Stm (-2,2%) launched this morning a 1,5 billion euro convertible bond in two tranches over 5 and 7 years together with the simultaneous buyback of existing convertible bonds and the launch of a buyback programme.
Telecom Italy -1%. During yesterday's hearing in the Senate, the managing director Flavio Cattaneo affirmed peremptorily that the investment plan in the white areas with market failures is going ahead. Mediaset -0,7%.
Utilities are weak today. Enel -0,7% despite Kepler's decision to raise the target to 5,50 euros, Buy judgment confirmed. A2A -0,7%, sale Italgas (+1,8%).
Among the mid/small Caps it advances Carraro (+6%), following the announcement of a joint venture in China.
