Swing seat for European price lists, which closed mixed despite the positive performance of Wall Street. After the gains of the last eighth, today the change of pace of oil also weighs, in the wake of the fact that the Saudi Minister of Energy said that his country, with Kuwait and the United Arab Emirates, will not make further 'voluntary cuts' each month next. Brent is currently down more than 3% and trades at 40,94 dollars a barrel.
In the Old Continent Frankfurt lost 0,23%, Paris -0,43%; London -0,24%. Of the opposite sign Madrid +0,3. Piazza Affari which had managed to gain one point and then had slipped into the red, stops in slight progress, +0,22%, 20.231 points, mainly thanks to the banks, after the go ahead quote from the ECB to Intesa San Paolo (+1,73%) for the direct acquisition of a controlling interest, equal to at least 50% of the capital plus one share, of UBI (+1,51%).
On the other hand, the secondary closed in the red: the spread between Italian and German ten-year bonds rose to 171 basis points (+1,77%), even if the yield of the BTP falls slightly to 1,39%. On the subject of bonds, however, the big news of the day is the Btp Futura, a new government bond exclusively dedicated to individual savers and similar whose first issue was announced today by the Ministry of Economy and Finance from Monday 6 July to Friday 10 July (until 13 pm).
The proceeds, as for the Btp Italia, will be intended to finance the expenses resulting from the Covid and the title appeals to the Italians' desire to support the future of the country after the damage from the pandemic, by lending money to the state and receiving a certain remuneration. How much? We don't know. "And who knows what he will be like tomorrow", sang Lucio Dalla. The coupons will be calculated on the basis of fixed and increasing rates over time (with the so-called "step-up" mechanism); the series of minimum guaranteed rates for this issue will be communicated on Friday 3 July.
The minimum lot is one thousand euros and the demand will be completely satisfied, even if the ministry reserves the right to close the issue early. Consistent with the objective of supporting the national economy, there will also be a loyalty bonus commensurate with GDP growth, the guaranteed minimum is equal to 1% of invested capital, but it may increase up to a maximum of 3%, based on the average annual growth rate of the nominal GDP of the Italy registered by Istat during the life of the security. In short, we need to have some confidence in the recovery even in the medium-long term, given that the duration of Futura ranges from 8 to 10 years, the decision on this will be communicated on 19 June.
Returning to the markets, on the currency front the euro remains tonic against the dollar and trades at 1,13. Christine Lagarde, speaking to the Economic and Monetary Commission of the European Parliament reiterates that the measures adopted by the central bank are temporary, targeted and proportionate and invites leaders to act quickly with the Recovery Fund. “It is important – she says – that the Next Generation Eu package and the multiannual budget are approved quickly”. “Faced with an extraordinary challenge, Europe needs an extraordinary response”.
Among the raw materials, gold raises its head, which trades above $1695 an ounce. In Piazza Affari the session is brilliant for the banks. Queen of the list is Bper, +4,85%, which following the Ops of Intesa should bring 400-500 Ubi branches to Modena. Even if the Intesa operation does not go through, Bper is one of the main candidates to be included in sector consolidation operations. Highlights Unicredit +3,92%; Mediobanca +3,12%, which remains in the spotlight after Leonardo Del Vecchio's request to raise up to 20% of the capital of Piazzetta Cuccia. In other sectors Telecom revives +2,71%.
The biggest decreases are instead for Stm, -4,27%, which it suffers like the whole technological sector in Europe; Nexi -3,61%; Diasorin, -3,86%, whose lucky star is gradually tarnishing. In fact, the Lombardy Region would have chosen the Swiss multinational Roche to supply the serological tests and the Lombardy Tar canceled the agreement on the tests between the Vercelli diagnostic company and the San Matteo Polyclinic Foundation in Pavia. Atlantia resumes its downward path, -2,37%, which remains hanging on the concessions node
