The Ftse Mib cancels the losses and closes on parity (+0,04%) supported by the click of Telecom Italy after the increase in the target on cost cutting, by Bpm-Banco Popolare who illustrated the details of the industrial plan and by energy stocks driven by the barrel race. Contrasted with the other main European squares: Paris -0,18%, London +0,21% while Frankfurt is closed today for holidays.
On equality it spread, which remains at 135 basis points, with the yield on the ten-year BTP standing at 1,49%.
In the morning, the disappointing Chinese data for April weighed on the lists industrial production and on retail sales. Some disappointing data has also arrived on the American front. The Nahb figure for the real estate market in May was stable and below estimates (58 points). The Empire State index, which measures the performance of manufacturing activity in the New York area, plunged to -9,02 points in May from 9,56 points in April, far below the expectations of analysts, who had forecast a drop to 5-7,25 points.
However, it continues, thanks to the production blackouts in Nigeria, the rise of oil, the highest since last November: Wti rose by 2,79% to 47,5 dollars a barrel and Brent by 2,55% to 49,05 dollars a barrel.
On Wall Street the indices, driven by crude oil, are moving upwards with the Dow Jones rising by 0,8% and the Nasdaq by 1%. In the spotlight oil companies and Apple after the announcement that Warren Buffett bought $1 billion worth of stock. The euro/dollar exchange continues trading with a fractional gain of 0,25%.
La against takeover bid on RCS of Bonomi and the other historical partners warms up Piazza Affari. RCS shares remained suspended in the morning until 12.30 and closed with a 16,55% rally. Diego Della Valle (owner of 7,32% of the capital), Mediobanca (6,25%), UnipolSai (4,59%), Pirelli (4,43%) have reached an agreement with investindustrial by Andrea Bonomi for the launch of a takeover bid on RCS at the price of 0,70 euro per share. The shares of the four shareholders (a total of 22,6% of the capital) will be contributed to a newco which, thanks to the fresh resources contributed by Bonomi, will launch the offer on the remaining approximately 77%. Investindustrial will control 45% of the company, 55% will be in the hands of the current four shareholders, divided into stakes of 13,75% each. The offer contrasts with that of Urbano Cairo, who instead proposed an exchange of shares at 0,52 at current values.
Telecom Italia shines on the Ftse Mib, rising by 2,95%: the company has published a disappointing quarterly but it raised its cost-cutting target between now and 2018 from 600 million euros to 1,8 billion. The market appreciates the commitment of the new CEO Flavio Cattaneo to improve profitability. In the spotlight Banco Popolare +3% and Bpm which today presented to the financial community the industrial plan which foresees an 2019% increase in profits in 80 above one billion euro against 1800 redundancies and overall synergies of 460 million.
Down among blue chips Yoox -3%, Exor -2,74% after this morning Kepler-Cheuvreux lowered the judgment to Hold from Buy and the target price to 32,5 euros from 34 euros. Anima sells 2,24%, FCA 1,46% and Unicredit 1,44%.
