The markets like, as expected, the agreement for the bailout of Venetian banks, In Milan at the end of the morning the FtseMib index rose by 1,4% to over 21.100 points. The other price lists are also positive: Paris +0,98%, Frankfurt +0,71%. In Madrid Ibex index +0,60%. London +0,8%. The index of Italian banks rises by more than 3 percentage points. The Eurostoxx index of European banks rises by 1,5%, the worst sector is that of the Utilities, flat.
Intesa Sanpaolo stands out +4,05%: the purchase contract for 1 euro of selected assets and liabilities of the two Veneto banks, Pop.Vicenza and Veneto Banca, includes a clause which renders it ineffective if the government decree is modified or not converted into law. Mediobanca raises the target price to 2,75 euro from 2,6 euro, confirming the Neutral rating. All the other banks were up: Unicredit +3,2%, Banco Bpm +3,6%, Ubi +3,6%, Bper Banca +3,2%. Credito Valtellinese +1%: the French entrepreneur Denis Dumont has almost doubled his share, bringing it to 5,7%.
The Ifo survey contributes to supporting the positive climate on the markets, indicating a unexpected rise in German business confidence in June, which rose to record levels, is a sign that corporate executives are more optimistic about the growth prospects of Europe's leading economy.
Great news also for Nestlé which gains more than 4,5% boosting the Zurich Stock Exchange (+1,15%). Investor-activist Daniel Loeb, with his Third Point, said it climbed more than 1%, and called on the company to improve its margins, promote a buyback and sell your package in L'Oréal. UBS stresses that despite its size, Nestlé underperforms its rivals in terms of profitability and that Loeb's initiative could cause the company's plans to accelerate. Meanwhile, L'Oréal rose by 4,2%. Nestlé's performance also gave a boost to other stocks in the sector, such as Danone, Unilever and Diageo. The European Food and Beverage sector advances by more than 2%.
Oil also rose by 1%, with Brent at 46 dollars a barrel and Wti at 43,4 dollars. Black gold is trying to break its five-week downward streak. Eni +0,8%, Saipem +2,5%, Tenaris +0,9%: Macquarie lowered the target price to 10,5 euros from 11 euros, confirming the negative Underperform rating. The euro/dollar exchange rate is unchanged at 1,1195. Stable situation on the government bond market: the 10-year BTP traded at 1,90% this morning, unchanged on Friday evening. Stable spread at 165 basis points. The Greek 5,28-year yield falls to 2009%, on the new low since 2. Moody's upgraded its long-term debt rating to Caa3 from CaaXNUMX and raised its outlook to 'positive' from 'stable' after the news of the agreement with creditors.
On the industrial front, Cnh Industrial did well +2%: Mediobanca raised its target price to 13,4 dollars from 12,9 dollars, confirming the positive Outperform opinion. Fiat Chrysler +0,9%: all major car manufacturers could experience negative effects on the stock market after the news of the bankruptcy of the Japanese Takata, leader in the production of airbags.
The utilities are less euphoric. Enel +0,5%, Telecom Italia +0,5%: Open Fiber, a company of the Enel group, has reached an agreement with Acea for the laying of optical fiber in Rome. Terna -0,4%: HSBC has lowered the recommendation to Reduce da Hold, the target price is confirmed at 4,50 euro.
Diasorin down 1,35: the company presented the new industrial plan for the period 2018-2019 which forecasts average revenue growth of 9% per year and profit growth of 12% per year. The profit is estimated at 155-160 million euros in 2019.
