IRAQ BACK IN FLAMES, OIL WEIGHTS ON THE PRICE LISTS. ENI AND SAIPEM SHINE, ATTENTION TO TELECOM GROWS
Iraq seems to be on the verge of collapse: Al Qaeda, after conquering Mosul, controls the Baiji oil area and advances towards Baghdad; Kurdish militias have replaced the regular army in Kirkuk; the Iraqi crisis has now merged with the conflict in Syria. The price of crude oil rose to a nine-month high at 107,26, forcing analysts to revise their inflation estimates.
A few days before the Fed meeting, selling prevails on the markets. Tokyo lost -0,6%, weighed down by the rise in the yen now perceived as a safe haven currency. The losses of Hong Kong -0,15% and Shanghai -0,23% were more limited, supported by oil stocks. The yuan has been at its all-time high for three months. Third day of decline in the American stock market, with investors also taking their cue from disappointing data on the American economy to bring home the profits of almost two months of increases: from the low of April 11, the S&P index has risen by 7% . The S&P500 index falls by 0,71%, Dow Jones -0,65%, Nasdaq -0,79%.
The European markets contrasted: Frankfurt which lost 0,11% and Paris 0,02%, while London and Madrid rose respectively by 0,06% and 0,12%. The euro/dollar cross is at 1,355. The Milan Stock Exchange -0,1% closed slightly down, in line with the rest of Europe.
THE SIX-LEGGED DOG FOR BOFA IS BUY. ACCELERATE SAIPEM
The most important datum is undoubtedly the sharp rise in oil, triggered by the worrying situation of the IRA. Rise in Crude Sends Oil Stocks Higher on Wall Street: Exxon + 0,9% ConocoPhillips + 1% Halliburton +1%. On the other hand, the airlines suffer: Delta -5,3% United -5,7%.
At Piazza Affari Affari goes up Eni +1,05%, also supported by Bank of America which raised the target price from 19 to 22 euros, buy recommendation. Positive news for Eni comes from the meeting between the Italian premier, Matteo Renzi, and the Kazakh president Nursultan Nazarbayev. The oil group has signed a strategic agreement with KazMunayGas in Kazakhstan under which each will have 50% exploration and production rights for Isatay. Saipem gained 2,6%. The stock has been among the best blue-chip FtseMib since early 2014 with a gain of 31%.
BTP, EVEN THREE-YEAR BONDS BELOW 1%
Mission accomplished for the Treasury: a total of 8,5 billion euros of bonds were placed, fully achieving the issue objective. The 3,5 billion euros of 3-year bonds were issued at 0,89% of the '1,07% of the previous auction, we are at the lowest level since the introduction of the euro. The 4 billion euro of 7-year BTPs were placed at 2,12% from the previous 2,29%, an all-time low. Finally, the one billion euro of the thirty-year period was placed at 4,05% from 4,27%.
The Spanish Treasury is also smiling. The new 18-year bond sold like hot cakes: requests for 9 billion against an offer of 2,80 billion, yield XNUMX%. Portugal has decided to abandon the latest tranche of its international financial aid program after the Constitutional Court rejected a series of austerity measures.
TELECOM, THE PUBLIC COMPANY LIKES IT
In a contrasting session, the performance of Telecom Italy, which rose by 1% over the 1 euro threshold following the decision of Generali to give notice to the Telco agreement, the holding company that controls the telephone operator. Since the beginning of the year, the telecommunications company has gained 39% and is the eighth best stock in the Eurostoxx 600 index. The insurance company's stock, on the other hand, has lost 0,7%.
Great maneuvers also in the French TLCs: Bouygues rose 5,2% ahead of Orange's offer for the communications division. Iliad jumped 6,3% after Minister Aranud de Montenbourg declared that the government "will do everything possible" to favor the unification of the sector.
MPS HOLDS DOWN, THE LISTING OF FINECO (UNICREDIT) IS LAUNCH
Ps lost 0,68% to 1,759 euro, while rights lost 2,88% to 17,86 euro. The shares continued to align with the rights with volumes that were very high: in fact, 19.798.072 shares and 2.651.689 rights changed hands. The rest of the sector was weak where, with the exception of Mediobanca which collected 0,06%, Bper lost 0,18%, bpm -0,65%, Banco Popolare -0,14%, Ubi -0,42%, Heavy Understanding -2,03%.
Unicredit -0,74%. Borsa Italiana today ordered the admission to trading of FinecoBank, the multi-channel direct bank of the Piazza Cordusio institution and the date for the start of trading has yet to be established and will be subject to verification of the free float. Banca Carige it lost 2,59% to 0,414 euros after the green light from Consob for the 800 million capital increase which will start on Monday 16 June and end on 4 July, pending the details of the recapitalisation.
PIRELLI DOES NOT EXCLUDE THE CONVERSION OF SAVINGS
The commercial axis is strengthened between Pirelli +0,08% and the Russian partner, Rosneft. La Bicocca sees the possibility of new commercial agreements with Rosneft in other parts of the world, after the one signed for the distribution of tires in Rosneft service stations in Russia. Marco Tronchetti Provera, during the shareholders' meeting did not rule out the conversion of savings shares into ordinary shares (there are 12,2 million, out of a total of 487 million shares corresponding to 2% of the capital). The other industrialists are also down: Finmeccanica -1,7% StM -0,1% Fiat -0,3%.
Among the luxury companies, Moncler fell by 2,3%, Yoox unchanged. In the rest of the list to report:
Prelios -1,48% to 0,601 euro) announced the 2014-2016 business plan, developed from a stand-alone perspective, which envisages an EBIT growing at an annual rate of 40% and a debt of less than 200 million at the end of the period, from 388,4 million in 2013.
Jump nearly 20% Class Publishers with clearly above-average volumes after the announcement of a contract with the Chinese group Century Fortunet Limited for the development of the B2B e-commerce platform founded by Century Fortunet Limited.
