The rebound of the markets makes an encore and Piazza Affari returns to within a whisker of 16.000 points. The Ftse Mib closed up 2,21%. Even better are London +3,19% and Paris +2,45% while Frankfurt gains 1,63%. Wall Street is also up well at the close of Europe.
The Btp bund spread narrows to 150 basis points with a yield of the Btp at 1,38%. Despite signs of easing on riskier investments, gold continues its run and today rises by 1% to 1.324 dollars an ounce. The euro-dollar exchange rate is 1,11031 (+0,24%). The recovery of the pound against the dollar continues.
Oil was on track after weekly inventories data fell more than expected. In the week ended June 24, oil inventories in the United States fell by 4,053 million units to 526,573 million, as analysts expected a drop of 2 million barrels. Wti rose by 2,74% to 49,16 dollars a barrel, Brent by 2,7% to 49,89 dollars.
At Piazza Affari at the top of the Ftse Mib is the energy sector with Tenaris +5,16%, Snam +4,75%. The company has approved theseparation of the subsidiary Italgas through partial and proportional demerger. Italgas, a company that deals with the secondary distribution of gas, will be listed on the Stock Exchange by the end of 2016. Snam shareholders will be assigned one share of the new Italgas company for every five Snam shares held. Upon completion of the transaction, presumably by 31 December 2016, Snam will maintain a 13,5% stake, compared to the 100% held to date, Cdp Reti will have 25,08% and Cdp Gas 0,97%.
Everlasting among oil, Eni +4,69% and Enel +4,22% stand out. However, the best stock among the blue chips is Telecom Italia +5,98% in the wake of the rise in the entire TLC sector in Europe.
At the bottom of the Ftse Mib, sales on banks have returned, Bper -5,45%, Ubi -5,23%, Unipol -4,62%, Unipolsai -4% and Bpm -3,38%. The sector suffers again: it remains one of the most difficult issues to resolve. For Prime Minister Renzi, the Atlante Fund "has given very important answers and is in a position to be further recapitalised". In the meantime, indeed the latest clash, with some misunderstandings, between Renzi and Chancellor Merkel takes place on this issue.
Angela Merkel argues that the rules on banks cannot be changed every two years: Germany is against the hypothesis of protecting private investors in banks from losses in the event that Italy intends to continue with the plan under study for the recapitalization of credit. Actually, cas explained by Firstonline, Renzi is not asking to change the rules but simply to apply all the bail-in safeguard clauses should systemic risks arise.
In the banking sector, however, Intesa +1,48% and Unicredit +2,5% are going against the trend. Tomorrow, 40 days after the resignation announced by the managing director Federico Ghizzoni there could be some news on the replacement selection process: the nomination committee meets today. An agreement on the name among the members of the committee would pave the way for the appointment by the board of directors on 11 July.
Generals +2,36%. Chief Executive Officer Philippe Donnet acquired 200.000 shares of the company for a value of €2,233 million between June 24 and 27.
