The rally of European stock exchanges continues this morning. Business Square, in particular, advances on the wings of the rescue of the banks. The FtseMib index lengthens upwards by an abundant 0,9%, to over 18 thousand. Paris +1% also rose, Madrid +1,6% and Frankfurt +1,3% did better. London +0,8%.
The rise of the dollar, which consolidates the gains of the last two sessions (1,114 against the euro) and oil (Brent +1,2% at 49,2 dollars a barrel, Wti at 49,2 dollars +1,3%), favor the recovery of the markets, which are now discounting the rise in US rates.
In the Eurozone, the news of the day is the agreement with the creditors, which will open up to the new tranche of aid worth 10,3 billion, but above all the green light for the restructuring of the debt of Athens. The 20-year Greek government yield contracted by 6,85 basis points to 2%, while the 130-year yield dropped by 5,90 basis points to XNUMX%.
The market has received a positive reception for the next release of Federico Ghizzoni from the top of Unicredit +2%. Kepler Cheuvreux analysts today confirmed the buy recommendation on the stock. As far as all appointments are concerned, Marco Morelli, ex Intesa, is at the head today at the head of Bank of America in the EMEA area. Sergio Ermotti (Ubs), the CEO of Mediobanca Alberto Nagel, and Jean-Pierre Mustier of Socgen are also in the running. The decision will be made in the board meeting on 9 June.
Bpm +2,9% and Banco Popolare +3,7% also rose sharply following the publication of the merger project between the two institutes. The group will be called Bpm bank and will have a board of 19 members.
It still goes up Mount Paschi +1%, after yesterday's surge (+10,5%) in response to the announcement by Danielle Nouy, head of European supervision, of a new plan for the suffering of the Eurozone. Finally, Ubi stands out, up 4,6%.
The prospect of rising rates is also good for insurance companies and companies managed savings. Generali moves up by 1,3% after yesterday's +5,8% and reaches 13,0 euros. Rbc and Bernstein analysts cut the target price on the title. For Bernstein, the new target price is 11,5 euros from the previous 13 euros. For Rbc it drops to 13,5 euros from 18 euros. Unipol +1,1%, Soul +2,8%, Azimut +3,1%. The exception was Banca Mediolanum -1,8% this morning (yesterday +5%).
Also highlighted are the energetic. Eni +1,4%, promoted to Buy by Cheuvreux. The stock is, according to the broker, the “most preferred” stock in the oil & gas sector. The group, analysts explain, "remains the undisputed leader in terms of costs", with technical costs that in 2015 were 24% below the average of competitors. Saipem +1,5%.
Weak Tenaris -0,5%: the Brazilian subsidiary Confab is under investigation, like the local companies of other steel groups, with the hypothesis of corruption linked to obtaining orders from the public giant Petrobras.
Today the board of directors of the CDP is on the agenda, the first shareholder of Metroweb (46% of the capital). ”If we bought Metroweb – said Enel CEO Francesco Starace – there are 10 areas that are its original mission; on these we would gradually graft the other 224 cities for which we are committed; from here we will evaluate the synergies with areas C and D which will be contiguous". Enel +0,8%: it seems to be the favorite for the acquisition of the company that owns the fiber optic network in Milan. Competitor Telecom Italia gains 1,9%.
Positive Fiat Chrysler +1,3% and StM +1,5%. Leonardo +0,5%, announced the signing with the government of Pakistan of a contract for "several AgustaWestland AW139 twin-engine helicopters", with deliveries expected next year. Finally, Buzzi stands out +1,6%, on the highs for eight years supported by the promotions of some brokers.
