The evidence on the resilience of the recovery disappoints Wall Street: the US consumer confidence index from the University of Michigan recorded a sharp drop, falling to its lowest level in the last seven months at 88,6 points (from 95,9 in April) to against a consensus that expected a much more limited drop to 95,9 points. Furthermore, the data released today on American industrial production did worse than expected, recording a drop of 0,3% against expectations for a drop of 0,1%. Finally, the Empire State index, which measures the performance of manufacturing activities in the state of New York, marked the return to growth in May, rising to 3,09 points from -1,19 in April, but is lower than expected by the analysts who expected an increase to 5 points.
The Ftse Mib, which remained in positive territory for most of the session, closed slightly in the red at -0,32%, in any case better than the major continental markets: Paris -0,71% and Frankfurt -0,98% . London instead limits the decline to -0,18%. The euro-dollar exchange reacted to the round of disappointing macroeconomic data by strengthening by 0,22% to 1,1435. WTI oil dropped 0,87% to 59,36 dollars a barrel.
On Wall Street, the Dow Jones lost 0,14%, the Nasdaq 0,22% and the S&P500 0,10%. Ten-year T-bonds yield 2,15%, the bund 0,67% and the ten-year Btp 1,81%. The Btp-bund spread, according to Bloomberg data, is 114 basis points. In Piazza Affari, the Ftse Mib is weighed down by the drops in Mps -3,62%, awaiting the price of the capital increase which starts on May 25th. The price will be fixed by the Board next Wednesday (May 20).
Oil sales: Saipem -2,83%, Tenaris -2,37%, Eni -1,74%. Among the worst of the Ftse Mib also Campari -1,82%. Countercurrent on the main basket Autogrill +3,43% on the hypothesis of a spin-off of American activities outlined yesterday by chairman Gilberto Benetton. The most accredited candidate for possible entry into HMS seems to be the English Ssp. A2A rises after the quarterly which recorded profits up by 46,3%. EBITDA and payables by the end of the year are expected to be in line with the targets of the new plan. Also highlighted are Buzzi Unicem +2,22%, Moncler +2,04% and Azimut +1,97%.
Terna rises by 1,17% after the rumors about the possible role of the CDP subsidiary in the development of broadband. Indiscretions that the group has however denied. "There is no Terna involvement in the project" for ultra-broadband, the group specified, adding that "No meeting on the subject of broadband has been held" with Palazzo Chigi, the sources added. Telecommunications +0,18%. Goldman Sachs lowered the target to 1,45 from 1,5 euros.
