Piazza Affari weak, the other European stock exchanges in the red. This is the verdict of the markets at the words of Mario Draghi, which hinted that monetary policy will gradually move towards normalisation. Same line from Janet Yellen: the Fed chairman confirmed that the US central bank will continue on the path of a gradual rate hike, and above all he said that asset valuations "look high".
A Milano the Ftse Mib index (-0,02%) stands at around 20.700 points. Below are the other price lists: Paris -0,35% Frankfurt -0,5% Madrid -0,3%. Just above parity London (+ 0,07%).
The decline in technological stocks weighs on the European stock exchanges, after the thud of Nasdaq e yesterday's hacker attack. In Milan stm loses 1,56%.
In the Italian list the utilities suffer: Enel lose 1,2%, Atlantia -0,8% A2A -0,1% Italgas -1,7%.
The upward movement in interest rates continues this morning as well. the yield of Btp to 10 years is at 2,06%, last night at 2,05%. Bund to 0,40% from 0,36%. spread to 165 basis points (-2 points).
but atBot auction at 6 months the rate has again fallen to a new low. The Treasury has assigned all the 6,750 billion euro of six-month BOTs offered today at auction with rates still falling and at a new historic low. The average yield fell to -0,372% from -0,358% at the May auction. Demand reached €10,407 billion with the coverage ratio down to 1,54 times from last month's 1,83.
The strengthening of theeuro, trading this morning at 1,137 against the dollar, from 1,133 yesterday. It is the highest level for sixteen months. Yesterday the euro rose by 1,4%.
Petroleum down after yesterday's +2,2%: Brent is traded at 46,5 dollars a barrel, down by 0,2%. They go down Eni (-0,7%) and Tenaris (-1,2%). On the rise Saipem (+ 0,6%) and Saras (+3,4% after Macquarie upped his recommendation to Overweight from Neutral).
Still on the rise Intesa Sanpaolo (+1,4%). This morning Barclays raised its target price to 3,25 euros from 3,05 euros. Overweight judgment confirmed. Salt too Unicredit (+ 1%). Ubi +0,6%: the capital increase ended with subscriptions equal to 99,31%. Bpm bank + 1,3%.
Carige +2,4%: the securitization of the 938 million non-performing loans assisted by Gacs should be completed next week, through the placement of securities to institutional investors, at a value that is around 31% of the nominal value. Banca Mediolanum + 1% Azimuth -1%.
Il Italian banking sector remains supported by the solution for Veneto banks and records an increase of 0,2%, against a European basket of -0,5%. The positive note is represented by the forthcoming sale of non-performing loans by Mount Paschi to the Atlante 2 fund. The 26 billion euro of Npl should be sold for 21 cents, i.e. they will change hands for 5,45 billion euro. In addition, 3,1 billion euros of senior bonds will be taken over by the State, through the guarantee system on the securitization of bad debts Gacs. Another 550 million tranche of senior bonds will be taken over by Monte Paschi. Atlante takes 1,1 billion euros of mezzanine bonds (a cross between senior and junior), plus 700 million euros of junior bonds. As soon as the deal is closed, the dossier will be sent to the European Commission for approval.
Mediaset it goes up again (+1,52%) while it is in progress the assembly. Vivendi does not participate, but moreover it would not have been decisive, as it would have voted with a share not exceeding 9,99%.
Fincantieri +6% after Cheuvreux raised the target to 1,1 euro. Prelios it is suspended due to excess increases after rumors about an interest by the Chinese conglomerate CeFC. Leonardo lose 1%, Fiat Chrysler -0,9% Buzzi + 0,6%.
