The drop in oil prices and eyes on the Fed's future moves are putting pressure on stock markets which in Europe close in negative territory while the indexes remain weak on Wall Street. The Ftse Mib goes against the tide, ending today's session up 0,36% driven by the good recovery of bankers who are positioned among the best stocks in the index. Paris loses 0,24%, Frankfurt 0,47% and London 0,44%. Purchases in the chemical and pharmaceutical sector induced by large aggregation operations such as ChemChina-Syngenta and Pfizer-Medivation.
Today, meanwhile, the attention of the market has also been directed to summit in Ventotene between the leaders of Italy, Germany and France to relaunch the integration of the European Community after Brexit.
Oil drops 3% with the WTI falling below 48 dollars a barrel. On the interest rate front, Fed Vice Chairman Stanley Fischer said on Sunday that inflation was close to the 2% target and that he expected growth to pick up in the coming quarters, which bolstered the outlook for higher interest rates. rates this year. All eyes are on Fed Chair Janet Yellen's speech scheduled for Friday in Jackson Hole. The euro-dollar exchange rate barely moved at 1,1316.
Overseas eyes on Pfizer which has further strengthened itself in the field of cancer treatment therapies acquiring the California-based Medivation, as part of a deal worth approximately 14 billion dollars. On the macroeconomic front in the USA, the national activity index of the Chicago Fed in July rose to +0,27 points. The Btp Bund spread rose to 119 basis points and a yield of 1,11%.
In Piazza Affari the best stock is Bpm with an increase of 4,37%, followed by Banco Popolare +2,31%, Ubi Banca +1,83%. The company could present an offer for the Nuova Cariferrara. Banca Popolare dell'Emilia Romagna would instead be preparing to step forward for the Nuova Banca delle Marche and for the Nuova Banca Etruria. Leonardo also stands out +1,58% on the indiscretions of well-planned talks with the British government for new agreements in the helicopter sector.
Mediaset also rises +0,44%. Banca Akros reaffirmed its accumulated rating with a target price of 4,20 euros. The judicial move "serves to increase the pressure on Vivendi and to protect the economic interests of the company", explain the analysts, convinced that the recent collapse in the share price on the stock exchange has more than discounted the potential financial damage.
At the bottom of the Ftse Mib Saipem -2,04% and Tenaris -1,55%. Eni also slipped by 0,22% weighed down by the oil trend. Chief Executive Claudio Descalzi said the sale of a stake in the Mozambique gas field should be closed by the end of the year. In his speech at the Rimini meeting, the manager also said that the negotiation has also advanced regarding the sale of a share of the Egyptian field of Zohr. Also down were Cnh -1,42% and Telecom Italia -0,69%.
Outside the Ftse Mib Molmed balzad of 10,71% after the European Commission granted the conditional marketing authorization for Zalmoxis. It is the first cell therapy based on the engineering of the immune system, used in combination with haplo-identical hematopoietic stem cell transplantation in adult patients with leukemia and other high-risk blood cancers.
