Reversal of direction and closing above parity for the European Stock Exchanges which are pushed by Wall Street awaiting news from the Eurogroup underway today on Greece. Milan rises by 1,06%. On the Ftse Mib, eyes are still on Telecom Italia which snatches with a rise of 4,05% again on the bet for the rise to 15% of the French Vivendi, rumors that have ended up under the spotlight of Consob.
The indiscretions of the Bloomberg agency on the possible strategy of the media company chaired by Vincent Bollorè also influenced the purchases, which would aim at a significant cut in Telecom Italia's costs, a sale of Tim Brasil and above all, in the future, the merger with a another big name in telephony.
The other European markets also performed well: Fste 100 +0,41%, Frankfurt +1,11%, Paris +0,27%. Athens finished trading up 0,37%. The Btp-Bund spread is decreasing to 147,5 basis points and the yield on the ten-year Btp is at 2,31%.
After a start in the deep red, the stock exchanges recovered positions thanks to the signals launched by Angela Merkel to the German Parliament before the start of the Eurogroup: the agreement, said the Chancellor, is still possible, as long as the Tsipras government undertakes to implement the commitments undertaken on February 20th. At the same time, rumors about a possible deal spread. Greek newspaper Kathimerini reported on its website that according to an EU official, the European Commission and the ECB are preparing a joint statement on Greek debt in case an agreement is finally reached with Athens. The text would be similar to the one published in November 2012 after a meeting of the Eurogroup. Among the measures announced at the time, there was the one that provided for the cut of the Greek public debt to 124% of the gross domestic product for 2020, through a package of supplementary measures equal to 20% of the GDP. Capital controls could then be introduced should outflows from Greek banks reach alarming levels in the coming days. A new meeting on Greece could take place next Thursday on the sidelines of the work of the European Council.
In the meantime, the push came, as well as from the position of an accommodating Fed on rate hikes, from some positive US macroeconomic data. The Philadelphia Fed index rose to 15,2 points in June from 6,7 in May against analysts' expectations stuck at 8 points. Weekly jobless claims came in below expectations, falling to 267 versus 276 expectations, down 12. Inflation in May marked +0,4%, core +0,1%, less than expected. The super-index of the American economy grew by 0,7% in May compared to the +0,4% expected by analysts.
Wall Street started higher with the Dow Jones advancing 1,07%, the S&P500 0,99% and the Nasdaq 1,35%. Sales on Oracle after lower than expected results as Google, Amazon and Apple advance. WTI oil rose by 0,57% to 60,26% and the euro-dollar exchange rate by 0,56% to 1,14.
At Piazza Affari the best stock of the Ftse Mib is Telecom Italia, followed by Ferragamo +2,14%, Atlantia +2,09%, Enel +2,04% and Prysmian +1,89%. At the bottom of the index Saipem collapses by 5% on fears of a worsening of the debt which could lead to a probable capital increase. Realizations on Mps -2,19%. Stm -1,11%, Tenaris -0,56% and Mediolanum -0,28% are also down among the worst of the Ftse Mib.
