Weak European stocks and markets awaiting the Fed governor's speech Janet Yellen. Milan the Ftse Mib manages to close in slightly positive territory + 0,18 % as well as London +0,4% while Frankfurt loses 0,37% and Paris 0,03%.
In the morning, the expectation of new stimuli for the economy from China pushed Asian markets with Hong Kong gaining 1,7% and Shanghai 2,83% to 4.657,60 points, its highest level high since February 2008.
On Wall Street, the Dow Jones slipped by 0,32% and the S&P500 by 0,19%, the Nasdaq -0,10%. The American stock market will be closed on Monday to celebrate Memorial Day. After the record jump since January 2013 in the core component of the consumer price index in April (results in line with expectations), the market is awaiting Governor Janet Yellen's speech at 19 pm Italian time, when he will speak at the Greater Providence Chamber of Commerce Economic Outlook Luncheon.
Speech also by the president of the ECB today Mario Draghi who in the morning gave a speech in Sintra, Portugal, where the second ECB Forum is underway. Draghi noted that the current economic outlook for the Eurozone “are the best of the last seven years” noting that “the Eurozone has made important progress on structural reforms” but also that “more flexibility is needed”.
Nothing happened in Riga after the three-way meeting between the German chancellor Angela Merkel, Alexis Tsipras, and the French president, Francois Hollande, on the sidelines of the EU summit. “It was a very friendly, constructive exchange, but it is also clear that we must continue to work with the three institutions (EU, IMF, ECB). There is still a lot to do,” Merkel said. Tsipras said he was very optimistic about an agreement between Greece and the EU. In the meantime, the German Finance Ministry has denied the rumors of the Bloomberg agency according to which Wolfgang Schaeuble would have mooted the creation of a new currency in Athens to be circulated in parallel with the euro.
On the macroeconomic front, the Eurozone recorded a drop in the Ifo index on German confidence which settled at 108,5 points, although it turned out better than expected. The euro-dollar exchange rate dropped 0,71% to 1,1033 while oil dropped 1,37% to 59,89%. The Btp-bund spread is at 119 basis points and the Italian 1,81-year yield at XNUMX%.
The Ftse Mib in Piazza Affari is dragged by A2A +1,53%, Bper +1,15%, Telecom Italia +0,98%, FCA +0,91% and Cnh Industrial 0,86%. Ps it finished up 0,75%. The market had initially rejected the price decided by the board of directors (1,17 for each new security, discount on the theoretical value of 395), causing the security to reach a minimum of 8.950. Then the trend reversed: the stock rebounded to 9,70 euros with an increase of 3,6% to then close the session with a fractional gain.
At the bottom of the Ftse Mib managed savings Mediolanum -3,43% e Azimuth -3,13%. The bond pays for the placement of 5,26% of the capital (which took place on Tuesday with the markets closed) but above all for the previous amendment to the shareholders' agreement, which had effectively freed up 11% of the capital, making it salable on the market.
Campari -0,97%, Yoox -0,78% and Bpm -0,64% are also down among the worst blue chips. Atlantia was also negative -0,55%, which was affected by the approaching demerger of Sintonia, the holding company which owns 45,56% of Atlantia, which could represent a hub for the sale of shares on the market by the major shareholders. Sintonia's shareholders (Mediobanca, Sinatra, Pacific Mezz and the Benetton family) will receive Atlantia shares directly and, in theory, could also sell them on the market. According to reports from Il Sole 24 Ore, the deadline for the demerger has been prudentially extended to 21 September but, barring surprises, it should take place between 15 and 21 June.
