The tensions in Iraq are worrying the European markets which are trimming losses thanks to the rise in Wall Street. Jihadist rebels march towards Baghdad and US President Barack Obama has warned that the United States is "ready for military action when national security interests are threatened". WTI oil rose to a nine-month high above $107 a barrel. The International Energy Agency said in a statement this morning that the jihadist offensive in Iraq does not threaten the country's oil production in the short term. The Ftse Mib closed flat at +0,01%, canceling the losses of the morning. The market is looking at the government's measures on corruption, the reform of the public administration and decisions on the competitiveness of businesses. The Btp bund spread closed down at 142 basis points. In April, public debt reached a new high at 2.146,4 billion. Istat confirmed the preliminary estimate of inflation which recorded a slight decrease due to the deceleration of the tendential growth of the prices of services relating to transport and the decrease in the prices of unprocessed food. In May 2014, the Nic index, gross of tobacco products, decreased by 0,1% compared to the previous month and increased by 0,5% compared to May 2013 (from +0,6% in April). . Madrid +0,23%, Paris -0,24%, Frankfurt -0,26%, London -0,96%.
In the United States, inflationary pressures are easing after two months of increases in the wake of food and energy prices. Producer prices in May fell by 0,2% on a monthly and seasonally adjusted basis, against expectations for a rise of 0,2%. On an annual basis there is an increase of 2%. Keep an eye on consumption too, which is worse than analysts' expectations: the mid-month consumer confidence index measured by the University of Michigan fell to 81,2 points from 81,9 points the previous month.
The American indices opened slightly higher and with the closure of Europe the Dow Jones rose by 0,14%, the Nasdaq by 0,31% and the S&P500 by 0,26%. In the spotlight Intel has raised its revenue estimates thanks to better demand for PCs from companies and rises by more than 6%. OpenTable +47% after the announcement of the acquisition by Priceline for 2,6 billion dollars. The euro-dollar exchange rate dropped 0,21% to 1,3523. Mps rises in Piazza Affari +3,64% after the turbulence of the first few days linked to the maxi-increase in progress 27,8 million shares have changed hands. The rights increase by +0,78% to 18 euros.
Followed by Finmeccanica +2,59% on the rumors of the possible sale of the US subsidiary Drs. Eni +1,66% rises thanks to the signing of new agreements in the Caspian Sea, Saipem +0,98%. Mediobanca +0,84%. Unicredit closes positive at +0,52%Bpm -1,6%, Banco Popolare -1,12%, Ubi Banca -0,14%, Intesa -0,4% down. At the bottom of the Ftse Mib the luxury of Yoox -2,93%, Ferragamo -2,12%. Autogrill also down -2,09%, Mediaset -1,85% and Azimut -1,8%.
Fiat sells 1,15%. CEO Marchionne today confirmed the 2014 targets. The group expects revenues of approximately 93 billion euros and a net profit of between 0,6 and 0,8 billion.
