The increase in US rates together with the drop in the price of oil weighs down European lists. The latest thunderbolt that struck US politics weighs even more: the Washington Post announced the upcoming impeachment of President Donald Trump for obstruction of justice. The move is expected to be announced within hours by special prosecutor Robert Mueller, appointed by the Justice Ministry to lead the investigation into alleged Russian interference in the electoral campaign. This situation is turning into the most insidious roadkill on Wall Street.
Futures anticipate an open in sharp decline in US stock markets. Data on new jobless claims, May industrial production and the Empire Manufacturing Index are expected today.
Down from the start, Business Square it loses about 0,45%: the Ftse Mib index fluctuates around 20.800 points. The decline on the other markets is more marked: the worse it is Madrid-1,25, Paris -0,8% Frankfurt -0,6%. London yields 0,7%. Athens down 0,2% awaits the meeting of the Eurogroup which will seek an agreement on the debt.
The retail sector is weak: H&M drops 3,5% after below-expected sales in May.
Il Petroleum this morning it confirmed the prices it fell yesterday evening, with a drop of 3,5%: Brent at 47 dollars a barrel, Wti at 44,7 dollars. Prices are at their lowest for seven months. Oil weakness weighs on Eni down 0,7%, Saipem-2,5% Tenaris -0,2%.
After the rate hike, the dollar strengthens, with the euro which drops to 1,118 from 1,121 yesterday evening. Gold slightly up to 1.261 dollars. There Swiss National Bank it left borrowing costs unchanged at -0,75%, as the central bank continues to battle a strong Swiss franc which has weakened consumer prices and poses a threat to the country's export-dependent economy.
The meeting of eurozone finance ministers to decide on Greece's bailout program is on the agenda in Luxembourg. Expectations are favourable.
Il yield of the ten-year BTP it is up slightly to 1,96%. spread with the Bund at 171 basis points. According to the data contained in the supplement to the statistical bulletin "Public finance: borrowing requirement and debt" by the Bank of Italy, at the end of March the value of Italian government bonds held by non-resident investors amounted to 663,836 billion euro, a new low for three years.
The banking sector is fragile in Piazza Affari, grappling with the last days before the rescue of the two Veneto banks for which the creation of a privately owned newco is looming in which they should participate, in addition to Unicredit (-0,9%) And Understanding (-0,5%), Mediolanum (-0,68%), Unipol (-2,55%), CDP and some funds.
Last evening Veneto Bank communicated to the market that “the writ of summons with which the institute starts the liability action against the former directors and statutory auditors who held office until 26 April 2014″. The quantified damage was 2,3 billion euros.
Weak Generali (-0,1%): Kepler Cheuvreux raised the target price to 17 euros from 16 euros, confirming the Buy rating.
La defeat on TV rights for the Champions League weighs on Mediaset (-1%): after three years of absence, the rights to broadcast matches in the three-year period 2018-2021 return to Sky Italia. Thus the appeal of Premium decreases further. Telecom Italy -0,5%.
The difficulties of American tech strike again stm (-2,2%). Leonardo it dropped 1,7%. Fiat Chrysler -0,7%.
Highlight instead Cnh Industrial (+3,3%) among the few increases today to 10,21 euros. This morning Equita promoted the judgment to Buy from Hold, bringing the target price to 13,2 dollars from 10 dollars. In euros, the target corresponds to 11,80 euros.
Growing strongly too Ferragamo, among the best blue chips with an increase of 1,93% to 24,66 euros. This morning Ubs raised its recommendation to Neutral from Sell, with a target price of 24 euros from 18,90 euros. May, with a 15% loss, was the worst month in two years for the stock. The Swiss broker, on the other hand, cut the judgment on from buy to hold Moncler (+ 0,1%). Luxottica -0,5%.
Among the mid/small caps, a new leap by Landi renzo (+ 8,8%). De 'Longhi, unchanged, announced the placement of an unsecured and non-convertible bond with US institutional investors, for an amount of 150 million euro.
Astaldi (-1,1%) concluded the placement of seven-year equity linked bonds for the maximum nominal amount envisaged of 140 million and announced the repurchase of its outstanding equity linked bonds maturing in 2019 coupon 4,50% from 130 million .
