EU stock exchanges moved little while waiting for news from Vienna, for one day promoted to capital of the global economy: in the city that has just escaped the danger of a president of the extreme right, in fact, both the directorate of the ECB is held (on the occasion of the 200th anniversary of the central bank) and the OPEC meeting. Looking for a difficult agreement on crude oil quotas.
In this frame Business Square attempts a rebound after recent bank downturns. The Ftse Mib index +0,96% at 12 is back close to 18 points (17.981), preceded by Madrid +1,1%, equally supported by the recovery of the banks (Banco de Santander +2%). More modest increases for Paris, Frankfurt and London (0.1-0,3%).
Fixed income is weak, awaiting indications from the ECB meeting from which operational details on the corporate bond purchase programme, which kicks off this month, should arrive. According to Reuters, it will start with limited amounts and then gradually increase purchases up to 5-10 billion euros per month. The morning auctions in France and Spain are weighing.
The Italian 1,406-year yield is at 126%, spread at XNUMX bp.
Recover in Piazza Affari on Popular Bank +0,5% pending the announcement of the offer price of the new shares coming from the 1 billion euro capital increase. The rights will be exercisable from next Monday until June 22nd. According to Banca Imi (rating buy, target price 6,9 euro on Banco) the discount on the Terp (the theoretical price of a security after the detachment of the right) should be around 35%.
Pop. Milan + 2%. Understanding + 1,3% Mediobanca+ 1,6% Ubi + 1,9%.
It still goes down Carige -2%.
Before the start of the OPEC meeting, the new Saudi energy minister Khalid al-Falih said that “we are all very satisfied' with the current trend of the oil market. “The market – he added – is in a phase of rebalancing and prices will move accordingly”. Riyadh, according to rumors, could promote a new ceiling on the cartel's production. Meanwhile, Brent rose this morning above the psychological threshold of 50 dollars.
They speed up Eni +1,5% and Saipem + 1,6%.
Fiat Chrysler shines in Piazza Affari +2,9% after the data on sales in Italy in May (+33% year on year, the market share has risen to levels not seen for 3 years. The month also continued last year the success of the Jeep brand (+60%).
Piaggio also rose +1,5% on the wave of the May sales figures (+17,6% for the market).
Among other industrial stocks, Cnh Industrial +1,5%, Prysmian +1% and StM +0,5%.
Both Enel +1% and Telecom Italia +1,3% are on positive ground.
Outside the main list, the advance of Rcs continues +3,5% after the OK of the banks to the "remodulation" of the debt.
Lastly, there is a promotional air for Recordati -0,4%: at the end of the month the pharma stock will take the place of Anima +0,3% in the blue chips basket on Piazza Affari.
