Weak European stock markets awaiting the decisions of the directorate of the European Central Bank underway in Riga. A Milano the index leaves 0,57% on the ground, around 22.100 points. A (pale) red Paris, Madrid e Frankfurt (-0,1%). Inflation in Germany is confirmed at 2,2% annualized in May, in line with preliminary data and accelerating from 1,6% in April. Energy prices, which rise by 5,2%, are the driving force. Volkswagen -0,9% after fine of one billion imposed by the German authorities for the Dieselgate.
Apparent calm on the debt market: lo spread stands at 232 points, 2,86-year yield at 30%. The ECB could indicate a gradual reduction of bond purchases in the October-December quarter from the current 2019 billion euros per month and then reset it from January XNUMX. The precise agenda of Draghi's moves could however arrive in July.
THEeuro it climbed back above 1,18, after last night's upward move in the dollar, triggered by the rate hike approved by the Fed.
Among the banks are holding back Unicredit (-1,8%) And Understanding (-1,4%). It is advancing in the blue chip basket Poste Italiane (+0,5%) supported by the agreement with Amazon and the forthcoming tender for the choice of the motor liability partner. In the running there would be at least five or six companies, among which Generali, Unipol, Allianz and probably also Axa.
Well collected Prysmian with a leap of 1,81%; good too Leonardo (+0,41%). Still up Ferrari (+0,4% to 123,15 euros). Berenberg confirmed the Buy judgment on the stock with a target price raised from 125 euros to 135.
New decline for Italgas: a -2,42%% which is added to yesterday's -1,38% after the announcement of industrial plan to 2024, which outperformed forecasts for M&A investments. This morning Mediobanca raised the target price to 5,20 euros from 4,90 euros, confirming the Neutral rating.
Su Mediaset (-0,66%) due to the failure to award the rights to broadcast Serie A matches over the next three years on Premium pay TV. The company speaks of a totally unbalanced tender, for which it has offered a total of 600 million over three years for a single package.
Equita points out that the company has asked Sky and Perform to obtain the rights to rebroadcast the matches for their subscribers, “even if considering the recent launch of the Sky offer on DTT, it seems unlikely that it will be able to obtain them. Our estimates already include Premium's loss of football rights, as envisaged in the company's 2020 plan."
