La ECB raises interest rates by 25 basis points, bringing them to 4% (the highest since 2001) and foreshadows further tightening during the year, but the European markets receive the awaited news without collapsing. The closing of today's session is mixed, certainly held back by the restrictive policy of the central banks, but also encouraged by the rebound of Wall Street in the American morning. In New York, the megacaps are especially active, looking at the decline in Treasury yields.
Final photo in Europe see Business Square down 0,28%, to 27.731 basis points. Stay in the shade General, -0,11%, despite a major acquisition in Spain.
The closure of the Milanese price list appears in line with that of Frankfurt -0,14% and Paris -0,51%. Madrid is flat, while Amsterdam e London are moderately positive (respectively +0,16% and +0,34%).
The euro strengthens against the dollar and reaches a 15-year high against the yen
The effects of the ECB have been seen above all on theeuro which strengthened sharply against the dollar and yen following the decisions of Christine Lagarde. The single currency reached a four-week high against the greenback, at 1,09 and even a 15-year high against the yen at 153,09.
Spreads down; new debt record in April
On the other hand, no earthquake has hit the government bond market. The spread between 10-year BTPs and Bunds with the same duration, it fell to 156 basis points (-0,12%), even if the rates they rose slightly to 4,06% (the Italian stock) and 2,5% (the German stock).
The Italian paper keeps its appeal intact, even if the public debt reached a new record in April: +21,8 billion compared to March, for a total of 2.811,6 billion. Bank of Italy explains that the increase reflects the growth in liquid assets of the Treasury (10,9 billion, to 40,3), the general government borrowing requirement (9,1 billion), the effect of spreads and premiums issue and redemption, the appreciation of inflation-linked securities and changes in exchange rates.
Oil and gas up
As far as raw materials are concerned, the Petroleum, after yesterday's weakness, as today's data showed that Chinese refinery production in May rose 15,4% from a year earlier, reaching the second highest level on record. On the other side of the balance weigh instead the macro data of the celestial empire, disappointing as regards industrial production and retail sales in the month of May. Crude oil prices are also held back by the restrictive choices of central banks, which portend a drop in oil demand.
In any case, at the moment, Brent is appreciating by 1,24%, to 74,11 dollars a barrel.
Also runs the gas and has been doing so for several days, as the arrival of the heat is expected to increase energy demand, while supply is reduced due to maintenance work on important Norwegian production plants.
In the final stages, today's increase is 7,51% to 41,19 euros per Mwh.
Piazza Affari, focus on Generali; discounts for former Mediaset stocks
In Piazza Affari the withdrawal of former Mediaset shares continues, after the rally due to the disappearance of the founder Silvio Berlusconi. Actions today Mfe A they leave 3,9% and those on the ground Mfe B the 2,44%.
The utility scene, financial stocks and oil stocks are divided on the main list, but each sector is contrasted. The black jersey of the day goes to Italgas, -2,42%, with the market evidently not particularly appreciating the new industrial plan, which takes into account 7,8 billion euros of investments, an average annual growth in turnover and Ebitda in the period of 8% . According to some observers, these would be timid objectives. Lose Ivy -0,83, while rising A2a +0,46%, which has decided not to present any offer for the purchase of the majority stake in the Piedmontese multi-utility Egea.
In other sectors they lose Interpump -1,47% stm .
Financial stocks are mixed. Leading the list is Finecobank, +2,57%, promoted by Jefferies to 'hold' from 'underperform', albeit with a cut of the target price to 13 euros from 14,9, arguing that the stock no longer appears to be overvalued.
Good Bank Ps + 2,28% Bpm bank + 0,49% Understanding +0,34%. They are of the opposite sign Unicredit -1,44% and Mediobanca -1,06%.
Generali it dropped 0,11%, on the day of the agreement for the purchase of the Spanish insurance company Liberty Seguros from Liberty Mutual, a tidbit also coveted by rivals Allianz and Axa. The transaction is carried out in cash for an amount of 2,3 billion euros, including the entire excess capital of Liberty Seguros which – as specified in a note – will guarantee significant financial benefits for the group.
It's secluded Telecom Italy, -0,12%, after the appointment of Alessandro Pansa to the board and not by Luciano Carta, as the first shareholder Vivendi would have liked. Meanwhile, today, Tim's CEO, Pietro Labriola, on the sidelines of a conference in Rome, showed more than confidence in the sale of the network. "We have not yet seen the improved" offers - he said - but "when managing such a complex dossier you have to be confident that things should and can go well".
Landings are different for oil stocks: Tenaris + 0,74% Eni + 0,49% Saipem -1,07%.
