Positive start for the European stock exchanges driven by good macro data arriving from Germany (+1,9% industrial orders). Frankfurt +1,9% is the best place, followed by Paris +1,3% and Madrid +1,2%. The Eurozone markets snub the afternoon meeting on Athens. After all, "not all the outstanding issues with Greece will be resolved today" anticipate European sources: the vote in Parliament in Athens on the package of measures for pensions and tax increases has facilitated the discussions which begin at 15 pm, but the problem of automatic compensatory measures.
The exception, however, is Piazza Affari: the Ftse Mib index -0,50% accelerates downwards and remains below 18 thousand, under the pressure of sales on banks. The Italian sector index lost 1% (+0,9% for the sector's Eurostoxx).
Under fire in particular the Banco Popolare -8,68% overwhelmed after the launch of the capital increase preparatory to the merger with Banca Popolare di Milano -3,82%. But, as the president of Consob Giuseppe Vegas underlined this morning on the occasion of the annual meeting. "In the current market conditions - he said - it is difficult to carry out recapitalizations - the prolonged recession is weighing on bank balance sheets and "investor assessments are weighed down by the problem of non-performing loans".
The rest of the sector is doing better but not too much. Go back down Monte Paschi -3,70%,? Unicredit -1,76%.
More solid Understanding +0,27%, thanks to the support of the Crédit Suisse report. Ubs finds the title interesting at this price. Kepler Cheuvreux maintains the buy judgment on the stock but cuts the target price from 3,6 to 3,1 euros. ?Equita reduces the target price (hold confirmed) from 3,2 to 3,1 euro due to slowing core revenues: “given the weak start, assuming an increase in commissions by the end of the year is optimistic: we reduce the estimate from +5% to +1%”.
The bond market was little moved. German Bund 0,15%, 10-year BTP 1,51%.
Among the positive notes the Campari rally +4% after the publication of the results for the first quarter which closed with revenues up by 7,2%.
Also prominently featured Rcs +3,2%:?in a Mediobanca press release, a shareholder of the company, has officially announced that it will evaluate various options that better value its stake, including ?“maintaining the same or any alternative proposals that it may be the recipient of”. The press release was issued at the request of Consob.
Is Buzzi also shining? +0,6%, driven by Kepler Cheuvreux who confirmed the Buy rating and raised the target price to 18,5 euros.
Unchanged Fiat Chrysler, in a day of great maneuvers around the title Volkswagen +4%. The leap was caused by the rebellion of the shareholder TCI, an English hedge fund that holds 2% of the capital, without the right to vote. The manager and founder of the fund, Chris Hohn, has sent the Volkswagen board a letter in which he asks for a change of register, starting with the salaries of senior executives who, despite the dieselgate crisis, took home the following year 63 million dollars. Hohn complains that profitability is much lower than that of other comparable companies and points out that the company allocates too large a part of the value created to employees, about 65% versus 4% going to shareholders.?
Il oil rises with Brent at?46 dollars a barrel (+1,5%) and Wti at 45,5 dollars (+1,9%). The vast fires in Canada have forced the country's oil industry to cut production by 1 million barrels per day.?
Down Saipem -1,25% 1%. Standard & Poor's downgraded Saipem's long-term rating to 'BB+' with a negative outlook from 'BBB-' with a stable outlook. Eni?+0,3%,?Tenaris -0,9%.?
Weak Enel 0,36% a few hours from the board of directors on the quarterly.
