I European markets they try to shake off fears about the outcome of the continental elections and the Bags they attempt a rebound driven by the banks. In the middle of the day the Ftse Eb gains 0,86% to 34.164, lo spread remains stable at 142 basis points, ei bond yields Europeans travel in decline.
The markets' attention was focused on France, where President Emmanuel Macron recently concluded his press conference, but above all on the United States. In the evening the number one of Fed Jerome Powell will communicate the FOMC decisions on US monetary policy. Barring surprises, which are sensational to say the least, the US central bank is not expected to touch rates, but it could provide some indications on future moves. Very few are now betting on a rate cut in September, with JP Morgan calculating that long positions on US debt have fallen to their lowest level in two months, while the yield on the ten-year bond reached 4,48% on Tuesday, well above the 4,27% it recorded before last Friday's data, which showed the "strength" of the stars and stripes labor market. Another key data will arrive in the afternoon, when it will be published May inflation, estimated between 3,3% and 3,4%.
Stock market June 12: Europe tries to rebound
In this context, the European stock exchanges they try to rebound, with it Stoxx 600 up by half a percentage point. Eyes up Paris which rose by 0,35% after the agreement between the Gaullists and Le Pen's Rassemblement National, but above all after the press conference in which President Emmanuel Macron explained the reasons that pushed him to call early elections, speaking about his plans for the next few weeks. According to the tenant of the Elysée, the majority of him must "go and dialogue with personalities and forces that are not part of it today", hypothesizing an expansion of the government to include moderate forces.
Shop on Amsterdam (+ 0,53%) and Frankfurt, which gained 0,54% after the Federal Statistical Office confirmed preliminary data on inflation, which rose to 2,8% in May. More shy Madrid (+0,26%), while outside the EU London marks +0,63%).
Piazza Affari is the best with banks
After three consecutive sessions in the red, the Ftse Mib recorded the best performance in Europe driven by the excellent performance of insurance companies (Unipol + 2,46% Generali +1,28%)), but above all by the rebound of the banks, hit by sales in previous sessions due to fears over continental political instability. In the sector, Bper rises by 1,8%, followed by Unicredit (+ 1,53%) and Intesa Sanpaolo (+1,42%). The Antitrust communicated on the latter this morning the closure of the investigation regarding the transfer of account holders to Isybank. Also on a convincing rise Banca Mediolanum (+ 1,42%), Finecobank (+ 1,4%), Pop Sondrio (+ 1,39%), Ps (+1,34%). Well bought too Bpm bank (+1,33%), the most targeted by the letter recently.
volatile Saipem. The stock, which started on the rise, ended up losing 1,1% and at 12.45pm it was just below parity (-0,1%) This morning Eni (+0,59%) announced that it had completedor the placement of a share equal to 10% of Saipem's share capital through ABB at a price of 1,970 euros per share, for a total value of approximately 393 million. The placement was carried out at a discount compared to yesterday's closing price of 2,065 euros and, therefore, the shares tend to adapt to that price.
On the sales front, the worst stock is Telecom Italy (-0,88%). Loses 0,64% Leonardo which confirmed the stop to negotiations with Knds (German Krauss-Maffei Wegmann and French Nexter) to define a common configuration for the main battle tank program of the Italian army and to develop a broader industrial collaboration. Snam it is instead in the red by 0,55%: CEO Stefano Venier has made it known that the company is talking with the parties interested in taking over for the sale of the 23,7% stake in Interconnector, which owns and manages the gas pipeline between Great Britain and Belgium.
Outside the Ftse Mib, Fincantieri (-0,88%) following the resolution of the Board of Directors which decided to exercise the delegation for the capital increase for a maximum amount of 500 million euros functional to the completion of the acquisition of Uas from Leonardo. In red too Italmobiliare -2,56% after the majority shareholder, Cemital dei Pesenti, has the placement closed by 1,3% at 27,50 euros.
Tension on government bonds decreases
After two roller-coaster sessions due to the outcome of the European vote in France and Germany and the ECB's slowdown on rate cuts, tension on the government bonds with a spread between BTPs and Bunds which moves at 142 basis points, a level similar to yesterday's. Yields on government bonds are falling, with the rate on ten-year BTP benchmark which falls to 4,03% after reaching the highest since November on Tuesday. The return on 10 year bund is stable at 2,6%, while that on French oats same maturity drops to 3,21%.
In Italy the Treasury placed 7,5 billion Bots per year with the yield rate rising to 3,584% - the highest since November - from 3,546% in the placement in May.
The other markets: euro/dollar, oil, gas
On the currency, the dollar moves close to the monthly highs while awaiting inflation and Fed data, and the exchange rate with theeuro it stands at 1,0751 from 1,0727 yesterday at the close.
Prices go up Petroleum, with August Brent at 82,73 dollars per barrel (+1%) and July WTI at 79,83 dollars (+1,19%). The International Energy Agency (IEA) predicts a “large surplus” of oil on the markets by 2030, due to a stabilization of demand combined with an increase in global production. In its report, the agency highlights the growth of renewables and energy efficiency and the acceleration of electric cars.
Finally the gas, which fell by 0,3% to 34,17 euros per megawatt hour on the Amsterdam TTF platform.
