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Stock market closes June 17th: Europe hits the rebound. Milan and Paris the best with banks, spread down

After the sales due to concerns about European (and especially French) political stability, Europe closed the first session of the week in positive territory, Madrid bucking the trend. In Milan purchases on Leonardo, Unipol and banks. Towards the first strike for the Italian Stock Exchange

Stock market closes June 17th: Europe hits the rebound. Milan and Paris the best with banks, spread down

Le European stock exchanges they close today in no particular order, after the turbulence of the last eighth triggered by the victory, in some countries, of the far right in the European elections and by President Emmanuel Macron's decision to call new legislative elections in France (30 June-7 July). Paris hits a partial rebound and does the same Milan, while tensions on the ten-year government bonds of both countries ease and the spread falls.

Meanwhile, the weather is turning nice in New York, with Wall Street which, after a weak start, is moving into moderately positive territory. The levels are very high for S&P 500 and Nasdaq, taking into account the highs updated several times in recent sessions, despite the fact that there is widespread fear about how much longer a rally driven by the fascination of artificial intelligence and the three most capitalized companies in the world will last, it is worth to say Apple (+ 1,84%), Microsoft (+ 0,18%), Nvidia (-0,58%). Overseas, the week looks a bit choppy due to Wednesday's holiday, Juneteenth, the day in which the liberation of African-American slaves is commemorated. 

Contrasted Europe, Paris and Milan doing well 

At the close, European stock markets rebounded. Business Square rose by 0,74% to 32.908 basis points thanks to the return of purchases on banks and on Leonardo + 2,88%. Paris is the best, +0,91%, after having dropped over 6% in the last week. A defeat that made her lose the crown of queen of Europe, returning to London. At the same time, tensions on the government bonds of the two countries are also easing. A situation, in particular the French one, which the ECB monitors. 

It's slightly further back Frankfurt +0,30%, but they would be there decisive progress for the marriage between Ita and Lufthansa (-0,24%). “The European Commission – writes ANSA, citing sources close to the dossier – has adopted, at a technical level, its first informal positive orientation on the marriage between ITA and Lufthansa in view of the official verdict which will be announced by 4 July”. 

Bene Amsterdam +0,48%; are in slight decline Madrid -0,32% and London -0,07%.

The euro rises, oil appreciates

On the foreign exchange market also l'EUR regains share, after having left over 1% on the field with the European Parliament elections. Today the cross with the dollar returns above 1,07.

Among raw materials, the trend of August futures appears positive Petroleum: Brent gains around 1% and trades at 83,42 dollars a barrel; same trend as the WTI, for a price of 78,83 dollars.

In Piazza Affari, the speculative appeal of banks returns

The speculative appeal of banks returns to Piazza Affari and rumors resurface about the role it could play Unipol (+2,63%) in the reorganization of the sector. Milano Finanza, last Saturday, wrote that the Bolognese company can purchase 10% of Ps (+1,22%) in the process of the Treasury's exit from the bank, an operation which could also involve an investment by Anima (+ 1,44%).

The insurance sector was livened up today in Europe also by the news that the Finnish company Sampo (-1,22%) agreed to buy the Danish insurance company Top Danmark (+22,24%) in a deal that values ​​the company at 33 billion crowns ($4,73 billion).

Returning to Milan and the banking sector, they are in evidence on the Ftse Mib Popular of Sondrio (+ 2,76%), Unicredit (+ 1,91%), Bper (+ 1,9%), Understanding (+ 1,07%).

Among the best blue chips of the day, they are back to be seen Leonardo, after a flurry of profit-taking in recent sessions, also due to the halt in negotiations with Knds for the supply of the Leopard 2 tank to the Italian army. The defense company announced today that the European Commission, as part of the European Defense Fund 2023 programme, has selected 13 projects in which Leonardo is involved, establishing itself as the second European player in terms of number of projects won.

Positive session also for Ferrari +1,48% and Post

Instead, he retreats heavily Erg, -4,84%, penalized by the "underperform" rating received from BofA.

Out of the main basket Fincantieri drops 1,74% after the news that President Claudio Graziano was found dead at home.

Spreads down

The newfound appetite for risk also allows the Italian paper to close a positive session. The spread between ten-year BTPs and Bunds of the same duration it drops to 152 basis points, while the yields are indicated at 3,91% and 2,39% respectively.

The decline for French securities is decidedly more marked at 73 basis points (-13,88%), after the volatility of the last quarter. 

First strike for the Italian Stock Exchange

Finally, the overall trend of today's negotiations does not seem to have been affected by the fact that the unions announced the first strike in the history of the Italian Stock Exchange complaining of a "constant, systematic and overall disinvestment" from Italy by shareholder Euronext.

The abstention from work will be in the last two hours of June 27th until the end of the service. Furthermore, on 4 and 11 July strikes are scheduled from 11,30 to 12,30 for the Compensation and Guarantee Fund, plus a series of strikes, scheduled over the next 30 days, by overtime and availability.

The unions point the finger at "the hollowing out of Italian structures from within" by Euronext.

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