Il Toro he definitely comes out of the corner he ended up in last week after theoutcome of the European elections and today raises its head in Europe, with greater conviction than in the previous session. Perhaps because from France comes Marine Le Pen's openness to a possible cohabitation with President Emmanuel Macron, in the event of the victory of the right in the national elections, perhaps because investors are starting to adapt to new scenarios. Meanwhile, from Brussels arrives black smoke after the first European summit called to choose who will lead the new legislature. No formal decision was expected, but a general agreement of the 27 leaders on the scheme was expected, because the proposed shortlist of names seemed solid. However, something did not go as expected and the next summit will be close to the French early elections.
Europe on the rise, Piazza Affari first in class with the banks
In this fluid political context, continental stock markets appear less nervous and Business Square it is the most toned thanks to the banking sector and others Saipem. The Ftse Mib closes up by 1,24%, for a final result of 33.315 basis points. Well Madrid +1%, while the other price lists recorded less progress: Paris + 0,76% Amsterdam + 0,55% Frankfurt + 0,38, London + 0,61%.
No surprises arrived during the day frominflation: Eurostat confirmed that the annual rate in May is at 2,6%, after +2,4% in April. A year ago it was 6,1%.
Flat Wall Street and tired consumers
Risk appetite has seen no respite Wall Street in recent weeks, although today the New York stock exchange, which will be closed tomorrow for holidays, is more uncertain, probably worried by the slight tiredness of American consumers. The Nasdaq it fell by 0,1% mainly due to sales on Meta and Alphabet. On the index S & P 500 However (+0,1%) Nvidia (ever closer to Microsoft in capitalisation), Qualcomm and Exxon are running. Chip stocks overall continue their recent rally, lifting the Philadelphia SE Semiconductor Index to a record high.
The climate is therefore only slightly unstable due to macroeconomic data in chiaroscuro, in a market that continues to speculate on the Fed's future moves, while new statements from central bank officials are awaited.
In particular the retail sales in May they grew by 0,1% compared to the previous month to 703,1 billion dollars, after -0,2% in April (revised from the initial +0%); expectations were +0,2%.
The data is above estimates industrial production, grew by 0,9%, with the consensus at 0,4%.
I T Bond they taste the glass half full and experience rising prices and falling returns.
Euro-dollar flat, oil growing
The trend is calm for theeuro-dollar, which remains in the 1,07 area after the losses of the last quarter.
It strengthens the Australian dollar (+0,6% against the greenback), following the decision of the Reserve Bank of Australia (RBA) to keep rates unchanged, signaling persistent domestic pressures on prices.
Among the raw materials travels in tune the Petroleum, with August futures for Brent and WTI rising by around 1%.
Texas crude is currently trading above $80, while North Sea oil is moving above $85.
Piazza Affari, race for Saipem and banks
It is an oil stock that today manages to reach the top of the main price list Square Business. It is Saipem, +3,52%, which drives the gains of the energy sector where they also shine Eni +1,85%, Enel +2,07%, Erg + 2,37%.
The banks continue their recovery from Monte Paschi di Siena (+3,33%), which in view of the exit of the Treasury, is a candidate to be the fulcrum of a new Risk in the sector. I am in the light Bper (+ 3,04%) and Unicredit (+2,82%). CEO Andrea Orcel, on the occasion of a Mediobanca event, told journalists that the institution he led expects "stand alone" growth in the coming years, with an increase in profits and considerable returns of capital to shareholders, but "it would be better to use part of this capital in the right transactions”. Such transactions “are ideally those that strengthen the group almost everywhere”. “The ideal group would have a greater contribution from Central and Eastern Europe and would be consolidated in Italy, Germany and Austria”, following this path “in a balanced way”.
It is confirmed in money Leonardo +2,85%, while it appears among the best blue chips of the day Recordati +2,07%, after Bloomberg wrote last night that KKR and TPG would have made preliminary proposals for the acquisition of all or part of the stake held by CVC, rekindling speculation on the potential exit of the fund.
Instead it is a letter for Moncler, -2,67%, on which Oddo Bhf has cut estimates and target prices. In the luxury sector Cucinelli also fell -0,33%.
Automotive is weak with Pirelli -1,25% Iveco -0,52% and Ferrari -0,41%.
Meanwhile on the bench, awaiting the stock market debut (Friday 21 June), Golden goose, a brand known for its luxury sneakers, has fixed the price of its initial public offering at 9,75 euros per share, according to what Bloomberg writes.
Spreads down
Tensions on Italian and French government bonds are further easing.
Lo spread between 148-year BTPs and Bunds of the same duration falls today to 3,85 basis and yields are reduced. The Italian bond at closing is indicated at 2,37%, while the German one at XNUMX%.