Piazza Affari closes with a robust rise, thanks to the "resurrection" of the banks and the recovery of oil. In Milan, the Ftse Mib index gained 2,5% to 16.778 points, much more than the other indexes: Madrid rose by 1,33%, Frankfurt +0,94%, Paris +0,72. London +0,59%.
The recovery was facilitated by the publication of a series of data on economic activity in the euro area,
Markit's composite PMI rose slightly for the second consecutive month in August. Today's data show that the effects of Brexit, admitted, will come, are not seen for now.
The spread on the 10-year Bund rose up to 124 bps (+4 bps compared to yesterday's closing).
Oil rallied again on the effects of rumors about Iran's willingness to consider an oil production freeze. The news from Nigeria also weighs heavily: the wounding (perhaps the elimination) of the leader of Boko Haram could restart the oil industry of the African giant. Brent rose by 1,5% to 49,9 dollars. Eni +1,3% and Saipem +4,6% are up.
She was the center of attention Unicredit +6,6% which reversed Friday's losses. There are several reasons for the rally. In the coming days, according to Reuters, an offer on Pekao bank by PZU, the leading Polish insurance company, could arrive. The sale, appreciated by Equita analysts, reduces the expectation of a placement of FinecoBank up by 7,9%. Furthermore, Moody's promoted the outlook of Austrian banks from negative to stable, news which also involves Bank of Austria, controlled by the Italian bank.
Intesa +5%, Monte Paschi +3,6% and Ubi Banca +7% also made a strong recovery. Among the insurance companies, Generali +4,5% and Unipol Sai +3,4% fly.
Mediaset is still worth mentioning +4,3% pending a possible agreement with Vivendi. Telecom Italia +2%.
Among industrialists Leonardo +3,1%, StMicroelectronics +2,7%.
