One and a half percent. Indeed, to be precise -1,53%. This weighs heavily on the performance of Piazza Affari (-1%), lo detachment of dividends by some big names in the Ftse Mib: Banca Mediolanum, Banco Bpm, Campari, Ferrari, Iveco, Prysmian, Stellantis, Unicredit. Without the "coupon effect", the main list of the Italian Stock Exchange would rise by 0,5% in the wake of the others Bags of the old continent and driven by the confirmation of the rating by S&P which arrived on Friday evening when markets were already closed. Investors continue to keep their eyes fixed on central banks and the Middle East, where the risk of escalation seems to have been averted for the moment.
Superbonus alarm from Bankitalia to Istat
THEIstat published the notification of net indebtedness and public administration debt as required by the procedures of the Maastricht Treaty. The latest data from the National Institute of Statistics show that the 2023 deficit amounts to 7,4%, much more than the 4,3% of GDP indicated in the 2023 Def, but also than the 5,3% forecast by the NaDef. The result is also higher than the 7,2% indicated in the new Economic and Financial Document. At the base of the rise there is once again the Superbonus effect. Istat specifies that the latest data takes into account the "most recent quantitative evidence on spending on tax credits connected to the so-called Superbonus", and that the information on the transfer of the credit or the discount on the invoice "is not yet definitive for a possible physiological stabilization of the basic data in the coming months".
In this context, “The forecasts for the Italian economy differ only slightly from the Def but “the risks for growth remain downward-oriented”, added Sergio Nicoletti Altimari, head of the Economics and Statistics department of Bankitalia in the hearing on the Def at the joint Budget committees of the House and Senate. According to Bank of Italy, GDP will grow by 0,6% this year (0,8% corrected for working days) and just above 1% in the next two years (0,9% in 2025 and 1,3% in 2026). correct data). “The contribution provided by the full and effective implementation of the Pnrr investments is more decisive than ever in achieving the development rates outlined in the government's framework”.
Via Nazionale also talks about the superbunus, whose cost accounted for on an accrual basis in 2023 is equal to 3,7 points of GDP or 77 billion, "5 times higher" than what the 2023 Def calculated would accrue within the year.
Stock Market Latest news: the performance of European stock markets
Meanwhile the others European stock exchanges are trending higher as investors prepare to receive the publications of the results of some large banks over the course of the week. Data from European lenders will be in the spotlight in the coming days, making it clearer to investors whether high interest rates are still boosting profits or whether the year-long rally in bond prices is running out of steam. Among the most anticipated: BNP Paribas, Deutsche Bank, Barclays and Lloyds.
De-escalation in the Middle East is also pushing the prices. Among the continental squares, the best is London, which was up 1,45% at mid-day. They follow closely Madrid (+ 1,04%) and Amsterdam (+0,96%). More backward Frankfurt (+ 0,7%) and Paris (+ 0,33%).
On the stock market, the performance of the Portuguese oil company stands out galp rises to 16-year highs (+18,2%) after a positive update on gas exploration activity in Namibia. On the eight-way train Alstom after the French train maker agreed to sell its conventional rail signaling business in North America to German rail systems maker Knorr-Bremse Ag for around 630 million euros. Embracer announced plans to split the group into three separate listed companies and obtain new financing that it will use to reduce debt. The stock advances by 4%.
Iveco goes down in Piazza Affari, banks are positive
Ftse Mib black shirt Iveco (-3,2%) which pays the coupon effect but also the reorganization at the top that surprised analysts: CEO Gerrit Marx will leave the group to take on the role of CEO of CNH Industrial effective July 1st. Olof Persson arrives in his place.
The utilities are also bad: Getting very (-0,9%), Enel (-0,76%), A2a (-0,38%). In luxury they travel weak Ferrari (-0,39%) And Brunello Cucinelli (-0,46%).
The banks, however, are on the rise: Ps (+ 2,5%), Bper e Pop Sondrio both show +2,3%, unicredit (+1,4% despite the coupon effect) Intesa Sanpaolo (+ 1,3%)
In the car the performance of Campari (+2%), in pharma it stands out Diasorin (+ 1,45%).
The other markets
After the confirmation of the Italian rating by S&P, the spread between BTP and Bund it drops to 136 basis points, three points less than Friday's closing. The yield of the two also fell XNUMX-year BTP benchmark, which falls to 3,89% from 3,9 percent three days ago. Prices fell by half a percentage point Petroleum Brent (at 86,84 dollars a barrel) and the Texan WTI (at 81,81%), while thespot gold is at 2358 dollars an ounce (-1,4%), The rise of the continues copper, with the three-month price traveling at 9936 (+0,6%). Finally on the currency, theeuro it moves essentially stable at 1,0652 to the dollar.
