US macro data gives Wall Street some breathing space while Europe confirms the day's declines at the end. Business Square is ballasted by Telecom Italy which lost 5,8% to 0,59 euros in the aftermath of the go-ahead on the spin-off of the network. Operators are looking at the valuation of the network circulating in financial circles and which would be judged low: the Financial Times today indicates a valuation of around 14 billion euro, the Wall Street Journal writes that 30% of the network (that is, the portion potentially for sale to the CDP according to rumors) is valued at 4,2 billion.
Several reports show caution on the part of financial analysts. The integration dossier with 3 Italia has been postponed to the next board of directors. Bad too banks: Banco Popolare -3,84%, Mediolanum -3,46%, Bpm-2,57%. Unicredit +0,55%, Intesa +0,21% and Mps +1,48%. Ansaldo Sts -4,29% L'Ftse Mib index thus closing down by 0,78%, the Btp bund spread is at 259 basis points. Frankfurt -0,61%, London -1,11%, Paris -1,19%.
The markets look to next steps by central banks. In the wake of the macro data, the US price lists zeroed the losses and returned to the rise. At the close of Europe, the Dow Jones rose by 0,3% and the Nasdaq by 0,28%. The euro fell against the dollar by 0,58% to 1,2974. WTI oil dropped 0,96% to 92,71 dollars a barrel. down toogold by 1,38% to $1.392,5 an ounce. If personal incomes for April are unchanged and disappointing analysts' expectations, the confidence of the University of Michigan and the Chicago PMI index do better than expected.
The index of the Michigan Consumer Confidence it jumped to its highest level since July 2007, at 84,5 points, above April's 76,4 points and analyst consensus, which stood at 83,8 points. Chicago's Ism PMI, which measures manufacturing activity in the region, rose to 58,7 points in May from 49 in April. The employment sub-index recorded progress to 56,9 points from 48,7. Fiat +3,29% above 6 euros runs against the trend on the Ftse Mib, driving the European car sector, Lottomatica +2,5%, Diasorin +1,6%, Pirelli +0,96%.
