Piazza Affari closed a brilliant week slightly lower, in line with the other European price lists. The Ftse Mib dropped 0,14%, 21.492 points, with Telecom at the bottom of the basket, -2,72%, after press rumors that now consider the rift between Vivendi and the managing director, Flavio Cattaneo, as irremediable. Financials are weak, while the euro appreciates against the dollar (cross at 1,146, +0,53%), due to disappointing US macroeconomic data, inflation below the target deemed optimal by the Fed and retail sales below estimates . Wall Street, at its highs in recent days, opens mixed, then takes the road to the upside, with the first quarterly reports of JpMorgan, Wells Fargo and Citigroup in chiaroscuro, but higher than expected.
Europe: Paris is flat; weak Madrid, -0,09%; Frankfurt -0,08%; London -0,47%. Fractional oil up: Brent +0,6%, 48,71 dollars a barrel. Gold rose, against the dollar trend: +0,83%, 1227,577 dollars an ounce.
In bonds: the Italian ten-year bond widens the spread with the Bund by 1,73%, 170.10 points, yield 2,3%. In any case, the recovery in the Belpaese is consolidating and the Bank of Italy raises its estimates for 2017 GDP to 1,4%. The boost would come above all from internal demand, with an expansion of consumption and investments "at a relatively sustained pace". Unfortunately, the public debt is at record levels: in May the government debt amounted to 2.278,9 billion, an increase of 8,2 billion compared to April. The review of the sovereign rating by the Dbrs agency should arrive this evening, currently BBB with a stable outlook.
In Piazza Affari the number one is Leonardo +2,5%, with the signing of a contract worth around 45 million for two years between NETMA (NATO Eurofighter and Tornado Management Agency) and the Eurofighter consortium (BAE Systems, Leonardo, Airbus Defense & Space) for the update of the "Pretorian" protection system of the Eurofighter Typhoon aircraft of the United Kingdom. Oil producers tonic, led by Tenaris +1,21%. Well bought by Italgas +1,32%; Yoox +1,81% and Recordati +1,14% performed well.
The black jersey belongs to Telecom. As reported by Bloomberg, which cites anonymous sources familiar with the situation, the controlling shareholder Vivendi has come to the conclusion that there is no room for settling the differences with the CEO. Therefore, the manager's departure should take place "in the next few days" and the timing would by now be linked only to the outcome of the negotiations on the severance pay of around 50 million euros.
Sales hit many financial companies, in particular Unicredit -1,78% and Ubi -1,24%. Intesa went against the trend, +0,42%, after reaching an agreement with the unions for the exit of 3.900 employees in the next few years. The Bank of Italy Economic Bulletin states that the profitability of the major banking groups rose to 7% from 3,3%, while loan adjustments fell by over a fifth.
Down Brembo -1,53% and Unipol -1,88%. FCA leaves 0,76% on the ground after announcing that must recall more than a million vehicles worldwide due to fire risk or airbag deployment.
Stellar debut for doBank, +13,89%. Heavy Juventus title, -3,71%, affected by the now official transfer of defender Leonardo Bonucci to Milan.
