A clear downward start for Piazza Affari and the European stock exchanges. The index FtseMib drops by 0,7%, around 21600 points. The other European lists are also in the red with decreases of around 0,4%. Almost unchanged London (-0,02%).
Among the Milanese blue chips, the decline of Fiat Chrysler (-1,33%), recovering after the initial drop of 2,7% following the confirmation that the EU Commission has decided to initiate proceedings against Italy because it would have voluntarily ignored the illegal devices for manipulating emissions mounted on Fiat Chrysler diesel engines. "I was sad to learn that despite all the detailed information provided to the Commission and to Germany you intend to open an infringement procedure," wrote Minister Graziano Del Rio.
The tension, however strong, on the dollar: the euro moved above 1,11, the highest level since 9 November last, to then drop back slightly to 1,1097, up 0,1%. Fears are growing about Donald Trump's economic agenda, which has been undermined by political difficulties of the White House. Ian Hatzius, chief economist at Goldman Sachs, questioned that the Fed can meet the schedule of two rate hikes by 2017. "Even a modest deterioration in growth - he said - could convince the Fed to postpone the next rate hike to September".
Meanwhile inflation in the euro area it rose again to 1,9% in April, according to the final data of Eurostat, on values in line with the official objectives of the ECB. Pressure is growing on the ECB's Governing Council ahead of its June 8 meeting in Tallinn, Latvia. Meanwhile, over the next two days there will be a large number of speeches by ECB officials, including tomorrow by Mario Draghi and Friday by Vice-President Victor Constancio and Executive Committee member Benoit Coeuré.
Petroleum down: Brent is traded at 51,4 dollars a barrel (-0,3%). Eni loses 0,6%, Saipem -0,6%. Effervescent Saras (+4%) driven by the rise in refining margins.
Declining yields on the bond market: the BTP the ten-year bond is trading at 2,20% (from 2,22% yesterday), the Bund at 0,40% (from 0,43%), spread at 179 basis points.
Banks down, but recovering from morning lows: Unicredit -1% Understanding -0,4% Ubi -2%. positive Bpm bank (+ 0,2%).
Enel advances by 0,3%. Instead, back off Atlantia (-0,8%), which in the last two sessions has gained more than 3,3%, after announcing the 16,3 billion takeover bid on the Spanish Abertis. Criteria Caixa, the largest shareholder of Abertis with 22,2%, defined the Italian offer as "friendly" but reserved a period of three/four weeks to announce an official decision on the Italian offer. The shareholders of the Spanish conglomerate have the option of opting for an alternative which envisages payment through newly issued special Atlantia shares.
They go down Telecom Italy (-1,6%) And Mediaset (-1,2%). In the weak industry sector Leonardo (-1%), StM (-0,3%) And Prysmian (-1%). Also declining Buzzi (-2,1%): the cement company, which is well established in America, is suffering after yesterday's data which show a slowdown in construction activity in the USA. heavy match, Brembo reduces losses to -1,4%.
The Luxury sector is weak. Moncler lose 1,3%. Luxottica (-0,73%) will withdraw ADRs from Wall Street.
