Full speed ahead with rates at zero to give support to the “modest but steady recovery” Eurozone. For the first time in a year there has been a downward revision of the estimates, but the improvement is very modest, especially considering that the new forecast takes into account the additional stimulus announced earlier this year. So Mario Draghi confirmed that the policy of the ECB will not change at least until March 2017.
Black smoke instead for OPEC is not reached any agreement on the roof to the production, but the tone of the great enemies (Saudi Saudi Arabia and Iran) were much more mild and conciliatory than in March. Oil prices, fell after news of up to $ 48.84 per barrel, have bounced back in the evening over $ 50 under the pressure of the decline in US stocks. The oil stocks have rebounded well: Chevron -0.6% (from a minimum of 1.6%), Exxon Mobil -0.8% (from -1.7%). In Milan, Eni closed the session unchanged, after canceling the afternoon around the rise (+ 1.5%) in the morning.
S & amp; P OVER 2,100 POINTS ON HOLD DATA AT WORK
Archived Vienna the day, a capital day and European monetary policy the cartel of oil sheiks, finance has already moved back the spotlight on Wall Street, waiting for data on new jobs Use. US stock markets took flight after the crude rally (+ 80% since January, without in the meantime have arrived whatsoever news OPEC). The index S & amp; P 500 (+ 0.28%) jumped more than 2,100 points, the highest for seven months (+ 3% since the beginning of 2016). The Dow Jones rose by 0.27%, Nasdaq + 0.39%.
In May, the US private companies have created 156,000 new jobs, in line with expectations. Stable new requests for unemployment assistance: last week were 267,000, only 1,000 more previous octave.
Apple downward (-0.80%): Goldman Sachs cut its price target to 124 from 136 US dollars after lowering its forecast on growth of the smartphone market. In Oracle (-4% stronger downward): the software giant is being sued by former manager of finance, Serena Blackburn, on charges of false accounting. The superiors would push to inflate the sales of software based on the cloud.
The Tokyo Stock Exchange this morning is slightly higher at the end of the session: Nikkei + 0.2% after declining yesterday’s heavy (-2.3%). The Chinese markets are slightly wavy: Hong Kong + 0.2%, Shanghai -0.1%. Seoul lost 0.2% and Mumbai earns 0.5%.
MILAN -0.2%. THE ECB EXTENDED PURCHASES FOR CORPORATE BOND
Modest changes in European markets. Down Paris (-0.21%), plus sign to Frankfurt (+ 0.09%), Madrid (+ 0.46%) and London (+0.02%). Of importance today data on the services of SMEs ‘Eurozone. Milan Stock Exchange ended the session down slightly (-0.24% to 17,767 points the Ftse Mib). The Milan Stock Exchange, positive in the morning, he reversed course in the first part of the afternoon, in conjunction with the press conference by Mario Draghi and the conclusion of the OPEC meeting in Vienna.
The ECB has provided the latest details on purchases of corporate bonds eurozone that will begin next Wednesday. Under the program, the ECB will only purchase securities issued by companies with “investment grade” rating, but the Central Bank will have no obligation to sell corporate bonds in its possession in the event that the companies were downgraded to junk bond . Some titles that previously covered the scope of the PSPP program (largely devoted to government bonds), shall pass to the CSPP (in corporate prevalence). Among these issues by Enel, Snam, Terna and the State Railways, united society from having public control through Treasury or CDP.
BANCO POPULAR, THE NEW SECURITIES 2,14 EURO
in Milan, the focus today will still be focused on capital increases of banks, the eve of departure, Monday, Banco Popolare operation yesterday unchanged (but worst blue chip of 2016 with a loss 70% YTD). The Board has established yesterday the price: 2,14 EUR for each new title in the ratio of 9 new titles every seven already owned. The discount on the Terp (the theoretical share price after the ex-dividend right) came to 29.3%.
The statement released by the institute in the evening announced that the Board “has resolved to issue a maximum of. 465 581 304 new shares, without par value, having the same characteristics as the ordinary shares already circulation and dividend rights, to be offered to the shareholders in the ratio of 9 BP shares for every 7 shares held, at a subscription price of 2.14 Euros per share BP. the maximum counter in option will therefore be equal to EUR 996,343,990.56 to be charged entirely to the share capital. “
Just the discount to entice investors and so avert a third fiasco after Pop Vicenza and Veneto Banca? This is the question of one billion euro that dominate today’s session the premises Square. Business is not good, but should not be overlooked that at these prices a large investor, Italian or not, can secure a strategic stake in the third largest Italian bank, one that merged with Banco Popolare di Milan (yesterday +0.04%).
Meanwhile yesterday, thanks to the festive day, banks have enjoyed a day of respite after the heavy rain of the previous days. In progress Monte Paschi (+ 2%) and Banca Popolare dell’Emilia Romagna (+ 3.1%), Unicredit still under pressure (-2%), Ubi Bank (-1.6%) and Intesa Sanpaolo (-0, 7%).
SOUL OUT OF THE FTSE MIB. JOIN Recordati
The worst blue chip of the day was a Life with a fall of 3.7% to 5.28 euro despite Imi Bank has confirmed the add rating and the target price to 7, 8 euro. The reason of the asset management company of the crash, also owned by the Italian Post Office, is tied updating the main basket of Business Square. Starting from June 20, the title will not be part of 40soietà comprising the index FTSE MIB. The place will be taken by Recordati, last + 0.5%, recovering from the recent acquisition of Italchimici (130 million euro). Year to date, the title of the pharmaceutical company marks an increase of 12% after a very good 2015, ended with a performance of +87%.
FCA SUPERSTAR THANKS TO JEEP AND DESPITE THE BRAZIL
positive day for Fiat Chrysler, rose by 2% because of good data on car sales in Italy in May (+ 33%) and holding in the US market (-1% at source decline of Ford and GM), which offset the decline in Brazil. Analysts are convinced that the success of the Jeep and Ram models can also support sales in the rest of the year and expect that with the passage of months also go up at the Alfa Romeo Giulia registrations.
“The Italian data have been strong. It is expected that the market will grow by 7/9% year-on-year this year,” they say the experts Banca Akros. “Although US sales have been good, considering that the total registrations of the market fell by 6% year on year.” Fiat Chrysler remains therefore “buying opportunity”, indicate the Imi Bank analysts therefore confirm its rating on the stock buy and its price target to 9.2 euro, the same judgment of Banca Akros (price target to 10.40 Euros) and ICBPI (target price to 11.3 EUR.) uphill also Ferrari (+1.64%).
ENEL FA SHOPPING iN INDONESIA
Among the utilities, Snam lost 1.7%. Credit Suisse cut its estimates in view of the presentation of the new plan 2016-2020 29 June. the remains neutral rating on the stock with a target price to 4, 70 euro.
Enel earns 0.3%: the group is assessing the geothermal Chevron assets in Indonesia for a potential acquisition, in search of opportunities in renewable energy.
SALE FEVER fOR RCS (+2.7%)
Still moving RCS (+ 2.68%), which reached a daily high at 0.794 euro after ok of all banks to restructure the debt and on raises bets in the challenge offers between Cairo Communication from side to Bonomi and historical members of the other group.
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