Third consecutive session of gains for European shares, after a moment of uncertainty in the afternoon caused by new warnings issued on Brexit from Fed and ECB, have closed the trading day on the rise. The number one of the US Central Bank, Janet Yellen, said that the exit of Britain from the EU “could have significant economic consequences and pose a risk to financial stability.” Mario Draghi on the same positions, which stated, however, as the ECB is ready to face any emergencies related to the outcome of the referendum.
The price lists, in any case, now point to a failure of the electoral process: in Milan the FTSE MIB index closed up 0.45% driven by Saipem (+ 3.3% in anticipation of the new bonds 1.5 billion euro), Bper (+ 2.5%) and Ubi Banca (+ 2.4%) in view of the presentation of the new strategic plan. The end of the list CNH (-2.4%), utilities, and Tenaris (-1.5%) which was affected by the decline in crude oil (down 1.3% in New York with WTI at $ 48.7). On the exchange rate front, the euro-pound cross remains in 0.768 area (yesterday 0.7702), after the recovery movement yesterday the currency across the Channel. The single currency is changing hands at $ 1.126 ($ 1.1317) and 117.89 yen (118.21), while the dollar-yen is equal to 104.61 (104.41). The BTP-Bund spread is at 14th basis points. Meanwhile, the major bookmakers, very followed by managers and analysts, however, continue to make winning the ‘Remain’ vote for the British referendum. This morning, for example, Ladbrokes was quoted at a vote in favor of the European Union 1/4, those opposed to 3/1.
Yellen, by referendum risks of financial stability
The output of the United Kingdom by the European Union following the “could have significant repercussions on Thursday referendum economic “and could” pose a risk to financial stability, “said Federal Reserve chairman Janet Yellen during the usual semi-annual testimony before the Senate Banking Committee. This in a context that presents’ vulnerability globally “and in which there are” considerable uncertainties sull’outlook Use. ” Also confirmed a rate hike will be “gradual”.
Draghi, ECB ready emergency Brexit
Meanwhile, the President of the ECB Mario Draghi stated that ‘it is very difficult to predict the impact of the British vote in its various dimensions, the markets and the economy of the euro area “, although the Eurotower is still” ready for all emergencies after the referendum. ” Speaking at the hearing in the European Parliament, Draghi added that it is also “hard to speculate on the outcome of the vote in one way or another, we are certainly ready to cope with all eventualities.” The Institute of Frankfurt, however, tomorrow will kick off the first of the new series of targeted long-term refinancing operations, Tltro II, which will allow banks to provide long-term financing at very attractive terms. Regarding the EU economy also made it clear that growth will remain moderate but steady pace and inflation “at low levels in the coming months.”
Tokyo closed up waiting for Yellen
Banks and Saipem pitch charge
The European markets closed, then a new seat recovery and bet on a no win at Brexit, assumptions now being given to favored by leading bookmaker overseas. Among the most brilliant titles at Milan Stock Exchange, is Saipem (+ 3.3%), which could soon place a bond from 1.5 billion called to replace a bank loan for the same amount granted at the last capital increase 3.5 billion. Also purchases of BPER (+ 2.5%), Intesa Sanpaolo (+ 2.4%) and Ubi Banca (+ 2.4%) while Banco Popular recovers 0.35% on the penultimate day of the capital increase and after that the ECB would have given the initial go-ahead to the merger with BPM. Eni closed up 1.27% despite the vacuum passage of the crude oil and the failure of the negotiations for the sale of Versalis to Sk Capital while queuing to the price are the main utilities, and CNH Industrial (-2.4 %) and MPS (-1.48%). Salvatore Ferragamo (-1.1%) moves back into view at the top of the alternation with the arrival of the new CEO, Eraldo Poletto, as of early August. The manager together with the shareholders must also indicate the name of the new creative director, after the release in recent months by Massimiliano Giornetti. Also weak Telecom Italy (1.1%), while the economic situation is complicated in Brazil: the competitor of Tim Brasil, Oi, has applied for a form of arrangement. The Best Business Square is a Life (+ 5.5%) with the market and analysts who see a positive rumors about an integration of the management company with Aletti Gestielle. RCS remains under the lens while they are in progress the two alternatives, one of Cairo Communications, the other to a consortium led by Andrea Bonomi. The latter has until Friday to decide on a possible increase of the proposal put on the plate (equivalent to 0.7 euro per share).
ECB: German Court green light to anti-crisis program Omt
The German Supreme Court gave the green light to the anti-crisis program, OMT (Outright Monetary Transactions ), launched by the ECB at the height of the crisis of sovereign debt in the euro area, rejected the appeals filed by various parties. The program gave the opportunity to the ECB to buy, on the primary and secondary markets, the strong countries in difficulty State Securities who agreed to undergo a strict care and sanitation, according to the German Court, does not violate the mandate of the ECB, it does not represent a form of monetary financing of states. Adopted in 2012, the UNWTO plan was never used because no country has never formally asked to be able to access.
German Zew Index rises above expectations
the German ZEW index, which measures investor confidence in Germany, has seen a sharp and unexpected jump in June. The index rose to 19.2 points from 6.4 points which had slipped in May. In particular, improves the index that measures the current situation in Germany to 54.5 points from 53.1 in May (47.7 in April), and also increases the confidence indicator for the eurozone economy: a 20.2 points, an increase of 3.4 points compared to May.
(Il Sole 24 Ore Thomson Plus)
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