A mixed session for the main European stock exchanges despite the recent Wall Street records following the jump in US employees in June, while weak indications came from China from the performance of the services sector (the Caixin index fell in May). Above expectations, on the contrary, theSME index on service activities in the Eurozone, with the sole exception of Germany. “Orphans” of the US lists, which will remain closed for the American Independence Day, investors are looking at oil prices at this stage, in a waiting position due to the stalemate between the large exporters adhering to the cartel Opec+ who will try again to find an agreement on production thresholds: if most of the members led by Saudi Arabia, in fact, support the proposal of an increase from August of 400 thousand barrels per day and the extension to the end of 2022 of the general agreements on production , the UAE is pushing for a revision of the calculation basis and is opposed to extending the pact beyond the deadline of April 2022.
In Europe, meanwhile, the macro-economic agenda has registered the spread of Pmi indices related to the world of services in June. An important “thermometer” to understand the confidence in the post-Covid recovery, which this time marked contrasting trends: in Italy the figure was beyond expectations, also well in Spain (at the top since 200) and France (the highest since 2018) , but disappointing in Germany.
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Mediobanca drives to Piazza Affari, takes Rdm
In Piazza Affari there were increases in Mediobanca shares, according to operators always supported by possible scenarios after the strengthening of Leonardo Del Vecchio’s Delfin to 18.9%. Unicredit, Bper and Intesa Sanpaolo are also in recovery. Pirelli is strengthened and continues to rise towards 5 euros after the reorganization of Camfin, which reached 14% of the capital and is aimed at further increasing the presence in the capital of the tire group. Detachment of dividend for Hera, which distributes 11 cents per share to shareholders: the decline on the stock market is in line with the yield of the coupon. Prysmian and Amplifon downhill
Out of the Ftse Mib, a leap for Reno De Medici after the takeover bid aimed at delisting announced by the Apollo fund which acquired 67% of the capital: the stock market price of 1.47 euros is already higher than the 1.45 euros of the offer. Looking at the rest of Europe, Morrisons supermarkets are snatching up in London, which accepted the offer of 6.3 billion pounds from a consortium led by Fortress: the Apollo fund, also protagonist here, is evaluating a counter-proposal.
Spread up to 102 basis points, rate 0.79%
Upward opening for the spread between BTp and Bund. The yield differential between the ten-year Italian benchmark and the same German duration rose above the threshold of 100 basis points, to 102 basis points, compared to 96 basis points at the last closing. Fractionally increased the yield of the Italian 10-year which is 0.79% from 0.78% of the previous reference.