Volatile day for Piazza Affari which, together with the other stock exchanges, benefited from the dovish words of Jerome Powell in the early afternoon, and then slowed down in the final. The Fed number one dismissed the bugbear of an imminent tapering by pointing out that the job market still has a long way to go. “The job market still has a long way to go, the beginning of the reduction in bond purchases remains a long way off,” Federal Reserve chief Jerome Powell said in his mid-year address to the US Congress.
Good side to the optimism of the markets also of the American corporate quarterly reports, with Bank of America, Citigroup and BlackRock all beating expectations.
In this context, the Ftse Mib index closed up (+ 0.15%) in the area of 25,194 points. Among the stocks in the main basket, Tenaris stood out, among the best performers of the day with + 1.75%. Further back, ENI (+ 0.2% to € 10.024) which in two weeks (30 July) will release data on the 2nd quarter and will clarify the interim dividend for the 2021 financial year. Credit Suisse, confirming the ‘neutral recommendation ‘on the stock of the energy group led by Claudio Descalzi with a target price of 12.5 euros, he does not expect an exciting quarter, with all the attention paid to the update on the dividend and buyback, also considering the rise in the coupon announced last week by Shell.
Among the other stocks, Stm (+ 2.48%) and Buzzi (+ 1.21%) also did very well. Among the banks, Unicredit attempted to rebound (+ 0.8% to € 9.627). According to what Il Messaggero reports today, the institute in Piazza Gae Aulenti would have slowed down on the Mps dossier, after the insistent rumors of a wedding, and also on Banco Bpm. Indications that pushed the Banco BPM stock down, which thus closed at -1.54%. According to the new CEO of Unicredit, Andrea Orcel, a possible offer on Banco BPM would not be more convenient since the stock rose by about 25% to which a bonus should still be added to entice the shareholders.