Session without jolts for the European stock exchanges, which remain around parity in a day – that of May 31 – which will also be characterized by the closure of London and New York for holidays. Investors are evaluating the data on Chinese manufacturing activity, whose recovery appears to have peaked, and the trend of the pandemic since coronavirus. In general, observers record the rise in Asian prices, with the exception of Tokyo, bent by concerns due to the extended state of emergency to curb the contagion from Covid-19. But in Piazza Affari it is the day of the launch of the takeover bids with the tear-off of Cattolica Ass after Generali’s totalitarian offer, while Fly is adjusting the price for Carraro and the Asterion fund is aiming at delisting Retelit (but there is always the knot ” golden power “). The focus on the FTSE MIB is also on the holding Atlantia awaiting the shareholders’ meeting called to express, after months and months of negotiations, on the CDP-funds offer for Autostrade per l’Italia.
On the macro front, the crucial appointment of the week will be Friday 4 June with indications on US job market, watched carefully after the disappointment over the April figure. On 2 June it will be the turn of Eurozone prices and the final Italian GDP for the first quarter, while the Federa Reserve’s assessments of the economy (“Beige book”) will arrive from the United States.
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The Piazza Affari tris of Opa, tears Catholic
In Piazza Affari it is the day of the three takeover bids, often rewarded with double-digit increases. This is the case of the company Cattolica Ass, which immediately jumped above the 6.75 euros offered by Generali. The Leone company, which in recent months had acquired 24% of Cattolica in a capital increase, in fact broke the delay by announcing an operation that will have a maximum outlay of approximately 1.2 billion. In particular, the holding company Atlantia awaiting the shareholders’ meeting called to express itself, after months and months of negotiations, on the CDP-funds offer for Autostrade per l’Italia. Managed savings with Banca Mediolanum and luxury with Moncler did well. At the bottom of the list, Enel and A2a. Outside the main basket, Retelit flies after the launch of the offer by the Asterion fund with the aim of delisting. Carraro also goes up after Fly has raised the price of its purchase offer, but without extending the subscription period.
Spread stable at 109 points, rate at 0.93%
Meanwhile, unchanged levels for the spread between BTp and Bund. The yield differential between the ten-year benchmark BTp and the same German maturity is indicated at 109 basis points, stable on the eve of the previous year. The yield of the ten-year BTp rose fractionally, which marked a first position at 0.93%, from 0.92% of the previous reference.
On the foreign exchange market, the euro / dollar did not move much in the 1.219 area. The single European currency is also worth 133.78 yen, while the dollar / yen ratio is at 109.70. The price of oil rose after fears of an oversupply: the July WTI future rose by 0.86% to 66.89 dollars a barrel, while the similar delivery on Brent gained 0.27% at 69, 65 dollars.