A prudent start to the week for the European stock exchanges, which travel slightly below par after the good performance of the previous octave. Investors evaluate the prospects for economic recovery and, on the other hand, the containment measures introduced in some countries to cope with the spread of the Delta variant of Covid. In Asia, new lockdowns penalized the performance of the Malaysian and Australian lists, while Tokyo closed little move. Thus the FTSE MIB in Milan, the CAC 40 in Paris, the DAX 30 in Frankfurt, the Ftse 100 in London, the IBEX 35 in Madrid and the AEX in Amsterdam fail to find a precise direction, but seem to be oriented downwards. .
Just below par is the price of oil, which however remains at the highest levels since 2018 in view of the meeting of the OPEC + countries on Thursday, when the market expects an increase in production levels not enough to keep pace with the growth in global energy demand.
In Milan in Pirelli light, Tim also did well
Among the Milanese stocks with the highest capitalization, the purchases support Terna, Recordati and Telecom Italia. Also on the rise Pirelli & C, which according to reports from Il Sole 24 Ore over the weekend will see the entry of Longmarch of the Chinese Niu family, historical industrial partner of Marco Tronchetti Provera, into the shareholding of Camfin. On the other hand, Unipol, Banco Bpm and Buzzi Unicem were weak.
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Spotlight on Ferragamo, Marco Gobbetti new CEO
Marco Gobbetti, current CEO of Burberry, joins Salvatore Ferragamo Spa as general manager and CEO. Salvatore Ferragamo Spa, the company at the head of the Salvatore Ferragamo luxury group, and Ferragamo Finanziaria, Salvatore Ferragamo’s controlling shareholder, have reached an agreement with the manager. Gobbetti will take up the position as soon as it is free from its contractual obligations. An extraordinary board of directors of Salvatore Ferragamo Spa is scheduled for 1 July for the necessary formalities. Burberry announced in a statement that it expects the manager to remain “until the end of the year”.
Spread slightly up, ten-year yield rises
A slight increase in the spread between BTp and Bund. The differential between the ten-year Italian benchmark (IT0005436693) and the same German duration marks 108 basis points, three more than the 105 basis points of the last reference. The yield of the benchmark ten-year BTp rises slightly, reaching 0.92% compared to 0.90% at the previous closing.
Euro little moved
On the foreign exchange market, one euro is worth $ 1.1942, slightly up from 1.1945 on Friday at the end. The single European currency also stands at 132.15 yen (132.31), while the dollar / yen ratio is at 110.66 dollars (110.76).