Weak closure for the European stock exchanges, while expectations are rising for the interest rate decisions that both the Federal Reserve and the European Central Bank will adopt next week. The latest data, disappointing both in Europe and in the States, have increased the number of economists who favor a soft line from central institutions. Milan closed down by 0.41%. The spread at 172 points (from 179 points on the eve) has reached its lowest point for the year. The yield of the ten-year BTP down to 4.09% (from 4.21%). The placement of the Btp Valore was also completed, with record inflows of 18.191 billion.
Cade Mps
In Piazza Affari Banca Mps which suffered a 10.8% drop, with speculation on the exit from the title after Piero Montani, number one of Bper (-1.9%), denied interest in a possible merger with the Sienese Institute. Other bank stocks also retreated. Tim’s shares remained at stake, on the last day for Kkr and the Cdp-Macquarie duo to raise their offers for Netco. On the other hand, Erg (+1.8%) and Stmicroelectronis (+1.18%) did well, the latter celebrating the EU Commission’s go-ahead for a plan to support research and development in the microelectronics sector.
On the foreign exchange market, the exchange rate between the euro and the dollar stood at 1.0750 (1.0780 yesterday). Furthermore, the euro/yen is worth 149.73 and the dollar/yen 139.31. Oil is losing ground slightly: the wti contract for July stands at 71.22 dollars a barrel (-0.1%). The value of gas is on the rise: it rises by 23.58% to 33.3 euros per megawatt hour.