MILANO – European stock markets start opening, while early morning futures hinted at a weak trend and recorded increases after the hesitant session in Asia, where Tokyo still managed to snatch the third positive close in a row in the final (+ 0.66% ). As Unicredit analysts say in their start of the day report, the markets are looking to Sintra “in search of direction”. In fact, the annual symposium of the European Central Bank is held in Portugal: the interventions of the president are expected, Christine Lagarde, and other representatives of the Eurotower with the aim of perceiving some more signals on the future interest rate policy. Investors’ antennas obviously pointed towards the Germania, which concludes the G7 which should lead to the commitment of the leaders to introduce a ceiling on the import price of Russia’s “hydrocarbons”, not only oil therefore but also gas. From the macroeconomic front, data on confidence in important European economies and in the USA are on the way, and industry turnover in Italy.
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Consumer confidence, sharp drops in France and Germany
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Tokyo, third closing in a row up: + 0.6%
Spread, slightly lower start
After yesterday’s close at 208 points, the spread continues its downward trend. At the opening of the session, the differential between the Italian BTPs and the German Bunds stood at 204.5 points. The 10-year rate is down to 3.592%.
Consumer confidence, sharp drops in France and Germany
Strong drops in household confidence, both in France and in Germany. Household confidence in France continued to decline in June for the sixth consecutive month, with households showing their pessimism about the financial situation and the changing standard of living, according to the Insee statistical institute. The indicator that summarizes household confidence loses three points and drops to 82, well below the long-term average of 100, the institute specifies. Expectations were for a stable indicator at 85.
A heavy figure also for the sentiment of German consumers which will reach an all-time low in July, with the war in Ukraine which has led to a surge in prices. The Gfk institute forecasts an index of -27.4 points for July, the lowest figure since the beginning of the series – in 1991 – of this monthly survey carried out among 2,000 people. This is worse than expected: the deterioration of the index has already been underway for months, excluding a break in June (when it was -26.2), and is based on the “war in progress in Ukraine and the breaking of the chains. of supply “resulting in” an explosion in energy and oil prices “and” also in food “says gfk consumer expert Rolf Burkl in his comment.
Saipem, 1.25 billion contracts in the Middle East
Saipem, which has an ongoing capital increase of 2 billion, has been awarded onshore drilling and offshore E&C contracts in the Middle East for a value of approximately 1,250 million dollars ( 1.18 billion euros). The first group of contracts concerns the extension of drilling orders for a total amount of approximately $ 600 million (€ 567.52 million). For the other interventions, the Group was selected for the engineering, procurement, construction and installation of various ‘offshore jackets’, bridges, subsea pipelines, composite underwater cables, umbilicals, fiber optic cables and modifications to the brownfield for a total value of approximately 650 million dollars (614.81 million euros).
Positive opening for European stock exchanges
The main European stock exchanges open higher. Paris earns 0.86% at 6.069 points, London 0.89% at 7.320 points, Frankfurt 0.6% at 13.264 points and Madrid 0.64% at 8.298 points.
Milan, first steps on the rise: Ftse Mib + 0.64%
Upward opening for the Milan Stock Exchange in line with other European markets. In the first exchanges, the Ftse Mib advanced by 0.64% to 22,070 points. On the Milanese list stand out Eni (+ 2.14%), Tenaris (+ 1.76%), Stm and Cnh Industrial, both up by 1.5%. Weak Inwit (-0.48%), Snam (-0.42%), Diasorin (-0.24%) and Recordati (-0.15%).
De Nora sets the price for the IPO: 13.5 euros
The offer price for the listing of Industrie De Nora’s shares in Piazza Affari was set at 13.5 euros per share, equal to the lowest value of the announced range. Capitalization more than doubled in over 18 months, from 1.2 to over 2.72 billion euros. The start of negotiations on Euronext Milan is scheduled for next 30 June. The Offer was subscribed for a value equal to approximately 3.5 times the fixed price, with strong demand from institutional investors globally, explains the Group in a note.
The spread opens down
The differential between German BTPs and ten-year Bunds opened down to 191 points, against 196 at the close of the eve. The annual yield of Italian bonds fell by 3.45 points, down to 3.45%.
Tokyo, third closing in a row up: + 0.6%
The Tokyo Stock Exchange recovered at the end of trading and ended the session up for the third consecutive day, driven by the new weakness of the yen against the dollar, giving impetus to the sector that most depends on the sustainability of exports. The Nikkei benchmark index advanced 0.66% to 27,049.47, with a gain of 178 points. On the currency market, the Japanese currency trades at 135.40 on the greenback, and also weakens against the euro at 143.30.
Oil, the day starts on the rise
Oil prices rise sharply: political unrest in Libya and Ecuador is adding to the concerns about the supply. In particular, WTI futures rose 1.11% to $ 110.79 a barrel while Brent futures gained 1.31% and changed hands at $ 116.60 a barrel. The fact that the United Arab Emirates and Saudi Arabia were considered the only two OPEC countries with spare capacity available to compensate for the loss of Russian supplies and the weakness of production of the other member countries also affects the price trend. . UAE Energy Minister Suhail al-Mazrouei said yesterday that the UAE are producing almost at their maximum capacity, based on the 3.168 million barrels per day (bpd) quota foreseen by the agreement with OPEC + . However, market sentiment remains fragile while attention is all focused on the G7 talks, where the hypothesis of putting a ceiling on the price of Russian oil is being discussed.