© Reuters. A woman in front of the entrance to the Milan Stock Exchange. REUTERS/Flavio Lo Scalzo
MILAN (Reuters) – Piazza Affari is starting to close the last session of a busy week on the central bank front with a decrease, recording, for the entire eighth session, the worst performance of the last month.
The markets reacted with some nervousness to the central bankers’ indications that they want to continue with a restrictive monetary policy which could put the global economic recovery in further pain, while macro data continue to offer worrying signals.
Negative indications came in the morning from the PMI data of Germany and France and, in general, in the Eurozone, as well as in the afternoon from the USA.
The focus on central banks will also continue next week with the important appointment of the ECB’s annual Forum in Sintra from 26 to 28 June, while the data on inflation in the euro area will be in the spotlight on Friday.
At 16.45 the index lost 0.45%, and is starting to close the week with a drop of just over 2%, the worst trend for four weeks. Volumes around 1.4 billion euro.
All sectors are down a bit, from oil to automotive, to banks which had held steady in the first sessions of the week. Utilities were up, benefiting from their defensive nature and the decline in government bond yields this morning.
In a negative context for oil prices, Saipem (BIT:) is at the bottom of the Ftse Mib with -4%, while Eni (BIT:) recovers losses from the first part of the session and loses half a percentage point on the day of the announcement the mega-acquisition with Var Energi of Neptune Energy, for an enterprise value of 4.9 billion dollars, and from which synergies for one billion euros could emerge.
In a volatile session, Tim (BIT:) is just below parity after the Board yesterday evening gave Kkr the exclusive right to sell the network.
(Andrea Mandalà, edited by Gianluca Semeraro)