Stock Exchanges 3 July, Generali opens higher (+4%), Milan at pre-crash levels Lehman- Corriere.it

In the first session of July, the European stock exchanges continue to press on the accelerator after the sprint of a record-breaking first half-year. Milan, which in the first six months was the best in the Old Continent (+19%) returning to its highest level since September 2008, has risen by a further 1% at the start and reaches levels prior to the collapse of Lehman Brothers (currently the Ftse Mib at 28,523 points, on September 12, 2008 it had closed at 28,372). Paris (+0.27%), Frankfurt (+0.26%), London (+0.1%), Madrid (+0.41%) and Amsterdam (+0.5%) also increased.

He waited for them

Investors are looking at the macro data (today indications on manufacturing) and at the inflation trend (in the Eurozone it fell more than estimates in June) to understand the next moves of the central banks, with the ECB leaders who have repeatedly reiterated their intention still continue with an aggressive strategy. Wall Street will be half service today: in fact, it will close at 7 pm Italian time, in an already festive atmosphere in view of tomorrow’s break for Independence Day. Moreover, Tesla was observed in New York (+4.2% shares listed on Piazza Affari) after the record of deliveries in the second quarter (+10.4% compared to the previous three months and +83.5% year on year) .

The price list

Looking instead at the stocks of Piazza Affari, Generali is first and foremost in the spotlight (+5.4%): Delfin, the holding company of the Del Vecchio family, has obtained the go-ahead from Ivass to raise more than 10% of the insurance group and can bring, in theory, up to 20% of the Trieste company. Mediobanca is also following (+2%), which looks to the Generali match given that Delfin is the first shareholder with 19.8% and Piazzetta Cuccia in turn holds 13.1% of the Leone. The other banks were also positive, starting with Bpm (+1.76%) after Moody’s raised the outlook from stable to positive. Mps (+1.48%) and Bper (+1.47%) follow. At the bottom are the stocks of the pharmaceutical-health sector (Amplifon -0.48%, Recordati -0.64%), weak throughout Europe. Spotlights on the auto sector, on the day in which the data on registrations for June will be published (the price list in real time).

The spread

The spread between the Btp and the Bund narrowed at the start to 165.5 basis points from 167 at the close on Friday. The yield on the Italian 10-year bond remains above the 4% threshold, at 4.04 percent (the spread in real time).

Oil, dollar and euro

Oil fell slightly: WTI contracts expiring in August dropped by 0.27% to 70.46 dollars a barrel, those of Brent in September by 0.21% to 75.25 dollars. Gas contracts expiring in August traded in Amsterdam increased: after a first position at 37.5 euros per megawatt hour, they rose by 5.3% to 39.1 euros. On the currency, the euro remains below 1.09 dollars and changes hands at 1.0889 (from 1.08 on Friday) and is worth 157.557 yen (from 157.16). The dollar/yen exchange rate is at 144.67. Finally, the spread decreased to 166 points (167 on Friday), with the 10-year yield down to 4.03% from the previous 4.07%.