Today’s Stock Exchanges, July 3rd. Piazza Affari at pre-Lehman levels pushed by Generali. China slows down but does better than expected

The EU Stock Exchanges press on the accelerator

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 was the best in the Old Continent (+19%) in the first six months, 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 is at 28,523 points (on 12 September 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. Investors are looking at the macro data (today indications on manufacturing) and the trend of inflation (in the Eurozone that fell more than estimates in June) to understand the next moves of the central banks. Moreover, in New York Tesla is particularly observed (+4.2% shares listed on the stock exchange) after the record of deliveries in the second quarter (+10.4% compared to the previous three months and +83.5% year on year ). Looking instead at stocks on the trading floor, 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 it can theoretically take 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. 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.