The stock exchanges in Europe they rise widely. Contrary to what happened tonight in Asia, the effects of the records on Wall Street are visible.
EuroStoxx50 index +0.6%.
FtseMib of Milan +0.7%.
France. Public finance has become an election campaign issue: the French Minister of Economy and Finance, Bruno Le Maire, has defined a debt crisis in France as “possible” if the Rassemblement national (RN), the party led by Marine Le Pen that is favored in the polls for the early legislative elections of June 30 and July 7, apply his program. ‘Never’ since 2017, the date of Le Maire’s arrival in office, except during the Covid-19 pandemic, ‘have we seen the differential between rates (on debt, ed.) widen so much even between France and Germany . If RN implements its program a debt crisis is possible in France,’ Le Maire said at a campaign launch meeting in Pacy-sur-Eure, his former electoral stronghold.
At the center, the leader of the Républicains (Lr), Éric Ciotti, announced an agreement with the Rassemblement national (RN), but the proposal generated the anger of many neo-Gaullists. The entire group of senators declared themselves against it, two left the party. On the left, a Nouveau Front Populaire takes shape, made up of socialists, greens, communists and Insoumis who have decided to present a single candidate in the constituencies.
Asia Pacific. Tokyo Nikkei index -0.7%. Hong Kong Hang Seng -1.2%, Shanghai Composite +0.3%. The Straits Times index in Singapore (+0.2%) and the BSE SENSEX in Mumbai (+0.5%) rose slightly.
In China, inflation accelerates for the fourth consecutive month in May: +0.3% year on year, same change as April: the consensus was +0.4%. Producer prices fell by 1.3%, the twentieth consecutive month of decline: the consensus was -1.5%. In April the drop was 2.4%.
Record session for the United States stock exchange. Nasdaq +0.9% thanks to the push of Apple +7.2%. The company has regained momentum well above the three trillion capitalization mark. S&P500 +0.3%, 27th record since the beginning of the year.
After the stock exchange.
Oracle +10% due to the announcement of the alliance with Google Cloud and OpenAI. The enterprise complexity management software company will offer customers the ability to combine Oracle Cloud Infrastructure and Google Cloud technologies “to accelerate application migration and modernization.” The offering will allow enterprises to deploy workloads across Oracle and Google Cloud data center regions at no cost
data transfer between clouds. The other collaboration brings together Oracle, Microsoft and OpenAI to extend the Microsoft Azure AI platform to Oracle Cloud Infrastructure and provide additional capacity to OpenAI. Under the partnership, the Redmond giant will remain the exclusive cloud provider of OpenAI, but the latter “will now also use Oracle’s cloud infrastructure to train artificial intelligence models”, said Oracle co-founder, Larry
Ellison, during the conference call.
The company closed the three months ended in May with a turnover of 14.29 billion dollars, up 3% compared to last year, but lower than the 14.55 billion dollars expected by analysts. As for future forecasts, Oracle expects earnings of between $1.31 and $1.35 per share for the first quarter of 2025, with revenue growth ranging between 5% and 7%. The consensus, however, expects an adjusted EPS of 1.32 dollars on a turnover of 13.39 billion, equal to growth of 7.6%.
Macrovariables
Bond market recovering before the FED. Ten-year Treasury Notes at a yield of 4.40%, from 4.45% also due to the successful outcome of the 39 billion dollar auction of ten-year bonds.
Bund unperturbed at 2.60%.
BTP at 4.03%. The spread is at 143 basis points.
Euro dollar at 1.074, at the lowest level of the last five weeks. What will the ECB’s next moves be? “In our opinion, the June cut made by the ECB was premature – says Gabriele Foà, portfolio manager of Algebris Investments to Sole24Ore.”Considering the high inflation of services and the expected improvement in economic growth, the bar for another cut in July is high – adds, in the same newspaper, Alex Rohner, fixed income strategist at J. Safra Sarasin -. The ECB will probably want further data to confirm that the disinflationary trend is underway.” But there are also those who are optimistic and expect new cuts soon. “The ECB offered a message of great caution. However, the orientation remains accommodating: it has been specified that the direction of travel is clear and that the current level of rates is far from neutral – underlines Fabio Fois, head of investment research & advisory at Anima sgr
Brent oil and WTI +0.70%.
Gold at $2,311 per ounce, little moved.
Bitcoin at $67,350.
Stocks in Piazza Affari
Banks rebound, Unicredit +1.85%.
Eni +0.4% has completed the placement of a 10% stake in the share capital of Saipem -1%, at 1.970 euros per share, for a total value of approximately 393 million. The settlement of the operation is expected on June 14th. Following the placement, which took place through an accelerated bookbuilding process aimed at institutional investors, explains a note, Eni holds 422,920,192 shares of Saipem, which represent approximately 21.19% of the share capital, of which 249,504,583 shares (approximately 12.50% of the share capital) brought to the shareholders’ agreement with Cdp Equity. As part of the transaction, Eni has undertaken with the joint bookrunners not to sell further Saipem shares on the market for a period of 180 days without their consent and unless exempted, as per market practice.
Italgas. Il Sole 24Ore writes that the infrastructure and specialized energy funds have opened the dossier of the Medea group, a company of the Italgas group and owned by the Marguerite fund. According to rumours, cited by the newspaper, an exploratory process is being prepared to evaluate the sale of the share (just over 48%) in the hands of Marguerite and an exploratory task has been entrusted to the investment bank Rothschild.
Leonardo -1%. He announced that negotiations with the Franco-German KNDS consortium to define a common configuration for the Italian Army’s Main Battle Tank program and to develop a broader industrial collaboration have been interrupted. Repubblica writes that Leonardo’s new interlocutor could be the German company Rheinmetall, active in our country for decades with an autonomous company and responsible for part of both the Leopard 2 and the future European model.
Nexi +1%. MF writes that Nexi will expand its collaboration with the Mediobanca group and in particular with Compass, active in consumer credit. According to the newspaper, the two groups want to consolidate the strategic partnership in “buy now pay later”, the short-term financing formula that allows you to purchase a product and pay for it later.
Stellantis. The European Commission would be inclined to apply an increase of up to 25% in duties on electric cars produced in China: most of the latter are from European or American entities. Following ACC’s announcement of the rescheduling of the timing of the Gigafactory project, Stellantis reiterated through a spokesperson the importance of the Termoli plant for the production of internal combustion engines for vehicles, carrying forward the CO2 reduction strategy and ensuring the transition . Stellantis recalls that it has decided to enhance the production of ICE components in the Termoli plant for a new hybrid Fiat 500 and to extend the commercial life of the hybrid Fiat Panda until 2029.
Outside the main basket
Fincantieri -1%. The Board of Directors resolved to exercise the delegation for the capital increase for a maximum amount of 500 million euros functional to the completion of the acquisition of Uas from Leonardo.
MFE . Sky Italia does not intend to put the television rights for 2024-27 for the Champions League, Europe and Conference League up for sale and the Italian matches in the Champions League will only be broadcast on the Sky platform or on Now. According to what appears to Il Sole 24-Ore, the decision has been made. None of the matches involving the Italian teams in the new Champions League will therefore go unencrypted.
