- 11am – Ftse Mib positive. Italian SMEs contracting but better than a year ago
- 9.15 am – Piazza Affari brilliant, aiming for 39,000 points with China in the running. StM, Stellantis, Poste and Tenaris did well
- 8.30 am – Piazza Affari positive expectations with China back in the running. Watch out for OPEC+ and oil
At 1.30pm the Ftse Mib was trading at 34,713.92 points, up 0.64%, driven by Tim (+4.75%), STM (+2.6%), Leonardo (+1.95% ) and Post Office (+1.75%). Amplifon (-2.1%), Prysmian (-0.6%), MPS (-0.5%) and Saipem (-0.5%) fell. Btp/Bund spread at 127 points.
Gas, prices at the highest levels in 2024 in Europe
Natural gas prices in Europe rose to their highest of the year after flows from the gas collapsed Norway: on the morning of Monday 3 June, Dutch gas futures recorded a jump of over 11%, the highest of 2024 (at 1.30 pm the increase was 8% to 37.41 euros per megawatt hour). The blaze is due to an unscheduled outage at the Norwegian gas processing plant Nyhamna, of indefinite duration. At the same time, gas flows from Norway to the British Easington terminal, the entry point for a third of Britain’s total supplies, have fallen to zero.
«The problem could be related to a section of pipeline that needs to be replaced. It is not yet entirely clear how long the repair will take,” said the spokesperson for Gassco, Norway’s state gas operator.
11 o’clock– Ftse Mib positive. Italian SMEs contracting but better than a year ago
At 11:00 on Monday 3 June, the Ftse Mib rose by 0.8% to around 34,790 after the PMIs, Tim did well, rising by 3.8%, Leonardo by 2.6%, StM and Poste by 2.4 % about. Sales on Amplifon (-1.8%).
Italian PMIs in May contracting, but better than a year ago
The Italian PMI prepared by S&P Global HCOB for the month of May indicates a decrease in 45.6 from 47.3 in April, but an increase year on year (45.9 in 2023). This is the lowest reading since December 2023, Italy remains in contraction territory for the second consecutive month (all values below 50 are). New orders fell to 42.3 from 45.5 in April.
Eurozone PMIs growing, but below the level of 50
The Eurozone PMI elaborated by S&P Global HCOB for the month of May is up from 47.3 from 45.7 in April, it was at 44.8 a year ago, this is the best reading since May 2023. However, it remains below 50 , or in the area of contraction. New orders rose to 47.3 from 44.1 in the previous month
9.15 am – Piazza Affari brilliant, aiming for 39,000 points with China in the running. StM, Stellantis, Poste and Tenaris did well
The Ftse Mib opens on the run, on Monday 3 June, the Piazza Affari index rises by 0.98% to 34,829 points thanks to StM (+2.7%), Stellantis (+2.2%), Poste (+1 .7%) and Tenaris (+1.7%).
8.30 am – Stock markets live today | Positive expectations in Piazza Affari with China back in the running. Watch out for OPEC+ and oil
Futures on the Eurostoxx 50 were positive by around 0.3% at 8.30 am on Monday 3 June, driven by the good performance in Asia thanks to the Chinese manufacturing PMI at the highest level in two years and Friday’s data on PCE inflation Usa in decline. The markets are now looking at the flurry of PMIs, from the Eurozone to the Italian one, coming out in the morning and the US ISM manufacturing index in the afternoon.
Meanwhile, American WTI oil is down 0.4% to 76.68 dollars a barrel, despite the cuts announced by OPEC+ over the weekend.
OPEC+ extends cuts to oil extraction
WTti crude futures hovered around $77 a barrel on Monday, seeking a clear direction as OPEC+ agreed over the weekend to extend production cuts through 2025. The agreements call for a reduction of 3.66 million of barrels per day that were due to expire at the end of 2024. The cartel also extended another round of cuts totaling 2.2 million barrels per day until the end of the third quarter of this year.
Meanwhile, eight OPEC+ countries have indicated plans to phase out the additional 2.2 million barrels of daily cuts over the course of a year from October 2024 to September 2025. Last month, oil prices lost around 6% due to uncertainties on the demand side that weighed on the market. Stocks have recently been pressured by fears that the Federal Reserve will extend a period of high interest rates, potentially slowing economic growth and reducing demand for oil.
The macro economic calendar
03.45 China Caixin Manufacturing PMI May
09.15 Spain, May manufacturing PMI
09.45 Italy, May manufacturing PMI
10.00 Eurozone, manufacturing PMI May
16.00 USA, ISM manufacturing May
In Piazza Affari, watch out…
A Russian court has eased the provisions imposed on Unicredit in a case related to a gas plant project that had been halted due to sanctions, allowing the Italian bank to offer Russian sovereign bonds as collateral in lieu of other assets and properties. In mid-May, the St. Petersburg Arbitration Court ordered the seizure of 462.7 million euros in securities, properties and accounts belonging to Unicredit, as well as 100% of the shares of Unicredit Leasing and UniCredit Garant.
Shares starting from July 1st UnipolSai will be delisted from Piazza Affari at the conclusion of the sell-out procedure on the remaining shares, equal to 5.084% of the capital. Unipolwhich with the takeover bid on the subsidiary has come to hold 94.916% of the capital, has the obligation to purchase the remaining shares from the issuer’s shareholders who request a sale.
Italian post has started the buyback plan, which concerns a maximum of 3.5 million shares of the company, representing approximately 0.27% of the share capital, and a total outlay of up to 56 million euros.
Eni will supply crude from Kazakhstan’s Kashagan field to Germany through the Druzhba pipeline in June, Kazakh national operator KazTransOil told Reuters.
As for Mps, After the double placement that took the Treasury from 64% to 26%, Vanguard, Arrow and Two Sigma became the first private shareholders of the bank, with shares of 2.5%, 1.9% and 1.9% respectively, wrote Milano Finanza over the weekend, citing the shares deposited at the meeting. With the end of the lockup period on July 1, the Treasury will again have free hands for privatization, placing a new tranche between 10 and 15%, adds Milano Finanza.
Doxee capital increase begins; ends June 20th. The rights will be negotiable until June 14th. (All rights reserved)
Posting time: 03/06/2024 08:08
Last update: 03/06/2024 14:00
