After a modest rise, the Borse europeand they have slowed down and are traveling in decline, leaving behind the good progress the previous octave. The markets are evaluating the prospects of economic recovery, but are penalized by the prospect of new restrictions to deal with the spread of the Delta variant of Covid, which have hit tourism stocks in the first place and the more cyclical sectors in general. On a continental level, sales were thus concentrated on the travel sector, on energy, on banks and on cars. Thus the FTSE MIB of Milan, the CAC 40 of Paris, on DAX 30 in Frankfurt, the Ftse 100 in London, theIBEX 35 of Madrid andAEX of Amsterdam are on the downside.
Just below par is the price of oil, which however remains at the highest levels since 2018 in view of the meeting of the OPEC + countries on Thursday 1 July, from which the market expects an increase in production levels not sufficient to keep pace with the growth in global energy demand.
In Milan in Pirelli light, Tim also did well
Among the Milanese stocks with the highest capitalization, purchases support Terna, Recordati e Telecom Italia. Also up Pirelli & C, which according to reports from Il Sole 24 Ore on the weekend will see the entry of Longmarch of the Chinese Niu family, historical industrial partner of Marco Tronchetti Provera in the shareholding of Camfin. Weak banks and insurance companies in general, with Banco Bpm which is losing ground despite the positive opinion of analysts on the agreement with Covea to align the deadlines of the bancassurance partnerships.
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Spotlight on Ferragamo, Marco Gobbetti new CEO
Marco Gobbetti, current CEO of Burberry, joins Salvatore Ferragamo Spa as general manager and managing director. Salvatore Ferragamo Spa, the company at the head of the Salvatore Ferragamo luxury group, and Ferragamo Finanziaria, Salvatore Ferragamo’s controlling shareholder, have reached an agreement with the manager. Gobbetti will take up the position as soon as it is free from its contractual obligations. An extraordinary board of directors of Salvatore Ferragamo Spa is scheduled for 1 July for the necessary formalities. Burberry announced in a statement that it expects the manager to remain “until the end of the year”. In London, the shares of the British group Burberry fell 8%.
Spread slightly up, ten-year yield rises
Slightly upward trend for the spread between BTp and Bund. The differential between the ten-year Italian benchmark (IT0005436693) and the same German duration marks 108 basis points, three more than the 105 basis points of the last reference. The yield of the benchmark ten-year BTp rises slightly, reaching 0.92% compared to 0.90% at the previous closing.
