No change of gear for Piazza Affari which closes the penultimate session of the week mired in sales, albeit contained. The Milan Stock Exchange was unable to find ideas to be able to take the path of increases, with the Ftse Mib index ending the session down by 0.40% to 25,638.19 points.
On a day characterized by the wait for a meeting of the European Central Bank (ECB) and US inflation. The Frankfurt institute remained very accommodating and has made it known that the PEPP will continue at a brisk pace even in the summer. Indications widely expected by the market even if some fears of a first hint of tapering were raised among the insiders in recent weeks following the rise in inflation.
“The ECB takes time and postpones the most important decisions probably to the meeting on 9 September, when the estimates on inflation and GDP will be updated and, perhaps, the strategic review will have been completed. On this point Lagarde reaffirmed her commitment to complete the works during the second half of the year ”, underlines Antonio Cesarano, Intermonte’s chief global strategist. On the discussion relating to the issue of the transitory effect or not of inflation, Lagarde reiterated the transitory impact. Still on the subject of consumer prices, another much anticipated one of the day, US inflation which in May showed a monthly growth of 0.6% and increased by 5% on an annual basis.
Among the stocks of the Ftse Mib, STM stands out, with an increase of 1.7 percent. Eni recovered ground in the final session which sent the day to the archive at + 0.7%. UniCredit is also under the lens, advancing by 0.3%, after having collected the promotion of Credit Suisse. The latter raised its rating to outperform from neutral, with a new target price which rose to 12.5 euros from the previous 8.8. “Despite the stock’s rally following first quarter 2021 results, we continue to see potential upside for UniCredit,” the Swiss bank reported. Intesa Sanpaolo (-0.5%), on the other hand, received a downgrade, with the rating falling to neutral (target price fixed at 2.6 euros).
The market has also followed the history of Atlantia which closes unchanged: today the board of directors, also taking into account the favorable opinion expressed by 86.86% of the share capital represented at the shareholders’ meeting of last 31 May to the proposal made by the board of sale of the entire stake held in Aspi to the consortium consisting of Cdp, Blackstone and Macquarie, approved the consortium’s binding offer.
In the trio of the worst Prysmian which lost 1.9% followed by Cnh and Banca Mediolanum with decreases respectively 2.1 and 1.8 per cent.