(Il Sole 24 Ore Radiocor) – European stock exchanges are trying to prolong the pace of car, banking and energy purchases in the wake of Lagarde’s words (“Anyone who has doubts about our anti-retail determination is making a mistake”). On Friday, fears of recession and prospects of fresh tightening by central banks had clipped the wings of Friday’s list recovery attempt. However, uncertainty remains high even with no indications from Wall Street – closed for the June 10 holiday, the day it celebrates the end of slavery – after heavy losses accumulated last week after the Federal Reserve, while the Far East lived another negative. Session: As for the MSCI Asia Index, it’s the eighth in a row, a negative record since February 2020. On a day that doesn’t appear to be particularly rich in macro data – but Federal Reserve Chairman Jerome Powell is expected to deliver two speeches this week – and so the FTSE MIB gained Gains despite lagging 0.29% due to earnings split by seven top players. Among the main Milan stocks, Eni stands out after entering the world’s largest LNG project in Qatar. Banks are doing well, led by Intesa Sanpaolo and Finecobank.
Eni is in evidence after joining the Maxi Lng project in Qatar
As for Eni, the company led by Claudio Descalzi has been selected by QatarEnergy as the new international partner for the expansion of the North East Field (NFE) project in the Gulf country. In detail, the agreement provides for the establishment of a new joint venture to acquire 12.5% of the project, which will have a liquefaction capacity of 45 billion cubic meters per year, for a period of 27 years. In the QatarEnergy joint venture it will own 75% of its shares and Eni the remaining 25%. With an investment of $28.75 billion, the non-financial entity is expected to enter production by the end of 2025 and will significantly increase Qatar’s LNG export capacity. Thanks to this transaction, according to Equita analysts, Eni is improving energy diversification by ensuring access to the leading producer of LNG and strengthening its presence in the Middle East. Equita has a ‘buy’ rating on Eni with a target price of €18.5; The same assessment was made by Akros, whose target price is 16.5 euros: according to its analysts, the operation is positive and improves the diversity of the oil group.
Outside the main basket, the rebound recovery does not stop. The action taken by Milano Santa Giulia (a subsidiary of Risanamento) with the Municipality of Milan and Esselunga on the urban planning agreement for the variant led to a rush of action, which in two sessions increased by 23%. To the Integrated Intervention Plan of Milan Santa Giulia to start the works that will lead to the completion of the area.
The spread is stable at 201 points, and the oil is slightly lower
On bonds, the spread between BTp and Bund in the MTS electronic secondary market for European government bonds is stable, close to 200 points, with Italian bonds benefiting, last week, from announcements regarding anti-proliferation measures of the European Central Bank. The yield difference between the ten-year BTp benchmark and the same German maturity stands at 201 points, the same as the value recorded in Friday’s final. The yield of the benchmark ten-year BTp rose slightly to 3.70%, which was last at 3.69% at the previous close.
After crashing on Friday and initially trying to recover, the price of oil returned to decline: August prospects for the West Texas Intermediate index fell 0.03% to $107.96 a barrel, while similar Brent delivery lost 0.39% at $112.68. Gas delivery to Amsterdam in July rebounded 6.2% to 125 euros after new restrictions on supplies from Russia. Bitcoin is trying to defend the share of the $20,000 it took back on Sunday. In the foreign exchange market, the euro rose to $1.0522 (from 1.0465 on Friday) while the dollar/yen hit 134.90, down from 135.17 on Friday (the highest level in the past 24 years). The EUR/JPY ratio is 141.93 (from 141.45).