European stock exchanges are awaiting the highs for the two-day Fed summit, from which the market awaits confirmation of the current ultra-accommodative monetary policy on Wednesday. Investors thus maintain their positions in equities, while US Treasuries slide. After a cautious rise in the morning, the FTSE MIB in Piazza Affari returned to parity, in line with the other main lists. Among the Milanese stocks with the highest capitalization, Saipem continues to benefit from recent contracts and the rise in oil prices. Atlantia also did well, after the signing of the sale of Autostrade per l’Italia to the Cdp-Fondo consortium put an end to a factor of uncertainty that had been weighing on the stock for three years now. Weak instead Ferrari.
FTSE Mib stock market trend
Atlantia awarded after leaving Aspi
Returning to Atlantia, Bestinver analysts hailed the turning point on the Aspi dossier by improving the recommendation on the stock to “buy” from the previous “hold” with a valuation target between 19 and 20 euros from the previous 16-17 euros. “The exit from Aspi will put an end to nearly three years of uncertainty, bringing the shares back into the portfolios of a much wider range of investors,” the experts point out. Atlantia, they add, “will have over 5.5 billion in net cash, which will give it a high degree of flexibility in future strategic choices, which should aim to develop its main assets in toll highways (Abertis, Autostrade dell’Atlantico) , airports (Adr, Azzurra Aeroporti) mobility services (Telepass) ».
Down Ferrari, cold market on brand diversification
On the other hand, Ferrari goes against the trend. On Sunday 13 June in Maranello, the Cavallino Rampante sent the men’s and women’s collection of the House, designed by Rocco Iannone, onto the catwalk, which will talk about its values of “craftsmanship, elegance and innovation”. It is the first step in that diversification strategy presented by former CEO Louis Camilleri, designed for a better and more profitable exploitation of the brand. «Ferrari wants to be the protagonist in supporting excellence and the best Italian creativity. The fashion show at the factory, the opening of the Ferrari shop and the ‘Cavallino’ restaurant in Maranello are the sign of a strong and optimistic Italy ready to grow and renew itself, ”said Ferrari president John Elkann.
In the rest of the Milanese list, the new contract in the railway sector supports Webuild. Over the weekend, the company announced that it was the best bidder in the tender for the executive design and execution of the Naples-Bari railway line, Orsara-Bovino section, worth € 367.2 million. The works will be managed by Rete Ferroviaria Italiana and, “if definitively assigned, they will be carried out by a consortium in which WeBuild is the leader, with a 70% stake, together with Pizzarotti (30%)”.
Oil at highs, spread at 102 points
On bonds, the BTp-Bund spread is slightly up to 102 points from 101 at the close on Friday. The ten-year BTP yield has little effect and remains at 0.75%.