The EU stock exchanges cling to Wall Street and await the Fed, Milan closes at + 0.4%. Spread at 202 points

(Il Sole 24 Ore Radiocor) – The pull of Wall Street, which rebounds after the long weekend trying to recover part of the 2 trillion burned by the US lists last week, has supported the European equity markets. The continental stock exchanges thus managed to consolidate the positions gained yesterday thanks to the assurances of the president of the ECB, Christine Lagarde, on the effectiveness of the anti-spread shield. Investors’ attention now shifts overseas, where Fed chairman Jerome Powell’s half-yearly testimony to the US Senate is scheduled on Wednesday, from which the market hopes to get some more insight into the central bank’s future moves to curb the ‘inflation.

Wall Street closed higher at the end of the day, with the Dow Jones up 2.15%, the Nasdaq up 2.51% and the S&P 500 up 2.45%.

In Piazza Affari the FTSE MIB ended the day with a 0.39% increase. Among the Milanese stocks with the highest capitalization, Leonardo – Finmeccanica stood out after the announcement of the merger into the American subsidiary Drs of Rada Electronic Industries, a supplier of advanced software-defined military tactical radars, already listed on Nasdaq and Tel Aviv. Banks also performed well, led by Banco Bpm, as well as big industrial companies such as Stellantis and Stmicroelectronics (+ 2.57%). On the other hand, backtracked for Recordati, which lost ground after a series of positive sessions. Utilities are also in red.

Rip Leonardo thanks to the merger of Rada into Drs

As for Leonardo, the purchases started right from the start on the news that the US subsidiary Drs and Rada Electronic Industries have signed a binding agreement for the merger of Rada into Leonardo Drs. A move that analysts consider “strategic”. Rada is a supplier of advanced software-defined military tactical radars, already listed on Nasdaq and Tel Aviv and, upon completion of the transaction, expected by the end of the year, Drs will also be listed on both lists. In detail, Drs will acquire 100% of the share capital of Rada in exchange for the assignment to the current shareholders of Rada of approximately 19.5% in Leonardo Drs of which Leonardo, through its US subsidiary Leonardo Holding, will continue to own the ’80, 5 percent.

FTSE Mib stock market trend


In Milan, bankers continue to rise, sales on utilities

Banks are still in tune with Banco Bpm, Unicredit and Intesa Sanpaolo, among the securities that are raising their heads thanks to the hypothesis of an ECB anti-spread shield. Investor purchases are focusing on Iveco Group, which has announced its intention to return to producing buses in Italy (through a request for access to Mise’s “development contracts” as part of the opportunities provided by the National Recovery and Resilience Plan ). Stellantis and Cnh Industrial are doing well in the auto sector. Among the telecoms, Telecom Italia is struggling with the valuation of the network by the French partners of Vivendi at 31 billion euros, on which analysts appear “cold” since it could be an obstacle to the merger with Open fiber. At the bottom of the list are the utilities with Terna, A2a and Italgas.