Statements from Tehran and Tel Aviv regarding the suspension of reciprocal attacks fueled a rebound in Asian markets and pushed oil prices lower, but had a limited effect on European markets, which continue to maintain a prudent stance.
In Milan, however, the banking sector is catalyzing attention after Intesa Sanpaolo shook the market yesterday by launching a 30.6 billion euro exchange offer for Mps, involving Unipol—a move destined to have repercussions for Bper and Generali as well.
Around 9:40 CET, the FTSE Mib is up 1%.
Following yesterday's nearly 13% jump, Mps remains positive (+1%), while the Bper-Unipol tandem leads the rally.
BPER is advancing by approximately 4%, also supported by Kepler Cheuvreux's upgrade to 'buy' with a target price raised to 13.8 euros, based on the value creation potential linked to a possible expansion of the perimeter acquired from Mps. UNIPOL leads the FTSE Mib with a 4.6% gain.
INTESA SANPAOLO, which closed down about 1.4% yesterday as it priced in the impact of the transaction, is regaining ground with a 1.5% advance, while its rival in the contest for Siena, BANCO BPM, is up 2%.
Elsewhere in the financial sector, beyond the extraordinary transactions, AZIMUT is in the spotlight (+2.2%) following its May net inflow data.
Energy stocks, conversely, are weaker in the wake of falling crude prices, with the exception of ITALGAS, which is up 2.35% following an upgrade to 'buy' by Citigroup.
(Andrea Mandalà, editing Gianluca Semeraro)
