Is there a new EU fund coming?
Positive closing of the week for the European stock exchanges, which all closed slightly higher. On the Old Continent, Olaf Scholz’s Germany has opened up a new community fund against inflation, to respond to the United States’ IRA plan, which can lead to a competitive disadvantage with European companies. Meanwhile, Brussels continues to press the Meloni government to approve the reform of the Mes, with Italy and Croatia being the only EU countries that have not yet given their green light.
Meanwhile, the president of the EU Commission Ursula Von der Leyen points out that gas prices are at their lowest since the beginning of the war in Ukraine. Since the beginning of 2023, the value of methane at the TTF in Amsterdam has been steadily below 80 euros per megawatt hour and is now at 65.
In Milan, the Ftse Mib rose by 0.19% and closed at 25,783.48. The spread between BTPs and German Bunds is stable, around 186 basis points. The yield on the ten-year bond falls to 3.94%. On the main list of Piazza Affari, banks show positive results, starting with Intesa Sanpaolo (+0.18%), Unicredit (+1.14%), Banco Bpm (+2.96%) and Bper (+3.25% ). Erg (+2.52%) and Enel (+0.37%) also rose. In an interview, the CEO of the energy giant Francesco Starace explained that the group has obtained 3.5 billion euros in funding from the Pnrr for the upgrading of the network infrastructure, to which 5 billion could be added from RePower Eu.
At the bottom, however, Stellantis (-3.66%), in line with the negative trend of the entire automotive sector. The new EU fund, however, could allow the Member States to grant economic aid for the sector. Mediobanca (-0.12%), Italgas (-0.55%), Pirelli (-0.77%) and Terna (-1.00%) are also bad. (in collaboration with Money.it)