the leap of Atlantia (+3,1%) does not save Piazza Affari from sales, waiting for Mario Draghi to hold a press conference this evening, with the markets closed, after yet another change of European address on AstraZeneca (+2% in London).
The main Milanese stock exchange closes the session in black jersey with a loss of 0,66% at 24.576 basis points weighted by the banks, in particular Unicredit -3,36%, in a positive European context in the final stages: Frankfurt +0,25%; Amsterdam +0,47%; Paris +0,57%; Madrid + 0,41% London + 0,57%.
Wall Street, after a muted start, travels mixed. The Dow Jones is down slightly, due to sales in the energy sector, while lo S & P500 he immediately updated his record and the Nasdaq it is in clear progress thanks to yesterday's reassurances from the central bank on support measures. Buys are mainly pouring into tech stocks, while T-bond yields are still in retreat after recently pushing to 14-month highs.
In the minutes of the last meeting of the Fed, released yesterday, there is the confirmation of the intention to continue a very accommodating policy until the objectives of full employment and inflation of around 2% are achieved. In the minutes of the ECB meeting of 10 and 11 March, however, the advisers, as noted by Reuters, decided to intensify bond purchases this quarter on the condition that they can be reduced again later if the situation permits. “There was broad consensus among all councilors on the proposal put forward by (chief economist Philip) Lane, with the understanding that the total PEPP budget is not in question under current conditions and that the pace of purchases can be reduced in the future,” the minutes state. “It was emphasized that the flexibility contained in the PEPP is symmetrical, and that therefore the pace of purchases can be accelerated and slowed down according to market conditions”.
The president of the ECB Christine Lagarde in the message sent to the 43rd meeting of the International Monetary and Financial Committee argues that the current brighter outlook “remains subject to considerable uncertainty, also due to the path of the pandemic and the progress of the vaccination campaigns. We must therefore continue to work together to face this serious global challenge” and “it is essential to refrain from prematurely withdrawing support measures, both on the monetary and on the fiscal side”. Jerome Powell is expected to speak later.
On the currency market the dollar remains in a downward phase, while the euro is back above 1,19.
The futures of the are positive raw material. Gold rose, moving around 1756 dollars an ounce. And oil is also changing pace: Brent +0,25%, 63,30 dollars a barrel.
In Piazza Affari the session was animated by Atlantia, following more details on the aims of Florentino Perez who, according to the Financial Timesoffers 10 billion euros to acquire the share of Autostrade per l'Italia. In a letter seen by the newspaper, the Spanish entrepreneur wrote: "Given the close relationship between our groups following the joint acquisition of Abertis, Acs has followed the Aspi situation in recent months and we believe it is a very interesting asset that fits fits perfectly with Acs' long-term strategy". The group would also be willing to welcome other investors in its offer, including Cdp. Tci, a shareholder of Atlantia, made his voice heard on the subject. “We expect the board to act in the interest of all shareholders,” TCI partner Jonathan Amouyal said in an emailed comment to Reuters, adding that Autostrade should be sold “to the highest bidder, without any political interference.” ”.
It stops at the top of the list Saipem, +1,82%, after a memorandum of understanding signed today with Siram Veolia, a company active in the management and optimization of environmental resources, to collaborate on projects aimed at energy transition in Italy. Instead, they go to the bottom in the sector Tenaris -2,56% ed Eni -1,87%.
Raise your head Moncler +1,74%, after the losses of the day before. Jefferies raised the target price on the queen of down jackets to 55 euros from the previous 54,5. Well too Campari (+145%) after Credit Suisse raised its target price to 9 euros from 8,80.
Back to positive Inwit +1,62%. Among the utilities: Snam +1,15%; Enel +0,76%; Terna + 0,52%.
The worst blue chip of the day is Unicredit, in an overall weak sector in Europe. According to some operators, the reason for the decline is the not particularly brilliant forecasts on the results of the first quarter, as indicated by the reports of various brokers who have had a discussion with the bank's management on the trend in the first quarter. Sales also on Bpm bank -2,15% Bper -1,69% Understanding -1,63%.
I'm in red Telecom -2,73% Unipol -2,68% stellantis -2,37%, the latter penalized by the announcement of a possible postponement of production of the Alfa Romeo Tonale SUV until next year.
Out of the main basket Ferragamo loses 1,22%, following the news that Paul Andrew will leave the role of creative director of the maison which he has held since 2019.
It is a must to say that it goes into orbit Avio, +16,67%. The driving force is the strong position on the stock taken by Bank of America analysts who even see the potential for a doubling of prices. Bofa started the coverage with a target of 26 euros and a "buy" recommendation.
The leap is not enough to save the big cap from sales Leonardo (-1,41%) which owns 30% of Avio. The reasons for the sentence with which the judges of the court of Milan on 15 October sentenced the former president of MPS (-1,58%) and current CEO of Leonardo Alessandro Profumo to six years in prison weighed on the stock former CEO of the Sienese bank Fabrizio Viola for insider trading and false corporate communications in relation to the Santorini and Alexandria derivatives.
Government bonds are good. The Ministry of Economy and Finance has disclosed the details of theemission through the syndicate of a new benchmark 50-year BTP and the reopening of the 7-year BTP maturing on 15 March 2028. More than 400 investors took part in the first syndicate while around 230 took part in the reopening of the second. The overall demand has exceeded i 120 billion euros, almost equally divided between the two titles.
Lo spread between Italian and German ten-year bonds it drops to 100 basis points (-2,24%) and the BTP rate falls to +0,66%.
