In Italy, the dam of government bonds holds, pending the formation of the new government. Meanwhile, the markets are preparing for the weekend in a climate of caution given the tensions in the Middle East. positive Milano: +0,16% around 13 pm with a modest gain just under 24.100 points. In red Frankfurt e Paris (-0,4%), flat London. The best title is Arcelor Mittal (+3,6%) driven by results.
Little moved the currency market, where the race for the dollar stops: data on US inflation have reduced expectations of further rate increases. Always on the highs Petroleum, around 77,47 dollars a barrel. Yesterday, the derivative reached $78, the highest level since November 2014.
The wait of the operators, not only Italians, was concentrated on theBtp auction, first test after confirmation of probable birth next week of a “yellow-green” government. The exam was passed satisfactorily. There were slight increases in interest rates at the auction of the issue of two BTPs, with 3 and 7 year maturities, some more tension over the 15 years.
Also declining spread of the ten-year bond on the Bund, from 140 points yesterday to 135 (yield at 1,90%). According to data communicated by the Bank of Italy, the first BTP placed today, with a three-year maturity, saw yields settle at 0,07 percent, 2 basis points more than in the previous auction. The 7-year BTP, with a rate of 1,34 per cent, saw an increase of basis points compared to the previous auction. The 15-year BTP, on the other hand, dropped by 8 basis points with a rate of 2,38 percent. In all three issues, the demand levels exceeded the proposed amount, with coverage ratios of 1,78, 1,34 and 1,68 respectively (on the 15-year bond).
On the equity front, attention is still focused on the quarterly reports of the banks. It catches fire Mount Paschi, over 10% in the wake of the results. Mediobanca, which had opened sharply higher in the wake of the accounts, gradually lost strength and was essentially flat in the middle of the session.
More generally, the entire Italian banking sector (+0,1%) has weakened compared to the initial stages and is floating around parity: Understanding -0,1% Unicredit + 0,1%. Where's Banca +1,4%, closed the first quarter with 437 million euros of interest margin, against the 410 expected. Net result at 117 million euros.
At the bottom of the financial sector there is Azimuth (-2,7%). Banca Mediolanum back on parity after a heavy morning.
UnipolSai +014%: the insurance company controlled by the Unipol group closed the first quarter with a profit of €474m, practically tripled compared to the same period of 2017, thanks to the capital gain of €309m linked to the sale of the stake in Popolare Vita to Banco bpm. Normalized profit rose 12,9% to 166 million.
In decline Catholic (-1,63%) after the results: operating profit up to 45 million euros (+4%). Combined ratio at 93,7%.
Shine among the industrialists Prysmian (+2,58%), still driven by the results of the first quarter (revenues of 1 1,87 billion) and by the guidance on adjusted Ebitda for this year (equal to 153 million euro). In recovery Enel fluctuating on parity (-0,04%) e Telecom Italy +0,45%.
The results push Falck Renewables (+9%) which closed the first quarter with Ebitda growing by more than 20% and revised upwards the forecasts for 2018.
Brunello Cucinelli +3%: in the first quarter revenues rose by 12%, to 148 million euros.
