Caution prevails on European markets while Mario Draghi's press conference is underway, scheduled for 14 pm from which operators are awaiting indications to counter the slowdown in the global economy, certified yesterday by the OECD and also underlined in the Beige Book of the Fed released last night. The Piazza Affari index fell -0,2% like Paris. The decline in Frankfurt -0,4% and London -0,4% was more marked. Better Madrid, with slight progress (+0,2%).
The euro is weak, around 1,131 against the dollar. The gap between the BTP and the Bund widens to 250 points compared to 248 at yesterday's close. The 2,64-year yield trades at XNUMX%. The announcement of a new Tlter is taken for granted.
Brent oil is trading at $66,5 a barrel, up 0,8%. There was a sharp increase in US crude stockpiles last week, but there was an even bigger decline in distillate reserves. Sector stocks are down in Milan. Tenaris -1,3% and Saipem -0,27%. On equality Eni.
It advances in Piazza Affari Enel +1 to 5,45 euros on the highs of the last 14 months. In addition to the prospect of an easing of the credit policy, the indiscretion on General Electric's willingness to sell its share in the renewable energy joint venture it set up with the Italian company is favoring the purchases. They also go up Snam+ 1,16% Terna +1,19% and That + 1,6%. A2A + 0,7%.
Expectations of a new TLTRO by the ECB are not supporting bank stocks, in a market that prefers to have the details before taking initiatives. The Italian index dropped by 0,47%, in line with the European Stoxx for the sector.
On equality Intesa Sanpaolo: the bank is negotiating to sell 10 billion euro of "unlikely to pay" loans through the Prelios. If the operation goes through, exposure to non-performing or non-performing loans would fall to 6%, ahead of the 2021 business plan target. Unicredit -0,9%.
The automotive sector is in reverse, weighed down by new worries in the challenge on duties. Fiat Chrysler -1,79%. Pirelli -1%. Cnh Industrial -2,12%. Among the industrialists down too stmicroelectronics -1,5%. Leonardo -0,57%, signed an industrial collaboration agreement with the Japanese Nakanihon, concerning the development of hybrid aircraft (a cross between a helicopter and an aircraft).
Slows Tim +0,1%, below the highs of the opening. There is still some speculative appeal due to the announced purchases of CDP in view of the meeting on 29 March.
In the rest of the list to report:
- In decline Erg -2% weighted by results lower than expected. The fourth quarter of 2018 closed with an Ebitda of 109 million euros. Net result of 15 million euros. For 2019, the company expects between 495 and 515 billion euros of Ebitda, with debt between 1,36 and 1,44 billion. Both data and forecasts fall short of expectations.
- New increase of Cerved +1% after Advent's expression of interest.
- As Roma -5,7% sharply down after the defeat against Porto in the Champions League.
