Sales on European lists and on Wall Street, aided by American data, all below expectations. The main European markets closed in the red: Paris -2,82%, London -1,27% and Frankfurt -2,73%.
After three days of hikes a Business Square yields 1,98%. Bank sales are back just on the day when the decree on repayments to bondholders of the four banks rescued at the end of 2015 and on the procedures for the recovery of non-performing loans is expected. The sales hit the sector despite the presentation this morning to the financial community of the Atlante fund. The president of the asset management company that manages the fund, Alessandro Penati, explained that the NPLs of the banks will not be bought at book price but the price will depend on a series of factors.
The Btp-bund spread jumped by 4,5 percentage points to 127,8 points and a yield of 1,56%. On the macro front in Italy, unemployment fell to 11,4% in March, to the lowest levels since 2012. At the same time, however, inflation fell to -0,4%, the worst figure since January 2015. In the USA April University of Michigan Consumer Confidence came in at 89 points, below estimates and the Chicago PMI dropped to 50,4 points in April, still below expectations. Indices are weak on Wall Street: eyes on Amazon while sales still hit Apple.
Strong selling on the greenback as the euro-dollar exchange rate rose 0,78% to 1,144. WTI oil slips by 0,85% to 45,64 dollars a barrel. Yen buying surges after Bank of Japan failed to announce new monetary stimulus at yesterday's meeting.
In Piazza Affari Unicredit is the worst stock with a drop of 5,28%. But the sales aren't just hitting bank stocks. At the bottom of the basket of blue chips is also Stm -4,53%, FCA -4,3% and Saipem -3,91%. The automotive sector is affected by sales throughout Europe. Cnh Industrial, on the other hand, is recovering and after the declines it closes at +1.37%, the best stock of the blue chips. Eni was unable to reverse course on the day of first quarter results higher than expected and closed down by 1,39%. In contrast to the Ftse Mib, the increases in Cnh, luxury and utilities follow: Luxottica +1,67%, Moncler +0,71%, Terna +0,29% and Snam +0,19%.
