Brutal awakening for Piazza Affari: banks under pressure, consumer confidence index at a two-year low, in contrast with the good manufacturing activity indexes. Confirming the seriousness of the malaise of the Italian market. TO Milano the Ftse Mib index shows a loss of just under one percentage point, around 21.100 points. Similar loss for Madrid. The decline in oil also favors the decline of the other price lists: Paris -0,7% Frankfurt -0,4%.
Little move London (+0,07%) which will be closed on Monday for the Bank Holiday. The City listing is influenced by the weakness of the pound at its lowest since the end of March after the disappointing data on UK GDP growth in the first quarter (+2% against estimates of +2,1%).
The dollar also weakens against theeuro, which rises to 1,122, from 1,121. The Btp/Bund spread is stuck at 176 basis points. The ten-year yield is equal to 2,116%. In today's auction of the Ctz, bonds worth 3,5 billion were assigned, at the maximum offer.
The thud of the Petroleum -4,6% after the OPEC summit in Vienna in which it was decided to extend the production quota currently in place for a further nine months, without new cuts. This morning Brent rose to 51,75 dollars a barrel (+0,29 dollars). The WTI gains 0,23 dollars, to 49,13 dollars a barrel.
The Stoxx oil index loses 1,6% and is the worst sectoral index in the European area. Eni falls by 1,6%. Exane intervened on the stock with a downgrade to Underperform from Neutral. Saipem down 1,9%, Tenaris -2,7%. The French Total drops by 1,2%.
Banks are also under fire (the Stoxx sector index -1,5%). Italian institutions go down, waiting to know the outcome of the difficult negotiation between the Italian government and the EU for the rescue of the Popular Bank of Vicenza need Veneto Bank.
Unicredit drops 2,4%, same drop as Understanding. Bpm bank -1,9%. Robust losses also for the big European credits: Deutsche Bank -1,8% Societe Generale -1,6% bbva -1,5%. Bad insurance: Generali -1% Unipol -1,9%. Little move fca (-0,07%).
The landslide of luxury continues Salvatore Ferragamo (-3,5% to 24,80 euros), on the levels of early February. In three sessions the stock lost 12%. This morning Kepler-Cheuvreux lowered the target price to 27,50 euros from 29 euros. Hold judgment confirmed. Exane cut to 28 euros from 30 euros, Outperform rating. Yesterday Mediobanca reduced the recommendation to Neutral from Outperform. Target lowered to 26,50 euros from 29,70 euros.
In the fashion sector, on the other hand, the Moncler, which rise by 1,5%. Still worth mentioning is the decline Italgas (-2,51%): Goldman Sachs cut its rating to “neutral” by removing the stock from the pan-European 'buy list'.
Sale Mediaset (+2,7%) on the day of the first news strike in the group's history.
