European stock markets rebound decisively, in line with Asia and US futures which anticipate a marked recovery in American stock markets. Even if the Sentix index confirms the predictable drop in confidence in the Old Continent and orders from German industry are in deep red, the markets are optimistic about the drop in infections and the first signs of a possible return to normality and progress in the European negotiation.
A Milano the index advances by 2,8%, one step away from 17. Similar increases on other markets, starting from Frankfurt +4,4% and Paris + 3,7%. London + 2,2%.
Il Petroleum Brent is down 3% to $33,4, up 37% last week. The plenary conference call between oil-producing countries scheduled for today has been postponed, apparently to Wednesday or Thursday, after a weekend marred by Saudi Arabia's diplomatic offensive against Russia. Meanwhile, Donald Trump has returned to defining OPEC+ as a cartel and has threatened to put tariffs on oil imports, in order to protect shale oil producers. Saipem rises by 1,5%. Eni around parity.
Stable it spread around 196 points, the yield of the BTP is around 1,50%. The Bund trades at 0,42%.
I'm on launch pad two today measures to be studied by the council of ministers. The first immediately makes available ten billion euros of state funds for small and medium-sized enterprises, in order to be able to provide guarantees on one hundred billion euros of loans. The second, from 30-40 billion euros, increases the resources for the payment of layoffs.
According to estimates by the Italian bank, the deficit in the euro area could be equal to 11% of GDP, well above that of 2008/9. In absolute terms, it would be more than one trillion euros. In this context, the Italian GDP would drop by 15%, with a deficit/GDP ratio of 12,2% and a deficit of 186 billion euros. For comparison, in 2009 the GDP had marked -5,3%, while the deficit/GDP ratio had reached 5,1%.
The summit of EU finance ministers will be held tomorrow in view of the European Council which is postponed to after Easter to have more time to agree on shared anti-coronavirus measures. German Finance Minister Olaf Scholz calls on countries in difficulty to immediately apply for a loan from the ESM fund.
In Piazza Affari all the blue chips are on the rise. Leading the rally are the two Big Banks, already very sacrificed: Understanding salt by 7,15%, Unicredit + 7,28%. nexi +3,9%. Jefferies starts hedging with Buy, target price at 18 euros.
It just gets better Campari +7,9%. They also run Leonardo +6,1% and stm +5.8%. Among the utilities Enel + 1% Snam+ 2,2%.
The rise of is resized Atlantia +2,1% from the initial increase of 6,5%. I am decisive hours. The Minister of Infrastructure, Paola De Micheli, clarified that "we have no news of a sale to foreign shareholders", denying the hypothesis of a passage of the majority to Allianz. Tomorrow the board will examine the entry proposal of Cdp and F2i.
In great evidence Fiat Chrysler +3,9% which postponed the meeting already scheduled for April 16 to the end of June. The decision also involves it shift of the decision on the ordinary dividend 2019 equal to 1,1 billion (0,70 euro per share). Psa also moved the meeting to June 25th. The next controlling shareholder of Lingotto has issued a loan for 3 billion euros.
Also good Ferrari . Exor +4,1%. Positive too Pirelli +1,3% who warned that it will not reach the targets provided above. Morgan Stanley downgrades the judgment to Equal Weight, target price at 3 euros.
Generali +2,3%. The Board of Directors of Generali will meet in the next few days to decide whether to confirm or postpone the payment of the 2019 dividend of 0,96 euro. Unipol SAI has confirmed the dividend while Unipol has decided to postpone it.
In Europe, Allianz has chosen to pay the dividend, while Axa in France and Aegon in the Netherlands have opted for suspension.
