European stock markets slightly up again thanks to utilities and this morning's rebound in energy prices. Operators await US inflation data, which will be communicated at 14 pm: the forecast is +30%, from +2,2% in January. A confirmation would lead the Federal Reserve to confirm the three rate hikes during 2,1. Spotlights also on Ecofin and the European Parliament from which an initial response to US data could come.
A Business Square the index advanced by 0,4% around 22850, in line with Paris. Better Madrid (+0,7%), marks time Frankfurt (+0,15%). Flat London. The Eurostoxx index, which groups stock exchanges in the euro zone, moved up by 0,3%, bringing the positive sessions in a row to seven.
Government bonds moved little: 0,63-year Bund 1,98%; BTPs 8,75%. Yields slightly up at the auction of medium/long-term securities in which the maximum amount offered was awarded (XNUMX billion).
The new seven-year BTP was placed for the maximum amount of 4 billion at a rate of 1,47% (against 1,43% in February). The same happened for the reopening of 3 and 15-year maturities and the extra-long off-the-run in March 2047. All BTPs maturing in October 2020 were also placed at zero interest (against the previous 0,05%).
In Europe, the Utility sector is once again in the spotlight, gaining 0,8% after yesterday's +2%, galvanized by the maxi operation on renewables. E.ON gains 4,4% this morning after announcing it will raise dividends in 2018 and 2019. Conversely, in Paris Veolia drops 2,4% after the Qatari government sold its 4,6% stake in the group. Milan shines Italgas (+2%), on the wave of accounts 2017. The dividend proposed for the year rises by 4% as expected to €0,208 per share. Positive too Enel (+ 1,3%), Snam e Terna (+1,2%). The best title on the list is Unipol +3,92% also thanks to the promotion to "buy" from "hold" by Kepler Cheuvreux which justifies the fact of having lowered the rating on the company because the share had approached the
target price. Now, the analysts add, there is room for growth again: “We expect Unipol to continue to increase its stake in UnipolSai. Management has confirmed that there are no limits on this and that it sees value in doing so” reads the report which confirmed the target price of €4,60 on Unipol.
Between banks Intesa San Paolo -0,1%: the new 1,25-year senior unsecured bond was priced at 1,8 billion euro, against orders for over 10. Unicredit unchanged, Mainfirst started hedging with Outperform, target €22.
Brent reverses course (+0,4%). Oils are accelerating with the sector gaining 1,4% supported by Total, +1,6% after Barclays promotion to Overweight. In Piazza Affari well Eni (+ 1,2%) and Saipem (+1,2%). In the spotlight Saras +2,7%, which yesterday closed up by 7,7% at 1,83 euros after announcing progressive 2017 data and ambitious targets of the new plan. This morning Kepler-Cheuvreux strengthened the Buy, raising the target to 2,20 euros from 2,0 euros. Mediobanca confirmed the Outperform recommendation with a target of €2,20 (potential upside of 20%).
Little movement in Piazza Affari Telecom Italy (-0,22%) waiting for Elliott's moves (which, it seems, has already made its requests) and Vivendi's countermeasures.
In sharp decline Mediaset (-3,35%), eliminating the positive performance since the beginning of the year. This morning JP Morgan cut the recommendation to Underweight from Neutral, target down to 3,10 euros from 3,20 euros.
In balance Ferrari (+0,05%). Credit Suisse today began hedging the stock with an outperform rating and a $150 target price.
Enav (+2%) exceeded analysts' expectations and raised the dividend. The update of the 2018-2022 business plan provides for a progressive increase in the dividend; 2017 closed with a net result of 101,5 million, up 32,9% and with a dividend of 0,1864 euro per share, up 6%.
Molmed +3%: Mediobanca has started hedging with an Outperform rating and a target of €0,68.
