Also in Europe, as in Asia, the financial week opened on the upside awaiting expansive moves by the Fed. Among the liveliest stock exchanges, Piazza Affari +0,7% around 21.200 points, ahead of Madrid +0,6%. Same increase for London +0,6%. More cautious Paris +0,1%.
In pale red only Frankfurt -0,2%, despite the positive market response to the announcement of the merger talks between Deutsche Bank +3,7% and Commerzbank +6.3%. Down Allianz -0,5% also because it could be called upon to take part of the assets of the two banks.
In sharp drop in the yield on government bonds awaiting soft signals from the monetary authorities: the 2,44-year BTP slips to 240%, the lowest since May. The spread travels below 236 points (minimum at XNUMX).
The combination of falling rates and the expectation of the merger in Germany is the fuel for the banking sector to rise: Unicredit +2,8%, Intesa Sanpaolo +1,8%, Banco Bpm +3%. It also advances Ubi Banca +1,7%. The bank's main shareholders, who hold 22 percent of the capital, presented a list for the April meeting that confirms the current CEO Victor Massiah.
Insurance and management were also positive.
Generali +0,7%, UnipolSai +1%- Advance Azimut +2%.
There are no plus signs. Impress the Prada meltdown – 10,6%, the leading Italian luxury group listed on the Hong Hong Stock Exchange. In 2018, revenues amounted to 3,14 billion euros, up 6% on a like-for-like basis, but the operating margin fell by 10% to 366 million. The company has announced that it will no longer be putting its wares on sale at the end of the season. holds Moncler +0,2%, Salvatore Ferragamo down -2%. The consequences of the new clashes in Paris in the luxury streets are weighing on the sector.
Under pressure too Salini Impregilo – 4% after 2018 data. Revenues at 5,97 billion, about one hundred million below forecasts. Ebitda 436 million euros, analysts' expectations at 487 million. The net result is below expectations (72 million euros), while the net debt at the end of the year is higher than expected, 859 million euros. The company says 2019 will be roughly in line with 2018. No dividends will be distributed. Pietro Salini said in the conference call that the company, thanks also to the acquisitions (Astaldi but not only) aims to become the reference player in the Italian infrastructure sector.
Among industrialists, the new increase of stands out Leonardo +4% at the highs of the year.
It also advances Telecom Italia +1,5%. Cassa Depositi e Prestiti holds 9,8% of the capital, in the last communication it was 8,7%. Franco Bassanini, current president of Open Fiber, could become the new president, some newspapers wrote. He replies, “fanciful guesses”. JP Morgan cuts the target to 47 cents from 49, defining the ambitious plan objectives, but recalls that an agreement with Open Fiber could create a "60% upside" in the case of "network spin-off and monetization"-
Il Brent oil it is down slightly to 66,8 dollars a barrel, from +2% last week. Eni +0,35%. Saipem +0,5%, is negotiating the terms of an industrial and financial collaboration with some US drilling companies.
In the rest of the list:
- Avanza Hera +3% after the promotion of the utility's stock in the main basket of the stock exchange on the Piazza Affari.
- Im +3,4%, has published its 2018 results and forecasts for 2019. The current year should close with revenues of 1,58 billion euros, in line with consensus estimates.
- The subsidiary collapses Jim -8%, announced that it expects approximately 110 million euros for the current year, much lower than forecasts (156 million).
- Giglio Group+0,4%, approved the 2018 results and the new 2021 business plan.
- Today Nexi, Italian company specialized in the payment sector, he made official the start of the listing process which should be concluded within the month of April and before the European elections. The valuation should be around 7 billion euro with a partial sale by the private equity shareholders and a capital increase of around 700/800 million euro.
It is not the only novelty in the sector: the American Fis has announced the purchase of the Worldpay payments group, the largest payments group in Great Britain (with 40 billion transactions in 146 countries). The deal goes up to 43 billion dollars.
