The field day of begins with a cautious rise in the stock markets European Council which will meet, obviously at a safe distance, starting from 15 pm. Pending the outcome, which will arrive late in the evening or much later, the price lists appreciate the recovery in oil prices and even more the ECB's decision to extend the range of purchases to unrated securities as well, a policy that removes the risks for BTPs on the eve of the S&P verdict.
Fitch Ratings revised downwards Italy's 2020 GDP estimate to -8% after a 5% drop in GDP in the first quarter and the recent extension of the lockdown.
In this frame Milano gains 1%, against German Dax which loses 0,2% and of Zurich which falls by 0,5%. Positive Paris (+ 0,4%) and Madrid (+ 0,8%).
- European PMI indices report the strongest contraction ever, or at least since 1975, when the surveys began. The flash services PMI fell to a record low of 11,7 in April from 26,4 in March, while the manufacturing PMI fell to an 11-year low of 33,6 from 44,5.
While waiting for the EU summit, the euro once again losing ground against the dollar at 1,0798, a level it had not seen since April 2017. The yield differential between Italian and German government bonds is decreasing: the BTP-Bund spread it stands at 244 points, more than 3 points less than yesterday, for a ten-year BTP yield of 2,020%.
Il Brent gains 6% and trades at 21,70 dollars a barrel, the wtf of Texas +8% to 15 dollars. Eni advances by 2,2%. Kepler Chevreux revised the target upwards to 10,5 euros. Slightly down Saipem, which announced its results for the first quarter, penalized by the weak performance in the Offshore segment: ebitda of 240 million (against an estimate of 290), net profit -269 million (against +21 million a year ago).
The share price of in Piazza Affari collapses Inwit: -10,3%, to 9,60 euros. Tim (+3,3% on the eve of the quarter's accounts) e Vodafone they sold 8,6% of the company (4,3% each, 83 million shares in total) through an accelerated book-building reserved for institutional investors, at a price of approximately 9,60 euros (10% discount compared to yesterday's closing, 10,73 euros) and a total proceeds of approximately 800 million. Tim and Vodafone will reduce their stakes to 33,2% (from 37,5%) of the capital of Inwit, continuing to maintain joint control and an equal stake. Vodafone and Tim have undertaken a lock-up commitment on the residual shares held for a period of 90 days.
Atlantia jumped by 5,7%, driven by new rumors of a closer solution to the motorway issue: the threat of revoking the concession is getting further and further away.
Positive cues in luxury. Ferragamo it's up 1%, positive Moncler (+0,3%) despite yesterday announcing an 18% decline in revenues in the first quarter due to the impact of the coronavirus epidemic and the withdrawal of the proposed 2019 earnings dividend.
fca +0,9%. U.S. retail auto sales are starting to recover after a coronavirus slump in March, according to analysts at JD Power.
The banking sector is up. The CEO of Unicredit (+1,7%), Jean Pierre Mustier, in a message sent to employees, wrote that the institute is strong and solid, with a Cet1 ratio of around 13% and ample liquidity.
Intesa Sanpaolo earns 2,3%. It is the first Italian bank to have signed the collaboration protocol with Sace to implement the solutions provided for by the liquidity decree. However, Deutsche Bank cuts the target price to 1,7 euros. Bpm bank +2,5%: in this case Deutsche Bank reduces the target to 1,3 euros.
Caltagirone (-0,8%) declared that it had acquired 1,1% of the share capital of Anima. The founder of Luxottica, Leonardo Del Vecchio, who holds a 3,99% stake, emerges from the Consob communications on significant shareholdings.
triboo +12% on the news of the launch of the marketing and distribution of serological tests for Covid-19 produced by the Chinese pharmaceutical company Sobc Outdo Biotech.
