It drops more than expected European inflation, which went from 1,3% in January to 1,1%. The slowdown argues in favor of Mario Draghi's caution, against accelerating the exit from Qe which, indeed, could be renewed beyond September, despite the probable forthcoming increase in US rates.
The news comforts the European markets which are about to end a mixed week. TO Milano the Ftse Mib index increases by 0,3%, around 22.800 points, in line with Paris e Madrid. The best price list is Frankfurt (+ 0,5%). London + 0,25%.
While waiting for the Fed's decisions, the markets are wondering about Trump's next moves on tariffs. On the bond front, the race for the German Bund continues: the yield has dropped to 56%, a new low since January. Ten-year BTPs trade at 1,93% (-2 points). The Euro/dollar cross moved little at 1,232.
Oil trades at 65,20 dollars a barrel in the Brent version.
After the presentation in London of the business plan to analysts and investors Eni increases by 1% around 14 euros. The six-legged dog approved the distribution of a 2018 dividend of 0,83 euro per share, up 3,75% compared to 0,80 euro per share in 2017. The coupon, which had been cut in 2015, is therefore rising again and then remained stable at 0,80 euro per share. Investments, approximately 32 billion over the years of the plan (7,8 billion for this year), will remain at the same levels as in the previous period.
Among the European sectors, with little movement, Tlc and Banks stand out (+0,5%). Mark the pace Telecom Italy (-0,17%). The Elliott fund makes it known to have a stake between shares and other "financial instruments" of more than 5%. In a letter to shareholders, the fund argues that "based on our in-depth analysis, we strongly believe that there could be a significant increase in shareholder value if an independent board takes steps to improve the company's strategic direction." Vivendi, "open" to listening to Elliott's reasons, replies as follows: "It is by no means certain that the dismantling and destabilization project can create value, unlike the industrial plan just proposed by Amos Genish". The CEO has already spoken yesterday in Paris with Vincent Bolloré.
The banks are positive: Understanding +1,4% ed Unicredit +0,7%. The market appreciates the less stringent rules on the management of NPLs envisaged by the EU.
Generali unchanged, JP Morgan raised the target to 20,40 euros. Weak utilities: Italgas -1%, Snam +0,5%, Enel -1,5%. Still negative Atlantia, which loses 1,5%.
Two champions of construction and plant engineering are on the rise. Maire Tecnimont (+6%) is among the best today. Brokers promote accounts.
Salini Impregilo (+8%) rebounds after the accounts. The construction group closed 2017 with 6,3 billion euros in revenues, slightly below estimates. Ebitda at 584 million euros. Net loss equal to 107 million euros, but the adjusted result is positive, equal to 107 million. Debt at the end of the year at 702 million. Target for 2019: revenues of 7,6-8,0 million euros.
However, the significant decrease of Astaldi (-4,3%) in the wake of the results released yesterday with the Stock Exchange closed. Mediobanca Securities and Equita underline that the 2017 accounts were below expectations and that the debt was worse than expected. The company has announced its intention to proceed with capital and financial strengthening through an increase of 300 million, higher than the 200 already communicated.
Recommended Avio (+5%), which presented very good 2017 data: revenues of 343,8 million euros (+18% year on year) and Ebitda of 39,2 million. Today the company meets the analysts.
