The European stock exchanges moved little, Piazza Affari +0,05% rose slightly to 21.531 points (close to the maximum since September), Paris +0,32% and Frankfurt +0,49% recorded more substantial gains, favored by weakness of the euro, below 1,120 against the dollar. But the messages from central bankers help support the price lists. “In line with the ECB mandate – says Villeroy de Galhau, governor of the Banque de France – monetary policy will remain accommodative as long as necessary, in order to reach the medium-long term inflation target”.
Much livelier London +0,79%. The pound fell by half a percentage point at the start, after the British Parliament yesterday failed to reach a majority on any of the four alternative plans to Prime Minister Theresa May's divorce deal, which could return to the vote this week. This morning the EU's chief Brexit negotiator Michel Barnier said a no-deal divorce was more likely.
The rise in yields on US T-bonds, as a result of the return of risk appetite, is not confirmed in Europe. The 4-year Bund has a negative yield of 1 basis points (-XNUMX basis point from yesterday.
The BTPs are weak. The spread between Italy and Germany on the ten-year stretch is worth 257 points from 254 yesterday. The reference ten-year yield trades at 2,53%.
The race for Greek bonds is starting on the market: according to Bloomberg, Athens is evaluating the early repayment of a part of the loans obtained from the International Monetary Fund. The ten-year rate fell by two basis points to a minimum of 3,69%.
Brent-type oil rose by 0,2% to 69,2 dollars a barrel, the highest in the last four and a half months.
Reuters writes that the United States is thinking of hitting Iran with more sanctions, Washington's goal are areas of the economy that have never been hit so far.
Continue the march of Saipem + 0,75%. Eni + 0,2%. Tenaris -0,2%.
In the Italian price list it is highlighted Pirelli +2,6%, the company obtained a maxi tax credit in Brazil.
Continue shooting stmicroelectronics +2,3%, although global semiconductor sales fell 7,3% yoy in February. The Italian-French group accelerates on diversification, focusing on autonomous driving.
Back into positive territory Fiat Chrysler +0,9% despite the negative data on registrations in March in Italy. The brands of the group close the month with a drop of 19,5% (Alfa Romeo -55%).
In the letter to the partners Exor -0,7% the chairman John Elkann writes that a change in the structure of the subsidiary will be considered but not an exit from the capital. Elkann confirms his trust in the CEO of Ferrari -0,41% and anticipates for the second part of the year the industrial plan of Cnh Industrial -0,45%.
The trend of the two-wheeler market was much more positive. Piaggio +1,5%. In March, 25.000 two or three-wheeled vehicles were registered in Italy, up by 26%. Scooters +30% and motorcycles +25%. The fifties are bad. In Spain, registrations rose by 27% to 15.000 units.
In sharp decline Tim -1,9%: the spread between ordinary and savings has reached an all-time low on purchases linked to expectations of conversion. The ordinary ones deal with a premium of 4 cents on savings, but if one takes into account the coupon of 2,8 cents, the conversion in a one-to-one ratio is unattractive.
Among the utilities it shines That +2% which expects to close 2022 with an Ebitda of 1,3 billion euros, +36% on 2018. The industrial plan provides for 4 billion euro of investments, dividends of 800 million. The indications are above consensus forecasts.
Snam +0,50%. Romano Minozzi has adjusted his odds upwards and is aiming to go up again. The entrepreneur from Modena is now the owner of a 6,62% stake from the previous 6,02%.
Banks down. The sector index dropped by 0,4%. Unicredit loses 0,5% after the leap of more than 4% yesterday. Understanding-0,5%.
Also worth noting:
- Asthma drops by 2% after the downgrade of Kepler Cheuvreux which brought the recommendation to "Hold" from "Buy" with a target price of 25,5 euros from the previous 24,2 euros.
- Falck Renewables + 7%.
