Business Square, regardless of the political stalemate and the economic slowdown, opens the week with a new nine-year record: +0,30% to 24.400 points. Economy in slowdown but stock exchanges on the rise on other markets: Frankfurt + 0,43% Madrid +0,4%. Better still, outside the euro area, Zurich (+0,6%). Today the Stock Exchange is closed for holidays London. Paris, shaken by the protests against Macron's reforms, has to settle for 0,07%. Air France nosedives (-13%), after the no of the employees to the restructuring plan and the resignation of the chief executive officer. Wall Street futures point to a positive start.
On the macro front, data on factory orders in disappointing Germany: in March they fell by 0,9% on the previous month against estimates of +0,5%. On an annual basis +3,1% against the +5% expected. The fear of a slowdown in economic activity in Europe is growing. The positive trend of the dollar continues. Exchange euro dollar to 1,193, -0,3%. The bond market was little moved. Bunds 0,53%, BTPs 1,78%.
The most important data concerns the price of the Petroleum. Brent crude reached its highest price since 75,8 at 2015 dollars a barrel, volumes are well above the average for the last month. Tension is high due to the exchange of accusations between the US and Iran on nuclear power. Eni 0,24% salt, Tenaris +0,34%. Flat Saipem.
Tim (+1,5%) accelerates in anticipation of new board meeting. Kepler Cheuvreux raised the target price to 1 from 0,9 euro. In a report dedicated to the outcome of the meeting, Deutsche Bank – which has a buy rating and a target price of 1,29 euros – writes that the stock should benefit from the new situation, but adds that there are risk factors. Telecom saving + 1,3%.
Mediaset +0,3%. The agreement with Tim on content will be announced during the week. Claudio Marangoni, judge of the Milan court, reserved the right to decide by Wednesday on the appeal presented by Sky Italia against the announcement of the sale of TV rights of the Serie A championship, for the three-year period 2018-2021, drawn up by the Mediapro group.
The basket of banks reports an increase of 0,4%. Unicredit + 0,2% Understanding +0,2%. For Crédit Suisse the bank, thanks to the Intrum and Italo deals, has already put hay in the farmhouse to pay hefty coupons on the 2018 financial statements. FinecoBank+ 1%. Generali -0,6%.
In great evidence stm (+2,6%) driven by the recovery of the technology sector.
The race doesn't even stop Ferrari (+2,46%). In the wake Exor (+1,16%) Kepler Cheuvreux has raised the target price to 72 from 66 euros.
Big maneuvers between utilities. A2A, Erg, Enel (together with F2i), are among the entities that have presented non-binding offers to the private equity fund Terra Firma for the assets it intends to sell in Italy in the production of electricity from solar sources, for a value that could reach 1,2 billion of Euro.
Meanwhile, the Brazilian group Energisa withdrew the offer for the purchase of the majority of Eletropaulo Metropolitana, leaving the field open to the proposals of Enel -0,6% and Neoenergy.
On the roller coaster Moncler (-0,6%). Game in the red, continuing the movement that began on Friday after the publication of the first quarter revenues. Kepler Cheuvreux cut its rating to hold from buy, raising the target price to 37 from 31 euros.
Strongly growing Astaldi (+7%) which was awarded an engineering, procurement and construction (Epc) contract with the Indian Reliance Infrastructure for the Versova-Bandra connection project in Mumbai. The project is worth around 870 million euros, 380 of which pertaining to the Italian group.
Juventus euphoric (+2,1%) on the prospect of conquest of the championship. Vice versa, Lazio -2,7% depressed afterwards the draw with Atalanta, which risks jeopardizing participation in the Champions League.
Cerved (+1%) acquired the bad debt collection platform of Banca Monte dei Paschi di Siena. The purchase will be made by an incorporated company and following the best practices by Cerved and by Quaestio, an operator active in the asset management market.
