Business Square weak in the middle of the day, but better than other European lists. Towards midday, the Ftse Mib index oscillates around -0,8%, while London (over -1%), Paris and Frankfurt (both around -1,6%) do worse. Driving Milan are the banks and managed savings: the five best stocks at the end of the morning, with earnings of 3% or more, are Azimut, Ubi Banca, Bper, Anima and Mediobanca. Intesa Sanpaolo sluggish with -0,03%, while Unicredit earns 1% at 3,2 euros per share. To record the debut in the main basket of FinecoBank (replaces Enel Green Power, merged with Enel): -0,4% to 7,37 euros.
The macro news of the morning is thePMI Markit index on manufacturing sector, which sees the Eurozone in a slight recovery led by Italy, which records the best figure in the first quarter of 2016, clearly outperforming Germany (stable) and France (in contraction). The Istat data on employment is a little less positive: unemployment is in fact stable from January to February, monthly employment is down, while the annual balance remains positive (+238.000).
In Piazza Affari, however, industrial stocks are suffering: Prysmian and Chn Industrial are among the worst. It starts badly too Fiat Chrysler Automobiles (-1,2% at midday, at 7,015 euros), after that yesterday from Chicago the CEO Sergio Marchionne has cooled the enthusiasm about a possible marriage with Psa. For the FCA number one, the limit would be to make it more difficult to marry with other global groups that offer greater synergies and to which Marchionne, without naming names, said he was open. During the morning, the Lingotto stock also fell below 7 euros.
Overall, the month that has just ended saw a recovery in the Italian stock exchange by 2,5%, thus closing the first quarter of 2016 with a loss of only 15%. The best of the quarter was Moncler with +15%, thanks to an excellent balance sheet characterized by a turnover up by 27% on an annual basis to 880 million euros (+19% at constant rates) and by a net profit which rose to 167,9 million (+29% ). Today, however, the stock loses more than 2% to 14,55 euros.
A completely different music, in the quarter, at home Saipem, with a loss of 62% since the beginning of the year, which is weighed down by the robust increase of 3,5 billion euro only partially subscribed by the market. Today the stock gains 1,4% to 0,35 euro per share. Bad Telecom Italy after yesterday's rebound, due to the appreciation of the markets for the appointment of the new managing director Flavio Cattaneo: today the TLC stock loses more than 2%, falling below the threshold of 1 euro per share.
Shy attempts to raise the Petroleum: Brent floats above the threshold of 40 dollars a barrel, Wti is stationary at 38,35 dollars. The euro strengthened slightly against the dollar, climbing back to 1,14. Btp Bund Spread around 107 basis points at the end of the morning.
