The markets are waiting with bated breath for a strategy of the States to take shape to counter the health emergency, which remains high, but which is able to face the economic crisis that promises to be devastating. The European Commission, according to Reuters, has warned that 2020 could end with a drop in GDP of around 10%: around 1.500 billion euros are needed to prevent an economic catastrophe.
Against this backdrop, the EU's response promises to be troubled, as expected: after 16 hours of talks with numerous interruptions, resumptions and bilateral discussions the Eurogroup meeting has been updated to tomorrow. German Finance Minister Olaf Scholz hopes that EU finance ministers can reach an agreement before Easter.
The European Central Bank acted as a parachute, loosening the requirements on collateral, in order to make it easier for banks to borrow money, moreover in a situation of very low interest rates. And so the Stock Exchanges, back from two days of rebound, go down, but not headlong.
Piazza Affari loses 13.30% at 0,5 and thirty, better than Frankfurt -0,66%. Losses exceeding 1% in Paris, Madrid and London. Wall Street futures mark a slight decline.
Lo spread Btp/Bund remains above 200 at 203,124 basis points. This morning the Treasury placed all of the 9,5 billion euros offered in total in two 3- and 12-month Treasuries, with good demand for the shorter maturity, and rising yields. 6,5 billion were allocated in the April 2021 annual Bot with a yield of 0,534% from 0,072% in mid-March and with a coverage ratio of 1,57. In the three months of July 2020, 3 billion were placed at a yield of 0,188%. This deadline was last offered in 2013.
Accelerate the price ofgold at 1.687 dollars an ounce as pressure on central banks and governments grows. The Financial Times reports that the White House has asked Congress to work on an additional $250 billion expansion of the special loan program for small businesses. Germany would be willing to use resources of around 500 billion euros in the context of Community measures
After two days of sharp decline and the rebound in the night, the Petroleum Brent is on par today at $31,9. The United States announced a downward revision of its 2020 crude oil production estimates yesterday evening, cutting it by 1,2 million bpd between now and the end of December to 11,76 million bpd.
Exxon Mobil, the world's largest oil company, has cut its research and development investments by $11 billion, almost a third of its total. In the previous days, many others scaled back their development plans.
At Piazza Affari Saipem -2% Eni -1,2%.
Banks down. Sharp decline for Understanding –2%. Carlo Messina, the CEO, said that the bank would be able to return to paying the promised dividends, if the Italian GDP for the second half of the year is around zero. Where's Banca -1,6%. The institution's autonomy is a value for all the bank's stakeholders, chairman Letizia Moratti said this morning. Unicredit + 0,3%.
Keep going up Popular of Sondrio + 4,1%.
Asset management supports the index. Anima +2,1% thanks to the March funding figure which Fidentiis judges "very strong" and to the declarations of the new CEO who returns to the possibility of M&A operations for the group.
Su Azimuth (+4,9%), Banca Imi says that the weak deposits are compensated by the confirmation of the coupon. Banca Mediolanum rises by 2,7%, on the strong data in March.
Generali -0,6%. The board of directors is expected to decide next week whether to confirm or freeze the dividend.
Leonardo +1,9%, the run of the last sessions continues, after being excessively penalized in the most critical phase of the market.
Diasorin, +2,6%, rises again after completing the studies necessary for the launch of a new serological test to detect the presence of antibodies in coronavirus patients. Mediobanca Securities is neutral on the stock with a target of 125 euros.
Net rebound of Piaggio (+6,5%), exposed in the Asian areas less affected by the virus.
