Fiat's spurt pushes Piazza Affari, which further updates its annual highs and closes up by 0,92% at 21.430 points. The rest of Europe was also positive, after the matching opening of Wall Street. Confidence supports Frankfurt +1,1%; Madrid rose +0,86%; Paris +0,24%; London +0,3%. Despite the many unknowns that still weigh on the future, from Brexit to tariffs, Markets are bullish today as the Federal Reserve's two-day start to play which tomorrow should end without surprises on rates and with cautious indications for the current year. In December, the US central bank had planned two hikes for 2019, but due to a series of disappointing macro data, it is betting on other scenarios. Waiting therefore to receive the olive branch from a Jerome Powell in dove version, Wall Street is on the rise and the Dow Jones, straddling the 26 thousand points, trying to close the fifth consecutive session on the increase.
Technology stocks and financial stocks are well matched. The euro-dollar remains moderately supportive of the single currency in area 1,135. The exchange rate against the pound is flat, in view of the Bank of England meeting scheduled for Thursday and of developments on Brexit, for which the hypothesis of a postponement is becoming increasingly consistent. According to EU negotiator Michel Barnier, Great Britain, if it wants, will have to ask for an extension before Thursday's European Council and motivate its request because "extending uncertainty without a clear plan would be too costly for the EU, for business and in terms of political cost". Among the raw materials, gold travels above 1306 dollars an ounce. Oil was reflective, with Brent at 67,42 dollars a barrel (-0,18%).
The great protagonist of Piazza Affari today is the Agnelli team, starting with the Fiat queen bee +5,01%. The renewed possibilities of an aggregation with Psa are giving gas to sales, after the statements of the CEO of the French family holding company Robert Peugeot. The two companies are currently in discussions “at the highest levels” about the future of their commercial vehicle partnership. AND even if Fiat is not the only interlocutor with her “as with others the stars could align themselves”. While waiting for the astral sky to tell her, speculation returns and FCA also flies to New York, + 4,01%.
In Milan, the closure is supported by Exor +3,79% and Cnh, +2,8%. Brilliant Atlantia, +2,69% which is to "buy" according to Ubs. Sales penalize Telecom -2,65%. Weak banks, subject to profit taking after yesterday's rally: Banco Bpm, -0,8%; Ubi -0,99%. In asset management, Fineco declines -0,65%. Meanwhile, there was a victory in the credit sector with the decision of the EU court according to which there was no "state aid" in the funds granted by the Interbank Fund (Fitd) to Popolare di Bari for the rescue of Tercas in 2014, a move rejected at the time by the European Antitrust.
The spread goes up. The yield of the 10-year BTP returns to 2,49% and the differential with the Bund of the same duration reaches 237.80 basis points (+1,41%). Surprise the director of Bankitalia Salvatore Rossi leaves, unavailable for a second term after the natural deadline of 9 May.
