The delegation led by Chinese Vice Premier Liu He will be in Washington on Thursday to continue talks on tariffs. This includes, at least in part, the fear of a definitive break between the two giants of the world economy. But the road remains uphill. In this context, the minus sign prevails in the Stock Exchanges, but with the exception of Piazza Affari +0,1% below 21.500 thanks to the push of utilities, all in positive territory: Enel + 1% Italgas + 1,3% Terna + 1%.
In the rest of Europe, Madrid travels around parity. Down by set point Frankfurt. In March, factory orders in Germany rose less than expected, +0,6%, against +1,4% estimated by economists. Paris also down -0,7% and London, down by a percentage point after returning from the long weekend. Futures signal a weak opening on Wall Street today, in line with the trend from the day before.
Worth noting is the new collapse of the Turkish lira which has lost approximately 14% since the beginning of the year. Yesterday evening the supreme commission for elections announced that it had accepted the appeal of the AK party regarding the outcome of the vote in Istanbul: the result was canceled and we will go to vote again on June 23rd.
Oil is also weak: Brent loses 0,7% to 70,7 dollars a barrel.
While awaiting the estimates of the EU Commission on public finances, the spread rises to around 261 against the appreciation of the German bund back to -0,01%. The 2,55-year yield falls to 2,57% from XNUMX% yesterday.
Day of great appointments for the blue chips of Piazza Affari. salt Ferrari +5% returned this morning close to the highs of last June. The Maranello house has closed the first three months of the year with a profit that jumped by 22% to 180 million euros. Help the tax rate cut to 20% through the Patent Box Preemptive Tax Agreement.
They extend after the quarterly Amplifon +4,8% and Campari +3% which recorded an adjusted Ebit of 72,4 million in the first quarter, with organic growth of 15,4% over the same period of 2018. The figure is better than the 66 million estimated by the consensus.
Unicredit -0,5%, prepares for a “future potential” exit of FinecoBank, positive after an opening at -4% after rumors of a forthcoming ABB (accelerated book building) to soon sell 10-15% of the bank on the 35% held today. This morning the two companies released a joint note. The former holds 35% of the latter. The press release states that Fineco, from the separation, would not suffer any significant impact on its capital and liquidity profile, nor on its profitability, nor would there be any implications on its business model. For Unicredit, the operation would have the effect of improving Cet1 by 4 points.
Slightly up Generali + 0,3 % today at the meeting. The present Gabriele Galateri has ruled out that the company participates in a possible risk in the sector but has opened up to a season of purchases of small-medium insurance companies.
Council dedicated to the possible alliance with the German Prosieben for Mediaset: an equal joint venture could be born between the two groups and a financial partner.
Tim +0,6%. The former UniCredit Giovanni Ronca has been appointed new CFO in place of Piergiorgio Peluso, who will remain in office until June 17, to then assume the role of head of the group's special projects, including the dossier on the single network and that on the integration of the towers with Vodafone.
Outside the FtseMib:
Piaggio +3%. The company has released data for the first quarter of 2019, which show robust growth in results.
Falck +2,4%, Invests 3,6 million dollars in the construction of a 6,6 MWh electricity storage system, to be connected to the photovoltaic plant in operation in Middleton, Massachusetts.
