The race of the Bull continues, albeit at a slower pace. The rise of the European markets is supported by the belief that the decline in the first two months of the year has brought quotations to excessively sacrificed levels. Traders are also confident in the forthcoming intervention by the European central bank and in the economic stimulus measures arriving from China: the Chinese Communist Party congress which will approve the new five-year plan for the economy begins in Beijing on Saturday, and it is from here that investors expect positive news.
The possible Chinese recovery favors mining and steel stocks: Anglo American gains 5% in London, Arcelor Mittal +4%. In Milan, the FtseMib index rises by 0,78%, Frankfurt and Paris gain 0,2%, London -0,1%. Best of all Madrid +1,1%. Rising risk appetite favors periphery stocks.
Lo BTP/Bund spread it is reduced this morning to 120 basis points compared to 125 yesterday. The yield on the Italian 1,4-year bond stands at 3,3%. Germany placed 0,36 billion Bobl over five years at a negative rate of -XNUMX%.
The change euro/dollar it was little moved at 1,085, from 1,086 yesterday. The Petroleum it is down, after rising to its highest level in the last four weeks: Brent is traded at 36,5 dollars a barrel (-0,6%), Wti at 33,9 dollars (-1,4%).
All European Stoxx sector indices were up, with the biggest gains coming from mining and commodities (+2,8%), banks (+1,9%) and automotive (+1,8%). Financial stocks shine in Piazza Affari. The banks are recovering: Intesa rises by 3,1%. Despite the rebound, however, the loss since the beginning of the year still amounts to 20%.
Continue shooting MontePaschi +3,1%. Better Unicredit +4% e Banca Pop.Milano advances by 4,4%. Mediobanca +2,9%, Banco Popolare +2,8%.
It stands out in the asset management sector Soul +6,6%. Azimuth +2,8%. Among the insurance UnipolSai gains 2%, Generali +1,6%.
An earthquake is looming in the publishing industry: the controlling shareholders of La Stampa (Fiat Chrysler) and L'Espresso (Cir) are studying the integration of the two publishing groups in an operation that would create a national champion, which would own little more than 20% of the national circulation. The effect of this operation is Fiat's exit from the capital of its competitor RCS: the transfer of the package to a foreign fund will be announced shortly, perhaps even today.
The stocks concerned rise: Rcs +3,43%. Gallop L'Espresso +5,57%. Continue to rise Fiat Chrysler +2,7%, which yesterday announced strong sales growth in February both in the US and in Italy. The parent company Exor advances by 2,7%, back off Cnh Industrial -1%. Among other industrial stocks StM rises by 2%, Finmeccanica +0,6%.
Still rallying Telecom Italia +2% after the new signings of Vivendi. For Equita, the French will be fundamental in bringing Telecom Italia to Europe in view of the consolidation of the sector. For this reason, according to the broker, savings bonds that have the right to approve merger operations have more appeal, as well as a decent dividend yield (4%)
Also up sharply Campari +2,4% and Yoox +2,5%. The negative note concerns Luxottica which sells 5%: The company said the strong profitability growth seen in recent years could slow.
Oil-related stocks further retreat: Eni -1,3%, Tenaris down 2,8%.
