While awaiting developments in the government construction site, a slight decline was recorded for the Milan Stock Exchange: the Ftse/Mib index dropped 0,11% to 16544. The other European stock exchanges also recovered, while the euro took the advantage on the dollar to 1,306 from 1,301 yesterday evening. The single currency lost ground against the pound at 0,846 after the release of Britain's first quarter GDP, better than economists' expectations. Worth noting is the higher than expected rise in unemployment in Spain, which rose to 27,1% in the first quarter, the highest in the last 37 years.
Down London -0,11%, Paris -0,3% and Madrid -1,52%. The Frankfurt Dax is on positive ground +0,3%. On the public debt front, Italy is preparing to return to the field tomorrow with an issue of 8 billion 6-month BOTs.
The drop by Eni stands out in the list, - 2,26%: the results for the first quarter are lower than the consensus estimates due to the drop in hydrocarbon production, the drop in sales prices and the worsening of gas market conditions. Saipem, on the other hand, rose by 0,4% thanks to its French rival Technip which rose by 4% despite the figures for the quarter being below expectations, thanks to the confirmation of the targets for the year.
In the utility sector, Snam loses 0,1%. Enel -0,4%. Title of the day on the Milanese stock exchange is Fiat, up 4,06%. The Wall Street Journal writes that Sergio Marchionne is evaluating the possibility of listing the subject resulting from the merger with Chrysler on the New York stock exchange. Today at 4 pm the hearing in the Delaware Court in the dispute over the price of the "call" option on Chrysler will be held.
Exor +1,79%. Fiat Industrial +1.03%.
Finmeccanica (-1,11%) JP Morgan cut its rating to “underweight” from “neutral”. Prysmian -0,3% after negative data from competitors. Parmalat rose by 3,01% while in the segment of food and beverage companies Unilever lost 2% after recording revenue growth in the first quarter lower than analysts' expectations.
Italian banks moved little on the day of the publication of Santader's quarterly data, down by 3%. The largest bank in the euro zone ended the first quarter with a net profit of 1,205 billion euros, down 25,9% compared to the same period of 2012, below expectations. Bankia instead flies +11,3% which in the first part of the year regained its profit (72 million) after the maxi loss of 19 billion recorded in 2012 and the European bailout of 18 billion which arrived in December.
In Piazza Affari Intesa rises by 0,29%, Mps is down -0,3%. Unicredit -0,25% and Ubi Banca -0,25% also fell. In the Unipol-Fonsai galaxy, the revision of the financial statements requested by Consob has no impact on the shares: Fonsai +3,24% . Generali gains 0,89%. Buzzi rises by 1,34% JP Morgan raised the target price to 11 euros from 8,4 euros, confirming the "neutral" opinion. In the luxury sector, Ferragamo rises by 2%. Tod's +0,73%.
