La judgment of the German Constitutional Court, which places limits on Qe purchases, slows down but does not slow down the recovery of European stock exchanges, recovering after Monday's losses. Piazza Affari rises by around 0,8%. More toned Paris (+1,4%) and Frankfurt (+1,3%). Increases above 1% for London and Madrid. The S&P500 index future is up 1,3%.
After five years of work, the judges of Karlsruhe judged the European Central Bank's Quantitative Easing legal, but placed some important reservations on the bond-buying program. Therefore, "the Bundesbank is prohibited from participating in the implementation of the ECB's purchase program after a transitional period not exceeding three months". However, the ruling says nothing about the new Pandemic Emergency Purchase Program operation (pep) launched this year in response to the pandemic.
Curtain the euro against the dollar: -0,4% below 1,09. The BTP/Bund spread it rises towards 240 basis points, to 239, with the 1,833-year BTP at XNUMX%. The Petroleum seems to have overcome the most acute phase of the crisis: the Wti rises by 9,91%, to 22,42 dollars a barrel, and Brent by 7,32%, to 29,20 dollars a barrel. This is how the oil companies, who lead the recovery of Piazza Affari, rebound: Tenaris + 4,5% Eni +4% and Saipem + 3,5%.
A little over an hour from the board of directors on the accounts for the quarter, it goes up Fiat Chrysler (+2,4%). Brake instead Ferrari (-2%): Banca Akros, Banca Imi and Mediobanca cut their targets later the downward revision of the 2020 targets. Cnh Industrial (+2%) communicated that all of its plants will be operational by the end of the month.
Up too Enel (+1,4%), also on the eve of the accounts. The results of the subsidiary Endesa, the Spanish company which is worth about a quarter of the group's EBITDA, beat expectations. Ebitda rose by 59% to 1,48 billion euros.
Toned too Tim (+2%). The shareholder Elliott, according to rumors, threatens to exit the capital if the reorganization of the Italian telephony sector is not achieved quickly, with the birth of a single broadband company.
Campari (+0,2%) closed the first quarter with declining results but signed the agreement for the acquisition of Champagne Lallier for a consideration of 21,8 million for 80% of the share capital.
Quarterly atmosphere also for Big Banks: Unicredit + 1,2% Intesa Sanpaolo +2% later good earnings result.
Little move Salini (-0,45%). The shareholders' meeting approved the payment of a dividend of €0,03 per ordinary share and €0,26 per savings share. The new company name Webuild has also been approved.
