The emergency continues: European stock markets, after the wave of new coronavirus cases in China, lose ground but remain close to the highs. Business Square, yesterday at the top since 2008, is down by almost 1%, around 24.600 points. The losses of the other markets are more pronounced: Paris e Frankfurt lose more than 1%, Madrid -1,35%. London leaves 1,6% on the ground against the decline in the raw materials sector (-1,2%). Better Zurich (-0,24%), despite the slowdown of Nestlé: The largest STOXX 600 company by market capitalization traded 2,13% lower after postponing its 2020 growth target to the next two years. Among the European blue chips in red also Airbushampered by antitrust fines. Among the banks, there is +5%. Commerzbank and +2,5% of Barclays after quarterly data.
Announced success for the auction on medium-term bonds: the Treasury has assigned 5 billion euros, the maximum offer, in the auctions of 3 and 7 year BTPs with yields at historic lows, in line with last Tuesday's record placement of the new 15-year. The yield of the 3-year BTP - the ninth tranche of which was assigned for 2,25 billion out of a range of 1,75-2,25 billion - fell to -0,10% from 0,18% in mid-January. The reopening of the seven-year loan - offered for 2,25-2,75 billion - saw the rate drop to 0,48% from 0,94% in mid-January. After the auctions, the spread it fell to 127 points to its lowest since May 2018. The Bund trades at -0,41% (-3 basis points). Btp at 0,88%, from 0,91% yesterday.
Still declining the growth forecasts of the Italian economy. The European Commission forecasts economic expansion of 0,3% this year and 0,6% next, both down from November. For Moody'sHowever, at the moment there are no reasons to cut estimates on Italian economic growth: the agency's key analyst said in an interview with Reuters.
Demand for cars in falls China (-18% in January). Falling bookings forced the organizers to cancel the Barcelona telephony fair, the most important event in the sector.
Instead, the question of returns to descend Petroleum. Brent down 1% to 55,1 dollars a barrel. Oil demand will decline on an annual basis in the first quarter for the first time since the 2009 financial crisis according to the International Energy Agency. According to our estimates, demand is expected to contract by 435.000 barrels per day in the first quarter, the first quarterly decline in over a decade. For the full year 2020, we have reduced our estimates for global growth by 365.000 barrels per day to 825.000 barrels per day, the lowest since 2011. At Piazza Affari Eni -1,5%, Saipem -2,4%.
It takes flight on the Milanese price list Tim (+3%): the private equity fund KKR is negotiating its entry into the new fixed network company to integrate its network with that of Open Fiber, creating a national fiber champion.
Weak automotive. Fiat Chrysler-1,5%. The group's number one in Latin America, Antonio Filosa, expects a 1,5% increase in auto sales in the region for the current year with growth led by Brazil. In Argentina, estimates are for a drop of between 10 and 15%, but long-term strategies justify maintaining production in the country, added Filosa.
The Chinese market crisis also affects wines and spirits. Pernod sounded an earnings alert. Campari -0,8%.
Still down the luxury: Moncler -1,5% Ferragamo -2%. A Hong Kong property developer announced that it had cut rents to shopkeepers and businesses by about 40%.
Title Tinexta suspended due to excess. The company closed 2019 with revenues of 258 million euros, up 7,7% on an annual basis (239,6 million in 2018). Ebitda reached 72 million, +8,8% on an annual basis. The strategic plan foresees, for 2020, revenues exceeding 270 million euros, and an Ebitda growing by 8%.
Cerved (+1,7%) closed 2019 with an adjusted Ebitda up by 11,3% to 236,6 million and revenues up by 13,7% to 520,6 million.
