The European Stock Exchanges do not pick up the signals coming from Wall Street and Asia. The markets therefore allow themselves a pause after the increases of the vague Macron. TO Milano the FtseMib index, the liveliest in recent days, fell by around 0,6% in the middle of the day, to around 20,800. Also declining Madrid (-0,3%), almost unchanged Frankfurt e London (-0,08%). In slight profit Paris (+0,08%), supported by luxury.
On the eve of the ECB board meeting, the euro it moves away from the highs below 1,09 on the dollar.
The Treasury has placed all the 6 billion euro of six-monthly bots offered today at auction, with the rate falling to a new all-time low. The average yield fell to -0,326% from -0,294% at the March auction. The previous all-time low was reached in December 2016, at -0,317%. Demand reached 11,135 billion euro with a coverage ratio rising to 1,86 from 1,59 in the March placement.
The 0,37-year Bund offers a yield of 2,26%, Btp at 188%, spread at 51 bp. The France/Germany gap remained stable at XNUMX basis points.
Among the oil producers, Eni -0,2% Saipem + 0,5%.
The luxury stocks shine behind the sensational growth in sales of Gucci (+51% ), the flagship of Kering (+9,05%), which derives 60% of its turnover from the Florentine brand. Ferragamo advances 1,9%, Moncler it stands out with a gain of 2,5% and sets the new all-time high at 22,43 euros. Tod’s + 2,3% Yoox + 2,5%.
Bank stocks are down, starting with Unicredit (-1,96%) And Understanding (-1,60%), conditioned by the Alitalia crisis, of which they are major shareholders. Bpm bank -2,3% Ubi -2,13% (Barclays raised the target price to 3,85 euro from 3,30 euro, confirmed the Equal Weight opinion).
And yet a Mediobanca report promotes the credit sector: "We believe that Italian institutions are well positioned to have good performances", affirm the analysts of Piazzetta Cuccia. “Systematic risks have now been largely addressed – reads the analysis – valuations are low, the French elections have reduced political risks and represent a catalyst for attracting investments in the sector”. Furthermore, “the expectations of rising interest rates and the European economy which is showing signs of vitality”. The favorite stock is UniCredit, among the smallest banks the best ratios are those of Bper and Credem.
Generali -0,7%: Hammer Partners raised the target price to 17,9 euros from 17,3 euros, confirming the Buy rating. Unipol -0,5%.
Well bought Atlantia (+1,3%). The Benetton company is tightening the deadlines on the sale of 15% of Autostrade per l'Italia. Tomorrow's CEO Castellucci should propose the concession of an exclusive to Allianz Capital Partners, whose offer (2,3 billion) would have been deemed cheaper than that of Adia and Macquarie. Kepler Chevreux has meanwhile analyzed the possible options for the purchase of Abertis: even in the worst case scenario (50%-50% transaction between cash and shares at the highest price, i.e. 18 euros), Atlantia's target price would be 24 euros , higher than today's 22,5 euros- ).
Cnh Industrial down 0,9 after hitting a three-year high yesterday following the release of Caterpillar results. On quarterly day, Fiat Chrysler earn 0,3%. stm instead it drops by 0,8%.
Enel loses 0,8%, positive Telecom Italy + 0,2%. Danieli (+1%) hits two-year high thanks to Mediobanca's promotion to Outperform from Neutral.
Italyonline (+6%) is today's best title. The shareholders' meeting will be held at 17 pm, which will have to decide on the request of a group of shareholders, who hold a total of 88,92% to distribute part of the reserves through the payment to shareholders of a total extraordinary dividend of 79,4 million euros, equal to 0,692 euros per share.
