In Milan, the FtseMib index drops by 1,3%. The market awaits clarification on the agreement closed in Brussels by Minister Pier Carlo Padoan on guarantees for non-performing loans. Other European stock exchanges are also down. Paris and Frankfurt fell by 0,5%.
The Treasury placed 6,5 billion 6-month BOTs at a negative rate of -0,08%.
The markets remain hostage to crude oil prices, which are now down: Brent falling by 2% to 31,2 dollars a barrel, Wti dropping 3% (30,5 dollars a barrel). They retreat Eni -1,5% and Saipem -2,3%.
The quarterly season of the blue chips of Piazza Affari has begun. Fiat Chrysler after an initial positive reaction to the results (+2,43% to 7,18 euros) it reversed course and fell back by 3% to just under 7 euros. The accounts beat expectations but the guidance was judged "disappointing" by analysts. Including Ferrari, net revenues grew 18% to €113,2 billion, adjusted EBIT rose 40% to €5,3 billion and adjusted net profit increased 91% to €2,0 billion EUR. The demerger of Ferrari allowed the Group to start 2016 with net industrial debt of 5,0 billion euros. The targets for 2016 have been revised, raising the prospects for turnover, but cutting those on profits. The company estimates net revenues above 110 billion euros compared to the 104 billion indicated in the plan (111 billion in 2015 excluding Ferrari). Adjusted net income is estimated at over $1,9 billion ($1,7 billion last year) versus $1,9-2,5 billion previously.
Generali loses 1,7% after the resignation of the CEO Mario Greco. UBS has downgraded its Buy recommendation to Neutral. Among the weak insurance companies too UnipolSai -1,5%
The best blue chip is StM +3,6% after the announcement that it will close the production of set-top-boxes and lay off 1.400 people. Fourth quarter 2015 results were in line with analysts' expectations.
Returning to the banking sector, for now it has been known that the agreement provides for each individual bank to create a vehicle to manage non-performing loans. The Italian government will only guarantee the senior notes with a cost of the guarantee that could be in the area of 80 basis points or the value of the three-year CDS.
Reacts upward only Montepaschi + 5,2%. According to Kepler, the search for a partner is increasingly urgent, also to deal with the drop in deposits (-3,4 billion)
Other banks are down Understanding -0,7% Unicredit -2% Banco Popular -2,7% Pop.Milan -0,5% Ubi -5,25% Bper - 5,51%.
The luxury stocks are also weak: Salvatore Ferragamo loses 1,7%. Luxottica -1% Moncler -0,8%.
