Volatile day on the Stock Exchanges which closed mixed and conditioned by the disappointment of the oil agreement and by some negative macro data. Piazza Affari slips by 0,49%, London snatches +0,65%, Paris loses 0,11% and Frankfurt -0,78%, worst price list among the main European markets. In Berlin, entrepreneurs' confidence was disappointed, with it falling sharply in February. The German Zew index, which monitors German investor morale on economic expectations, fell to 1 from 10,2 points in January. The market was expecting a decline of around 3 points. The weakness of the global economy and the decline in oil prices weigh on confidence.
The Btp-bund spread goes up to 137 basis points and a yield of 1,64%. Spain placed government bonds at 6 and 12 months with slightly rising rates.
WTI crude oil dropped 0,82% today to 29,20 dollars a barrel. The day's purchases gave way again to sales due to the belief that the agreement between Russia and Opec on oil production, which arrived this morning, cannot really stabilize prices. Russia, which is not part of the cartel of producing countries of oil, reached an agreement with Saudi Arabia, Qatar and Venezuela to freeze crude oil production at January levels. But the agreement, to become operational, will also have to be accepted by the other major producers. Tomorrow the Venezuelan oil minister will go to Tehran to meet the related ministers of Iran and Iraq. But already today Iran has made it known that the country will not abandon its quota.
Wall Street, which reopens after yesterday's holidays, started up and at the close of Europe the Dow Jones rose by 1,05% and the S&P500 by 1,3%, despite the Empire State index in February, in growth to -16,64 points, has disappointed expectations. The markets are hoping that the weak macro data will definitively convince the Fed to abandon the path of interest rate hikes started in December.
In Piazza Affari, sales hit Telecom Italia -6,45% following the dissemination of the 2015 accounts and the 2016-18 business plan in London. The drop in revenues (even if mobile services are growing again) and Ebitda weigh heavily, but these were data expected from the market. Operators are also concerned about the investment plan for the next three years, which is more onerous than previously stated. The declarations arriving from France with Orange which excluded its interest in the Italian company also influenced the stock.
Sales also on Tenaris -3,09%, Unipol -2,9%, Azimut -2,85% and Campari -2,44%, among the worst stocks of the Ftse Mib.
Purchases instead reward the banks in the wake of Draghi's words yesterday: Mps +12,06%, Ubi +5,05%, Bper +4,86%, Bpm +4,38%, Banco Popolare +3,44% . Unicredit closes at +0,48% after being suspended downwards.
