European stock markets well set at the start of the session awaiting the Federal Reserve director. Piazza Affari stands out +0,65%, above 21.300 points, thanks also to two positive pieces of news. Fiat Chrysler runs +5% to 13,64 euros later the words of Robert Peugeot: the representative of the French car dynasty (still today a relative majority shareholder together with the Chinese of Dongfeng) he pledged his support for an alliance PSA +2,65% with the Italian-American group. The automotive sector +1,8% is the best in Europe.
Meanwhile, the EU Court of Justice has decided to annul the Commission's decision, which had judged the intervention of the Deposit Protection Fund for the bailout of Banca Tercas in the 2014: a serious blow to the EU antitrust. The leaders of the Italian banking association have asked the European Commission to reimburse savers and banks damaged by the consequences of incorrect decisions by the EU executive in matters of state aid.
The other European lists are also on positive ground. Frankfurt +0,6%. The Zew index, which measures economic expectations in Germany, improved: -3,6 in March from -13,4 in February and against expectations for -11. Paris +0,2%. Madrid +0,7%, Outside the Eurozone, London +0,3%, Zurich +0,6%.
The 2,46-year BTP trades at a yield of 2,43 from XNUMX%. The Btp/Bund spread stands at 237 basis points from 234 at yesterday's finale, still around the lows since the end of September. The yield of the 2-year BTP fell to 0,12%, the yield of the 12-month BOT (typical collateral that banks deliver to the ECB in TLTRO operations) reached "zero" for the first time since the birth of the government yellow-green awaiting the terms of the Frankfurt loans.
The Treasury has announced that it will offer up to 2 billion euros of the March 2030 BTP with a 3,50% coupon and will withdraw in exchange up to 5 bonds between BTPs and CctEu with maturities between 2020 and 2024. The euro appreciates to 1,135 against the dollar: within a week the single currency recovered what it had lost following the announcement of the departure of the mega loans by the ECB. Inflationary measures give strength to gold, rising for the third consecutive day, this morning at 1.307 dollars an ounce. Brent oil at 67,8 dollars a barrel, +0,4%. Yesterday, North Sea crude gained 0,7%. Saipem +1,1%, Eni +0,74%.
In evidence Atlantia +1,9% to 22,36 euros. UBS raises its target price to 25,4 euros, from 19 euros with a buy-from-neutral opinion. Abertis Infraestructuras has completed the placement of bonds for 3,070 billion euro with a demand equal to more than 5 times the offer. The shares were worth around 25 euros before the bridge collapse and fell to a low of 22,3 the day after. They traveled around 17-18,5 euros until mid-January, when a price recovery trend began. Banks go down, great protagonists of yesterday's rise. Mediobanca -0,5%. Bench Bpm -1,3%. Poste Italiane +0,8%.
Tim slows down -0,4%, but brakes even more the penetration of Iliad Italy which closed 2018 with 125 million in revenues and 52 million euros in losses. In Italy, the French telephone operator has invested a total of 603 million euros. The customer base is 2,84 million, up from 2,23 million at the end of September, but about 300.000 less than analysts' expectations. Mediaset also rose +2,3% better than the Eurostoxx Media sector index (+0,4%). Retelit +4% after the results. Leonardo +2%. Moncler +0,8% and Salvatore Ferragamo +0,53% recover in luxury.
