The European stock markets suffered from yesterday's nothing done by the Eurogroup and filed an uncertain session, while recovering positions in the final driven by Wall Street. Milan loses 0,18%, stopping at 17.380 basis points; the spread goes up again (196 points) e the banks archive a sitting in the red. Frankfurt loses 0,21%; worst, Madrid -0,71%; but Paris is up slightly, +0,1%. Outside the eurozone, London lost 0,47%, with Prime Minister Boris Johnson still in intensive care.
The opening is tuned to Wall Street, which takes courage after some uncertainty and is currently up by more than two percentage points. Investors are eyeing Congressional expansion of small business measures as Steven Mnuchin tells CMBC President Donald Trump is working to reopen the economy. For his part, the president invites the nation to look at the glass half full and guarantees on Twitter that once the country is reopened there will be an unprecedented economic boom. Meanwhile, the immunologist Anthony Fauci argues that next week there could be a turning point in the epidemic and the famous peak will probably be reached in the US.
Di Phase 2 there is also a lot of talk in Italy, given the slightly declining numbers, also because the needs of the economy are increasingly pressing and the requests for reopening, at least partial, come from many quarters, from Bank of Italy to Confindustria. On the other side of the scales the estimates of scientific research centers weigh, such as those of an independent Foundation like Gimbe which, in its predictive model, moves the date of the containment measures to early June for safety.
While waiting to understand which policy will prevail, between public health needs and survival needs of the economic system, Italy continues to fight for a more supportive Europe. The knot of the Eurobonds has not been resolved and the divergences of views have not been resolved in 16 hours of meetings. We'll try again tomorrow, in the late afternoon. The euro suffers discord and drops against the dollar, with the cross at 1,086.
Also tomorrow, another important meeting is expected, that of OPEC, with other producing countries, Russia in the lead, to find an agreement on production cuts. There is more optimism about the appointment than yesterday and the prices of black gold are recovering. Brent trades at 32,22 dollars a barrel (+1,1%), while Wti appreciates by 3,7%, 24,50 dollars a barrel, after yesterday's disastrous ending. Weekly inventories of crude oil up, more than expected.
In the business square oil stocks are in the red: Saipem -2,2%, Eni -1,41%, Tenaris -2,29%. Equita analysts reduced their target price on the Eni share (to 12 euros), while maintaining the "buy" recommendation and on the Saipem share (to 3,4 euros), demoted to "hold". The final balance of the session is unfavorable to Bper -4,92%; Understanding -1,35%; Banco Bpm -2,51%. In the lower part of the Hera price list -3,62%; Snam -2,99%; Unipol -2,55%.
On the other hand, managed savings are at the top: Banca Generali +8,54%; Azimuth +7,16%; Banca Mediolanum +4,5%. Good Diasorin, +3,6%. The automotive industry is recovering, starting with Pirelli +5,16%; Cnh +3,94%; Ferrari +3,59%. Outside the main basket, Piaggio jumped +9,32%.
In the bond the spread between Italian and German XNUMX-year bonds increases: +2,96%, 196 basis points; the Bpt yield increased to 1,64%. As regards the primary sector, the Treasury issued 6,5 billion 12-month bonds maturing on 14/04/2021, achieving a yield of 0,534%, up 46 cents compared to the previous month's auction. Demand was good, standing at 10,173 billion euros, with a supply-demand ratio of 1,57. The outcome of the placement of the quarterly bots was positive, with a yield of 0,188%.
