Mario Draghi, today in Washington for the work of the IMF, had anticipated it: the slowdown in the European economy is about to end. Data today confirm that industrial production in the euro area fell less than expected in February: -0,2% against estimates of -0,5%. On an annual basis, the contraction is 0,7% against the previous -1,1% and the previous figure is better: -0,7% from -1,1%. On Wednesday, Draghi had come to price a 20% chance of a 10 basis point ECB rate cut by the end of the year.
European stocks gain confidence after a mixed start, supported by Automotive, Industrials and Tech. Piazza Affari rises by 0,9%. Paris and Madrid +0,4%, Frankfurt +0,6%. The fate of the euro also improved: the cross against the dollar rose above 1,13 for the first time in April. Euro/Pound 0,865 from 0,863 at the opening.
Reference exchange rate for yield and spread. The new benchmark of the Btp 10 trades at a rate of 2,47% (-3 points), the new gap is at 251. Yesterday the old reference had fallen to 2,35%, the minimum since May 2018. The decline concerns other Southern European securities: the Greece/Germany spread is at 335 points, at its lowest in 12 months. The yield on Spanish 1-year Bonos fell below the 2016% threshold for the first time since XNUMX.
Gold slows down, back below the threshold of 1.300 dollars an ounce.
Oil recovering to 71,40 dollars, while the clashes in Libya are intensifying. Saipem + 0,61%.
The titles of the Agnelli stable advance compactly. The spearhead is Juventus + 3,1% to 1,6625 euros on the eve of the championship match point against Spal. The action of the Juventus team is not far from the historic maximum of 1,67 reached on 19 September.
On the rise fca + 3% on the day of the meeting: John Elkann anticipated improvement estimate of accounts in the second semester. The president underlined that "the Agnelli family has always been in FCA, in good times as in bad and this is true today more than ever: FCA will also play its part in the new era of the car".
They also go up Cnh Industrial +1,86%. The shareholders' meeting approved the proposed dividend of €0,18 per ordinary share, up from €0,14 per share the previous year. Ferrari +1,76%. Among the brilliant industrialists too Pirelli + 2,4%.
Breath of fresh air for Prysmian +1,5%: Banca Akros cuts rating to Neutral from Accumulate. The target is also down to 16,50 euros from 22 euros.
It stands out among the banks Where's Banca + 2,7%. The assembly renewed the council who will lead the bank over the next three years with the new one-tier system, with the confirmation of Letizia Moratti as president and Victor Massiah as CEO. Roberto Nicastro, on the other hand, will be the vice president in what represents the real novelty in the top management structure of the banking group.
