The Btp (and Juventus) give the charge to Piazza Affari. But the main driving force comes from the latest indications of a macro nature coming from the euro area: in January, industrial production rose by 1,4%, from -0,9% in December 2018 and against the -1% expected by analysts . Meanwhile, Ignazio Angeloni, member of the Supervisory Board of the ECB, speaking this morning of "very uncertain prospects" for the economy, underlined that the central bank is "ready to intervene": the modalities of the new TLTRO will be defined between now and September , in order to make it as effective as possible and "foster expansive effects".
In Milan, the index advanced by 03% below 22.700 points, in line with Madrid. Around parity Paris and Frankfurt
On London, the pound rises, waiting for British MPs to decide tonight on whether or not Britain should leave the EU without a deal on Brexit. If a no-deal exit plan is rejected in tonight's vote, another vote will be held tomorrow on extending the March 29 divorce date.
The outcome of the medium-long term auctions was positive, the most demanding since the birth of the yellow-green government.
The Treasury has allocated the maximum amount of 7,75 billion euros. Making its debut, the new 3-year BTP in July 2022, coupon 1%, was assigned for 4 billion, at the gross rate of 1,06%, the highest since January. The 7-year was placed for 2,5 billion while the 20-year (1,25 billion) was assigned at 3,35% (from the previous 3,28%). The Btp/Bund spread rises to 250 basis points after the auctions.
On the stock market, Juventus deserves the opening title +16,7% at 1,428 euros at the end of the morning, after the passage of the round in the Champions League. In this edition of the Champions League, Juventus has already collected over 80 million euros, plus stadium revenues: yesterday the new collection record was set at the Allianz Stadium with 5,5 million euros.
"The main value of this victory is that it gives further impetus to all the commercial activity that the company is doing, which is also linked to the figure of Ronaldo," said Alberto Francese, an analyst at Banca Imi. The expert indicates a fair value for the company of around 1,40 euros per share and estimates the impact of each step in the Champions League between now and the final at 15 million in extra revenues, "which is almost all margin, because it involves ticketing and TV rights”. Exor it advances by 1,3%.
Also prominently featured Salvatore Ferragamo + 4,8 % after the accounts. Yesterday evening the company announced the final data for the fourth quarter of 2018 and provided some indications on the first two months of the current year. 2019 started well, sales on a like-for-like basis recorded a slight increase, in contrast to the slight decline in the last three months of 2018. The 2018 data showed no significant surprises.
Oil Brent it is up 0,8% to 67,2 dollars a barrel, not far from the highs since October 2018. Eni +1,2%, announced a maxi-discovery in an exploration block located in the territorial waters of Angola. The company expects the field to contain about 500 million barrels of oil. Instead, 30% of the offshore permit in Morocco was sold to Qatar Petroleum.
Saipe+1%, on new highs since October. This morning Banca Imi confirmed the Buy recommendation, target price at 5,90 euro (upside +23%).
Gold trades at 1.308 dollars an ounce, up 0,5%, +0,6% yesterday.
Negative Mediaset -3% after the data of the fourth quarter of the Italian activities: the adjusted operating profit more than tripled to 157 million euros, thanks to the exit from the perimeter of a part of the activity linked to Mediaset Premium. But the budget was weighed down by a maxi devaluation of 274 million euros. The company has postponed the decision on the dividend, a way to have greater financial flexibility, perhaps in view of possible combinations or acquisitions.
Between banks Unicredit +0,4%. Issued a perpetual bond of one billion euro, of the Additional Tier 1 type: very strong demand. Bpm bank -1%. It bounces Bank Ifis +2%, salt Azimuth + 2%.
Also worth noting is the suffering of Prysmian -2,6%. The Chinese subsidiary YOFC has lost almost 20% on the stock market in the last two days.
