Milan is progressing on positive ground under the pressure of the excellent reception given to the offer of the 30-year bond launched by the Treasury. The negative surprise of the drop in orders from German industry weighs on the other markets (-1,6% against a forecast of +0,3%), a further sign of difficulty for Europe's leading economy.
In Piazza Affari at 13.30 pm the index marks an increase of approximately 0,4% above the 19.900 mark. On the contrary, Frankfurt drops by half a point. The accounts of Daimler -2,4% which announced that fourth-quarter operating profit fell 22%, as the costs of the trade war and the development of electric cars and self-driving cars hit Mercedes-Benz profits. Down Paris -0,16%. Dassault Systemes gained 9,2% after the French software company's fourth-quarter revenue beat forecasts. The EU antitrust has rejected the merger of the railway sector of the French Alstom and Siemens and the French company jumps on the stock market (+4,4). Little moved London and Madrid, both just below parity.
Brent oil is down 0,8% to 61,5 dollars a barrel, from -0,8% yesterday. The new level of US inventories will be announced in the afternoon.
The success of the new Btp at 30 years. Reuters writes that the yield indications have been revised in the area of +20 basis points, compared to the March 2048 BTP, from the previous +20/22 basis points. Orders exceeded 26 billion, 4,5 billion of which belong to placement lead managers.
On the secondary, the ten-year BTP trades at 2,81% (+2 basis points). The differential between the yields of the Italian and German ten-year benchmarks returned to the area of 264 basis points. Unicredit predicts that, following the sale of the XNUMX-year bond, next week's auction should see the Treasury put only three- and seven-year bonds on the market.
Italy is preparing to collect a double report card on accounts and economic performance: today it's up to the International Monetary Fund (IMF), while tomorrow it will be the turn of the European Commission's estimates. As anticipated by Ansa, Brussels would have lowered estimates on the Italian GDP from +1,2% to +0,2%.
The government's stop to drilling activity, as envisaged by the Simplification Decrees, will not harm Saipem +0,4%. To say it is the president of the oil service, Francesco Caio.
The banks are doing well, continuing yesterday's rally: the sector index +1,88% against the European banking sector, which is up 0,7%.
Intesa Sanpaolo grows by around 1,5% after the release of the 2018 accounts and the proposal for an increasing dividend. The institute confirmed a target of profits exceeding 4 billion. Equita and Mediobanca are more cautious and, taking into account the negative surprise of net interest income in the fourth quarter, they reduce their estimates: the SIM expects profit at 3,2 billion, the investment bank at 3,5 billion. The respective target prices on the stock fall to 2,6 euros and 2,25 euros (neutral rating). Kepler Cheuvreux cut the target price to 2,6 euros from the previous 2,7 euros. Morgan Stanley brought it to 2,5 euros from 2,6 euros.
Unicredit jumped about 3,2% in view of the results to be announced tomorrow morning. The consensus expects results to be down on the same period a year ago. In detail: net profit of 693 million euro. Interest margin at 2,746 billion. Fees at 1,686 billion. Operating costs at 2,732 billion. Provisions for loans at 991 million.
Collection too Bpm bank +1% on the day of the quarterly report which will be announced with the stock market closed.
It bounces in the rest of the price list stm +1,7%. Atlantia +0,7%, CEO Castellucci said that the company is following the privatization of Charles De Gaulle airport. Fiat Chrysler -0,1%.
Leonardo +1%, is on the way to achieving the objectives of the business plan, says Alessandro Profumo in an interview published by the Financial Times. Perfume also hints at Fincantieri: should there be a separation of the civil shipbuilding activities, it might make sense to combine the remaining part, the one that builds military ships, with Leonardo's activities in defense and weapon systems.
Out of the main basket:
- run Astaldi (+6,7%), while Salini Gains 0,6% on Czech Autobahn contract
- Recordati -0,2%, signed a licensing agreement with Aegerion Pharmaceuticals, a subsidiary of Novelion Therapeutics, for the exclusive marketing rights in Japan of Juxtapid, a product indicated for the treatment of familial hypercholesterolemia.
