As expected, all on the European stock exchanges this morning after yesterday's crash. Business Square rises by 1,3%, in line with Frankfurt. More modest progress, around half a point, per Paris e Madrid. London + 1,4%.
The bloodbath continues on the oil markets. The Petroleum type Brent loses 11% to 17,2 dollars a barrel, the lowest in the last 21 years, from 24% yesterday. US oil futures dropped 4,93% at 11 dollars a barrel in June. “The rain selling on US oil moved from futures in May to those in June to anticipate a possible similar epilogue in 4 weeks,” warned Giuseppe Sersale, strategist at Anthilia Capital Partners. Attention, therefore, at 16:30 the release of the weekly number of oil inventories in the US.
This morning Eni recovers 1,76%. The news that the US Securities and Exchange Commission (SEC) has informed Eni that, on the basis of the information currently available to the Commission, has concluded the investigation into Eni's activities in Nigeria and Congo, without taking any action or proceedings. Saipem +1% awaiting today's board meeting.
The other hot front concerns the prospects for tomorrow's meeting of the European Council and, consequently, the tensions on the Brp/Bund spread, still in the high-risk area at 261. On Friday, S&P will express its opinion on Italy's creditworthiness, starting from a negative outlook and just two degrees above the threshold of acceptability (Investment Grade). The European Central Bank is already considering the possibility of a downgrade and is evaluating countermeasures: according to reports from Bloomberg, there would have been a conference yesterday late in the evening to talk about the possibility of accepting junk bonds as collateral, against funding , those below Investment Grade.
In Europe, the companies of theHigh Tech: the Stoxx sector index gains 2,4%. The German Infineon rises by 4% after the president reassured the liquidity available, there is enough to go on until the end of the crisis caused by the pandemic. Swedish Ericsson also rose, after the presentation of the quarter's data.
But the real protagonist is the Italian-French stm, which rises by 6% after the publication of the quarterly accounts: $2,23 billion in revenue and 37,9% gross margin. Second quarter forecast: $2 billion in sales, versus a margin of 32,6% to 38,6%. Investments for 2020 fall between 1 and 1,2 billion dollars, from 1,5 billion. The company will pay only a part of the dividend, reserving the right to pay the rest (already approved) in September.
The board of directors meets today Moncler (-1,8%, to 33,86 euros). Ferragamo it dropped 2,7%.
Unicredit (+0,3%) anticipated that in tomorrow's quarterly there will be 900 million euros of additional provisions linked to the negative effects of the pandemic on the economic system. Understanding -1,7%. It bounces Fineco (+ 5,81%).
Among the industrialists he runs Buzzi (+4,6%). Continue the march of Diasorin (+ 4%).
Restart tests for Fiat Chrysler (+0,6%), which plans to resume production of the Ducato at the Sevel plant starting from Monday 27 April. Meanwhile, the group announced that it had drawn on a 7,75 billion euro credit line. Equita Sim notes that yesterday, during the PSA conference call on the first quarter turnover, the CEO Carlos Tavares denied any rethinking of the merger operation between the two groups. But the broker believes that the ordinary dividend of 1,1 billion that will be distributed by both groups will be canceled or postponed to preserve the financial strength of the partners.
Some advances filter through on the eve of the meeting of Tim. Including the vote against the management bonus by some funds. In the first quarter there would have been a sharp drop in both fixed and mobile revenues, partly offset by the reduction in investments. The reduction of network ones could be a problem, especially considering the single network plan with Open Fiber.
