Eurozone takes time on the Recovery Fund. In the meantime, the stock lists take a breath of fresh air. Business Square advance 1% by passing Paris and Frankfurt, both up 0,8%. The indications received this morning from Germany were negative, in March industrial production recorded a drop of 9% compared to February, worse than consensus expectations. The car has lost over 30%. The Ifo index registers the largest drop ever. In return, the champion of online fashion shines Zalando +9,2% which announced that it expects the next return to profit after the losses in the first quarter.
On positive ground too London +0,7%: Bank of England left interest rates unchanged and maintained current quantitative easing target, opting not to inject new funds into economy despite central bank forecastThe UK economy will contract by 14% this year.
Pending the pronouncements of Moody's and Dbrs tomorrow evening, the yield of the ten-year BTP has jumped over 2% to 2,004%. The spread, now at 245, is up over 250 points. According to Unicredit, it reports Reuters, the risk that Italian securities fall below investment grade could lead to sales by international managers of 80 billion. In the evening, the Treasury will announce the quantities of annual Bots that will be auctioned on May 12th.
ll Petroleum Brent Brent Trades at $29,8, Up 0,5%, Saipem advances by 3%. Eni + 2,1%.
Uncertainty grows as traders turn to utility stocks. It shines Enel +2,9%: the first quarter closed with an Ebitda of 4,71 billion euros, slightly better than expected. The company says in the statement that the pandemic has not had an impact on operations and business for the moment. Business plan objectives confirmed. The meeting will be held as scheduled on May 14, with the aim of approving the payment of dividends in July and a new remuneration policy.
The Snam +1,4%, ha presented quarterly data, in line with expectations. Business plan forecasts confirmed.
Corporate accounts are the focus of interest across all industries. Among the weak banks B for Bank -0,5%. The results of the first quarter, closed with six million euros of net income, were conditioned by 50 million euros of additional provisions. The interest margin rose slightly compared to the previous quarter, while commissions fell by 3%.
Flat Mediobanca after the quarterly. In the first three months of the year, profit fell by 12%, but the company confirmed its commitment to carry out the plan to 2023. "In the uncertainty that characterizes the reference framework - the bank reports - the The group currently has an operating scenario based on the gradual restart of activities starting from the end of next June, with the effectiveness of government initiatives aimed at stimulating demand especially in the second part of the 2020/21 financial year".
Corre Creval +3,7% after presenting a profit higher than Mediobanca Securities' expectations: the net result of 25,33 million goes well beyond the 17 million forecasts.
Among the industrial spotlight today on the accounts of Leonardo +0,8% which yesterday underwrote new credit lines with a pool of international banks for a value of 2 billion euro. The automotive sector is at stake, with fca flat, while Pirelli shed 1% after yesterday's run.
Juventus +0,6%. Due to the coronavirus, KPMG football benchmark has estimated a potential depreciation of players for the top 10 European national leagues. The estimate for Serie A fluctuates between a minimum drop of 986 million and a maximum of 1,491 billion. An important loss, but lower than that of the English league (1,83-2,67 billion euros) or Spanish (1,27-1,92 billion). For Juventus, KPMG's estimate is of a decrease in value between -15,4% (635 million) and -24,7% (575 million).
Negative effect of results on sapphire which, after yesterday's leap, today retraces and loses 3,4% in the wake of first quarter revenues which fell by 11,5% at constant exchange rates.
The race continues Isagro +3% after the agreement for a binding offer based on which FMC Corporation will acquire the Isagro assets relating to Fluindapyr, a molecule developed by the two companies, at a price of 55 million euro
