European stock markets were unable to continue the recovery initiated by Wall Street and continued in Asia. Concern over the deputy prime minister's statements weighs on the price lists Matteo Salvini, who does not rule out the violation of EU rules. Piazza Affari, the worst, retreats by one percentage point, abundant around 20.600. The other markets were down: Frankfurt -0,6%, Paris -0,5%, Madrid -0,2%. London moved little -0,12%.
The German economy returned to growth in the first quarter, supported by an increase in household spending and by the expansion of the construction sector: +0,4% in line with analysts' forecasts.
Ma the focus is on debt. In fact, the spread continues to grow, stressed by the departures of the Minister of the Interior. In the second part of the morning, the Italian paper extended the losses, with the spread remaining close to 290 basis points on fears related to the stability of the government and a possible confrontation with the EU on the accounts. The gap between BTP and Bund rates on the 10-year segment stands at 289 basis points from 281 at the end of yesterday's session, after opening at 284 and widened during the morning to 290 basis points, the highest level since February 8. With respect to Spain, the gap rises to 190 points.
The 2,78-year rate rises to 2,74% from 0,11% at the last close. The yield of the ten-year German benchmark is trading at -2016%, its lowest since October XNUMX. Meanwhile, the Bank of Italy's "Public finance, borrowing requirement and debt" bulletin revealed that in February the value of the portfolio of Italian government securities held by foreign entities fell to 645,537 billion from 650,271 billion in January.
Il Brent oil loses 0,6%. This morning, the International Energy Agency cut its 90.000 oil demand growth estimate by 2019 barrels, due to the slowdown in demand from Brazil, China and Japan. It is the first downward revision since October 2018. This afternoon at 16.30 the data on crude inventories in the United States will be released.
Weak banks following the spread. Unicredit -1,21% yesterday evening issued a statement of denial, at the request of Consob, regarding the background to an offer for Commerzbank. and Verd.di, the German banking union, put their hands forward yesterday, anticipating a clear opposition to the possible arrival of the Italians Down too Ubi Bank -2,68% e Intesa Sanpaolo -1,5%.
Il title leader is Salvatore Ferragamo +9%, which celebrated the turnaround after a long period of stagnation. In the first quarter, revenues rose to 317 million euros, +4% year on year, +2% on a like-for-like basis, slightly better than expected, thanks to the boost from the Asia Pacific area. Adjusted Ebitda at 34 million euros, two million euros more than in the same period of the previous year.
Pirelli -0,14%, has cut its 2019 sales forecast due to sluggish demand from vehicle manufacturers. The year should close with an increase of approximately 3,5%, previously the estimated growth was between 4% and 6%. The data for the quarter, also released yesterday, are in line with forecasts.
Stm +0,3%. KeplerCheuvreux raises the judgment to Buy. Out of the main basket, the quarterly quarters hold the table: Gima TT it is suspended due to excess increases, the day after the publication of the results for the quarter.
Datalogic+8%. The optical reader company closed the first quarter with 115 million euros, up 1% year on year, down 2% net of the exchange rate effect. Profit up 12%, better than expected.
Mediaset +3,6%, closes the first quarter with 12 million euro of operating profit, a strong improvement from the loss of 35 million a year earlier Erg -1%. In the first quarter, Ebitda stood at 164 million euros, two million euros more than the result for the same period of the previous year. Net profit at 54 million euros.
