The Milan Stock Exchange -0,23% slows down to 23800 after exceeding 24. The other markets of the Old Continent are also progressing, in line with the records of Wall Street and Asian stock exchanges. Optimism is fueled by the publication of the Zew which stood at 20,4 from 17,4 in December, while the consensus estimated 17,8. The index relating to economic conditions rose to 95,2 points from 89,3 in December (against an estimate of 89,8), it is the highest level since the data was collected i.e. since December 1991.
In Frankfurt, the Dax index +0,49% after rising by 0,9% at an all-time high of 13.576. Plus sign for Madrid +0,11% slightly down for Paris. Outside the euro area, London +0,35% and Zurich +0,6%.
The spread on the Bund narrows to the new low since December 13 at 140 basis points. The 1,90-year yield falls to 5%. The yield on the 2,73-year government bond falls to a record low of XNUMX%. The Eurogroup has reached an agreement on the new aid for 6,7 billion, believing that Athens has respected the objectives on the 2018 budget of a primary surplus of 3,5% of GDP.
On the foreign exchange front, the euro is stable on yesterday's values: is worth 1,2253 dollars (yesterday at 1,2253 dollars) and 135,96 yen (135,796 yen), while the dollar-yen is equal to 110,98 (110,82).
To signal the oil jump close to the highs: Brent is pushing back close to 70 dollars a barrel. Barclays has raised its 2018 North Sea crude price estimate to $60 a barrel, from $55; WTI March delivery settled at 63,93 dollars a barrel, up 0,57%. “The upward revision of the IMF estimates improves the already rosy prospects for demand for the oil market”, underlined Commerzbank.
At Piazza Affari Eni + 0,1% Saipem +1%. New absolute record for Fiat Chrysler at 19,98 euros. The performance since the beginning is +31%. This morning Kepler-Cheuvreux strengthened the Buy rating, raising the target price to 22 euros from 17,50 euros. The company will approve the 2017 accounts on Thursday.
Exor +0,24%. The stock benefits from both the maxi merger between Aig and Validus in the United States and the upgrade of the target price by Kepler Cheuvreux.
In the price list it also shines FinecoBank +1,3% new historic record at 9,92 euros. Asset management closed a record 2017: net inflows in December were 2,3 billion euros, a result that allowed the industry to reach almost 100 billion in the year. Based on Assogestioni's monthly map, in the past year flows amounted to 97,5 billion euros, almost double the 56 billion in 2016.
The banks are still toned. Ubi Banking +0,5%, the bank could shortly announce the sale of one billion euro of non-performing loans, in order to bring forward the reduction targets. Banco BPM +1%. Capital Research has 5,15% of the capital, with this share, the fund is the first shareholder. Bper Banking + 1% Intesa Sanpaolo +0,1%, pause for Unicredit -0,1%. It's an exception Creval -2% which aims to bring forward the transfer of non-performing loans to June.
Among the utilities Snam +0,5%, directly placed 350 million euro of 2-year bonds. A2A -0,3%. Today the political green light should arrive for the birth of the super utility in Northern Italy. From 2 July of this year, the new reality could already be operational, centered on the Acsm-Agam axis (with A24A at 12,5%). According to Banca Imi, which assigns an add rating to the share, the share can still appreciate by 1,8% before reaching the target price of XNUMX euro.
Finally, new step forward by Telecom Italy +1,3% in line with the rise in the Stoxx European telephony index. Le Monde wrote yesterday that Orange e Deutsche Telekom they discussed at length, during the past year, on a merger hypothesis, but it seems that the negotiations ended without any result. The parties have not found an agreement also because the French group is about half of the German one: an acquisition, rather than a merger, would have resulted. In the past there had been several talks of an operation between Orange and Telecom Italia, orchestrated by Vivendi, the first partner of the Italian operator.
Among the medium/small caps:
- Continue the march of Mondadori +5% pending developments on the French division.
- It also advances Retelit +2%: possible integration with 2iFiber in the spotlight.
- Technological investments +1%, marks the new all-time high at 7 euros.
