The slowdown in US and Asian stock markets, frozen by the landslide of tech stocks, was reflected in the performance of the European stock exchanges. In Milan, the Ftse Mib index, after slipping below 22, however reduces the drop to 0,5%. Higher losses for Frankfurt and Paris, both down by one percentage point. London loses 0,6%.
The exit from the shareholding favors the bond race. The yield on the 0,48-year German Bund falls to 10%, its lowest since January XNUMXth.
This morning the Treasury placed the maximum amount of 7,5 billion euros of medium-long term securities on an offer of between 6 and 7,5 billion. In detail, the third tranche of Btp five years March 2023 it was assigned for 2,5 billion, against an offer of 2-2,5 billion, at a gross rate of 0,68%, the lowest since the end of January, from 0,89% at the end of February. The 1,83-year was awarded at 2,06%, down from the previous 2%. Finally, 2025 billion of the eleventh tranche of the CCTEU April 1,5 was assigned, which had been offered for 2-0,35 billion with a rate of XNUMX%.
The European Stability Mechanism (the Eurozone bailout fund) has approved the fourth tranche of 6,7 billion euros in favor of Greece. The decision follows the completion of priority economic actions by the Greek government. The tranche will be used for debt service payments, general government arrears and a preemptive financial buffer for any future needs. The yield on Greece's 4,3-year government bond is stable at XNUMX%.
Weak oil. Brent dropped 0,7% on expected increases in US weekly inventories. Eni -1,1% Saipem -2,8% and Tenaris-2%.
Semiconductors drop sharply after chip supplies halted Nvidia (-8%, Stoxx index -4%) to self-driving cars due to the fatal accident in Arizona, is also being felt in Europe: stm (-5%) is the worst stock in the main basket. The board will propose to the shareholders' meeting, to be held on May 31 in Amsterdam, the distribution of a dividend of 0,24 dollars per share, the payment will be divided into four quarterly installments of 0,06 dollars per share.
However, the black shirt of Piazza Affari is up to Fincantieri, down sharply (-10,6% to 10,27 euros) after the results and the presentation of the industrial plan to 2022 which forecasts revenues to rise by 50% and the doubling of the EBITDA. Kepler Chevreux cut the rating to 'hold' from 'buy'. “We are maintaining our positive view on the fundamentals – it reads – but the objective of the plan is very close to our target price of 1,45 euro”.
Banks are also down. Bpm bank (-0,7%) should present the plan for the disposal of non-performing loans to the Supervision of the ECB in the next few days. By the end of the year, 8 billion bad loans will be liquidated, in order to reach around 2020% of Non Performing Exposure (NPE) in 10. The project to integrate Bpm into the parent company was launched ahead of schedule.
Banca Carige (-3,7%) announced the plan to reduce non-performing loans between now and 2020.
Mps Bank (-5,4%) on new historic lows al twelfth consecutive day of decline. A lawsuit for 11,6 billion in damages against former mayors, administrators and advisers also arises for the Alexandria and Santorini affair proposed by Bluebelle at the meeting on April 12; but the bank doubts that it can be admitted. Capitalization fell below 3 billion.
Little move Telecom (-0,53%) hanging on the governance clash between Vivendi and Elliott. Yesterday the company's board of statutory auditors decided to include the request for the revocation fund for six French directors in the agenda of the shareholders' meeting of 24 April.
In the rest of the list it shines Amplifon (+2,8% to 14,51 euros). This morning HSBC raised its target price to 14,0 euros from 13,50 euros, confirming the Hold recommendation.
Moncler -1,1%: Goldman Sachs strengthened the Buy, raising the target to 37 euros.
