Improve the mood of German operators. But the picture painted by the index of confidence, the Zew, remains weak, insufficient to give momentum to the Bull. In April, the index rose for the sixth consecutive month to 3,1 from -3,6 in March: the consensus estimated -0,8%. The figure is clearly recovering from the low of October 2018 (+28 points) but remains below the long-term average (-22,2 points). “The slight improvement – comments the president of the institute Achim Wambach – is largely based on the hope that the global economic situation will tend to improve: On the contrary, the latest data on incoming orders and industrial production in German industry indicate a rather weak economic development”. Reuters writes this morning that many members of the Governing Council of the ECB consider the economic growth projections for the second half of the year too optimistic.
Piazza Affari, after a positive start, recorded a slight drop (-0,2%), around 21.850. Same script in Madrid, pale reduction for Paris -0,04%. Better London +0,3% and, above all, Frankfurt +0,5%.
The Italian Gross Domestic Product "may have returned to growth in the first quarter but many indicators are still weak". This was stated this morning by Eugenio Gaiotti, Head of the Bank of Italy's economics and statistics department, during a hearing on the new Italian growth, deficit and debt objectives, adding that "the macroeconomic scenario presented in the Def realistically takes account of the economic situation and is generally acceptable". To reduce the spread, he added, Italy must not only adopt measures to stimulate economic activity but also "give a credible message on the reduction of public debt". Without including the 23,1 billion expected from the increase in VAT and excise duties in the budget balances, the deficit would mechanically amount to 3,4% of GDP in 2020, 3,3% in 2021 and 3% in 2022.
The yield of the new ten-year August 2029 benchmark, used since this morning, stands at 2,56%, from 2,43% at yesterday's close calculated on the "old" (December 2028).
Brent oil trades at $71 a barrel, down slightly. Compared to the eve. Tenaris salt by 2%. An Argentine appeals court has issued a verdict in favor of President Paolo Rocca, overturning a previous ruling, which contained allegations of corruption. Saipem -0,5%, it passed the qualifications in a maxi competition in Qatar for a gas pipeline that plans to increase the Emirate's gas liquefaction capacity from the current 77 million tonnes to 110 million by 2024. Saras +1,88%. Refining margins are increasing in the Mediterranean area.
Positive market response to the agreement between the US administration and Unicredit +1,5%, which it agreed to pay $1,3 billion for resolve violations of US sanctions on Iran. Banca Imi confirms the buy rating and the target price of 14,3 euros on the stock, while on the bond front the broker writes that he expects greater clarity on some issues relating to the chapter on financial sanctions (the latest being that of the European Commission on the banking cartel relating to BTPs) and on any further developments of the Turkish subsidiary Yapi Kredi.
They also go up Where's Banca +1,3% ed Intesa Sanpaolo +0,7%. Continue the march of Azimuth + 2,5%.
Weak debut instead for nexi down by 6,9% to 8,37 euros. At 9 euros, the IPO price, the capitalization was equal to 5,6 billion euros for a valuation of 15 times the EV/Ebitda estimated for 2019. CEO Paolo Bertoluzzo explained that the company is ready to seize possible opportunities that create value for shareholders "but there are currently no projects".
Atlantia -1,3% could invest 300 million euros in the rescue of Alitalia.
Among the utilities A2A, equal, presented an offer for the gas distribution activities of Ascopiave. Enel -1%. Italgas -0,8%.
