The rebound in oil offers an opportunity for a shot in the arm for financial markets. The Stock Exchanges recorded a plus sign (with the exception of Spain -0,17%) as did Wall Street futures which anticipate a positive start in the USA where new weekly data on requests for unemployment benefits is anxiously awaited. Business Square marks an increase of 1,1%, London +0,5%. More cautious Frankfurt + 0,3% Paris + 0,8%.
Oil shoots up. Brent crude gains more than 10% to 27,5 dollars, despite Saudi Arabia continuing with its intention to reach record levels of production. The novelty is the return to the field of China, determined to guarantee the raw materials necessary for the eager recovery by taking advantage of the low prices of these days. Bloomberg reports that the central authorities in Beijing have urged the purchasing centers to buy as much crude oil as possible at current prices, in order to significantly expand strategic reserves. Energy stocks take advantage of this: Eni + 7% Saipem + 8,3% Tenaris + 5.4%.
The yield of the Btp tightens to 1,48%, little moved. The spread drops to 189 points. Commerzbank recommends selling Italian government bonds as it expects Moody's to downgrade its rating at the beginning of May with the effect of making Italian bonds lose investment grade. Much will depend on the effectiveness of the European response that is being sought to finalize by Tuesday. France, second Bloomberg, is preparing to propose the birth of a new fund managed by the European Commission, which issues bonds collectively guaranteed by all countries. The ESM fund could immediately start disbursing loans, even more than 2% of the GDP of the country requesting them. The European Investment Bank should intervene, placing its guarantee on another ad hoc fund of 25 billion euros, in order to give the new entity an eight times higher financing capacity, equal to 200 billion euros. President Ursula von der Leyen illustrated SURE, her 100 billion plan against unemployment.
THEeuro it fell for the fourth consecutive day to 1,093 against the dollar. The strengthening of the pound against the euro continues, cross at 0,881 (-0,5%).
In addition to the extension of oil stocks, Piazza Affari records a rebound of Pirelli + 3,4%. fca -0,6%. Peugeot postpones the shareholders' meeting to June 25, while Dongfeng opens negotiations to review the plan for the sale of the stake in the French car manufacturer, due to the collapse in prices due to the pandemic. Fiat Chrysler will meet shareholders in Amsterdam on April 18. Ferrari +0,1% stopped the buyback program.
Continue the march of Atlantia +2,4%. The market continues to bet on the entry of Csp and F2i in the capital in the face of the progressive partial disengagement of the Benettons. Leonardo + 3,9%.
Among the utilities it recovers Snam +3,8%, sales still up Enel -0,8%.
Positive banks in line with the decline in the spread. The most volatile stocks bounce, such as Bpm bank + 3,9%. Unicredit +1.% . Weak Understanding -0,7% and Bper -0,4%
IVASS has also invited insurance companies to freeze or postpone the payment of dividends. Today Unipol -0,2% will have to decide whether to postpone the coupon.
Avanza Generali +2,5%. Barclays reduces the target price.
Moncler -1,6%. RBC and Deutsche Bank cut the target price.
It goes into orbit Giglio Group +25,5%. The company has announced that it has signed a six-month framework agreement with Confindustria for the supply of personal protective equipment, including masks authorized for all member companies. It is one of the results made possible by the network of relationships of the e-commerce group with China
