Interim session for the European stock exchanges, uncertain about the direction to take and contrasted in the final, squeezed between the disappointing German macro data, the intricate skein of Brexit and the conclusion of the new round of talks between the US and China on tariffs, expected this evening. Even Wall Street, cautious at the start, is rather volatile, with the Nasdaq weighed down by Tesla (-7,5%). Instead, Facebook (+2,3%) and Boeing (+3%) did well.
Piazza Affari closed slightly down, -0,23%, 21.724 points, despite the fact that in the end the banks found the right push. The exception is Unicredit (-0,66%) which, according to the Financial Times, is preparing a “multi-billion dollar” offer for Commerzbank (+2,69%) in case the merger with Deutsche Bank vanishes (-0,85%). The merger leaves analysts cold, even if it appears better than that between the two German banks. In the rest of Europe: Madrid +0,45%; Frankfurt +0,28%; Paris -0,09%; London -0,19%.
The euro remains weak against the dollar, at 1,122 and strong against the pound at 0,858. The single currency is held back by fears for the economic prospects of the area, due to the news of the collapse of German industrial orders in February (-4,2%, against +0,2% expected). The English uniform, on the other hand, is floating in the Brexit pond, after the British parliament rejected the hypothesis of a no-deal exit, forcing Theresa May to ask for a further extension in Brussels.
In the meantime, news is expected from Washington of the face-to-face between Donald Trump and Chinese Deputy Prime Minister Liu He, scheduled for this evening at 22,30 pm Italian time. The US president could announce the date of a summer summit with President Xi Jinping and the postponement of US tariffs to 2025 in the face of a series of commitments from the Chinese.
Gold pits the 1290 dollars downwards and moves just above 1288 dollars an ounce. Oil, like Brent, grew slightly at 69,5 dollars a barrel.
In Piazza Affari, however, oil stocks are all in the red today: Tenaris -1,85%, Sapiem -0,94%, Eni -0,93%. The A2a debacle continues, -2,21%. In fact, despite a record 2018 net profit, the market was disappointed by the targets indicated in the plan for 2023. Amplifon -1,08% and Snam -1,17% were down.
The purchases reward Juventus, +2,02%. Stm's triumphal march continues, +1,64%. Ferragamo rebounds +1,42%. Ubi stands out among the banks with an increase of 1,62%.
Spread down to 252 basis points (from 255 yesterday); yield on the Italian ten-year bond at 2,51%. Tomorrow the Treasury announces the quantities of 12-month Treasury bonds, maturing in April 2020, to be auctioned on 10 April.
