All the financial markets recovered this morning, supported by the hope of a improved relations between China and the United States. Trump still warms up ("I like the situation, because we are the strongest"), but confirms that he will meet his counterpart Xi Jinping at the G20 in Japan at the end of June. Who knows how many twists and turns there will be from here to then (including duties on European cars), but the Stock Exchanges, satisfied with the confirmation that a dialogue survives in any case, are now reacting upwards. In Milan, the FtseMib index rose by almost one percentage point before 13 pm, over 20.780. Paris is also up +0,98%. Madrid +0,47%, London +0,81%.
Frankfurt also rises +0,3% despite the Bayer's setback -2% from the initial -7% after a Californian court ruled that the subsidiary Monsanto, as producer of the herbicide Roundup, considered carcinogenic by some studies, must pay two billion dollars in compensation to a couple. At 11 the Zew index on growth expectations of the German economy in the coming months was released: in May the figure returned to negative territory at -2,1 points. Little move Madrid +0,14%, The most euphoric Stock Exchange is London +0,70%.
The 2,71-year yield of XNUMX% has not moved much. The Treasury filled up in the BTP auction, but at increasing rates. The spread hovers around 276 points. 3, 7 and 30-year bonds were placed for €6,75 billion. the maximum amount foreseen. The three-year (July 2022 maturity, 1% coupon) was sold at 1,24% against 1,08%. The 7-year (July 2026) instead was assigned to the yield of 2,23%, up 17 basis points. Finally, the 30-year BTP (expiring in September 2049) saw the assignment of 1,5 billion at a rate of 3,65%. Luca Cazzulani of Unicredit comments: “The auction went well: the maximum of the fork was assigned, 6,75 billion, out of a total demand of 9,85. We are in line with the last auction in mid-April, even if the average yield, 2,14%, is slightly higher this time”.
Piazza Affari today loses a key player in half a century of financial events. Gianluigi Gabetti disappeared during the night in Milan, 94 years old, one of Gianni Agnelli's closest collaborators and a great interpreter, together with Sergio Marchionne, of the season of the transition of powers to John Philip Elkann. Fiat-Chrysler +1%. This morning Elkann announced that Maserati has started work on the 500 BEV equipped with an electric motor, production should start next year. Ferraris +2,20%
Prysmian's comeback +6,3% after the excellent balance sheet data and the words of CEO Valerio Battista who reassured analysts on the solutions to the problems of the Westerlink project in Wales should be noted. In the first quarter, Adjusted Ebitda came in at 231 million euros, up 17% year-over-year and 9% above expectations. Stm also raises his head +5,1%. Today the company, victim of the clash on tariffs that mainly affects chips, meets analysts in London: forecasts for 2019 confirmed, operating profit is expected to be between 1,04 and 1,32 billion dollars. For the first time, there are also long-term indications, 12 billion dollars in revenues, with an 18% Ebit margin.
During the day, the boards of Mediaset +0,3%, Pirelli +2,1%, Ferragamo +0,9% and Snam -0,8% are held on the results of the first quarter. Among the banks unchanged Intesa Sanpaolo, FinecoBank rises 1,5%: BlackRock has an aggregate stake, updated to 8 May, of 7,25%, of which 6,31% with voting rights. UnipolSai +1,37%. Positive Saipem +1,67% and Eni +0,9%.
To report in the rest of the catalogue, the extension by Safilo +5,3%, which announced that it has obtained the license to exploit the David Beckham brand, the first eyewear will be released early next year. Geox loses another 4,4% after that yesterday's crash. In the meantime, the negotiations between Salini +1% and Cdp continue in view of the presentation of a system operation for the rescue of Astaldi.
