The European stock exchanges, already concentrated on Thursday's meeting of the ECB, moved little. Down Paris (-0,24%), still conditioned by the electoral contest. It follows Business Square: -0,25 around 19.400, as well as Madrid. Frankfurt rose by 0,14%, despite the slowdown in industrial orders in Germany, which in January fell by 7,4% on the previous month, against forecasts of -2,5%. London also rose (+0,14%).
The idea of aTwo-speed Europe it doesn't excite investors. At yesterday's meeting in Versailles, the big four, Italy, Germany, France and Spain, agreed that in order to move forward, it is necessary to introduce the possibility of less binding forms of sharing: the two-speed European Union, the route preferred by Germany, it is materializing.
The Italian economy will grow both this year and next at a rate of 1%, only a tenth of the 0,9% with which 2016 ended. The forecast is contained in the Interim OECD Outlook referred to the main world economies. During 2017, a weaker performance than the Italian one will be seen only in Brazil (zero growth) while in 2018 the estimate for Rome is the worst together with that for London, called to settle the Brexit bill. The OECD expectation at the aggregate level of the euro area for the two-year period is equal to 1,6%.
Stable situation on the market for government bonds: the 10-year BTP is traded at a yield of 2,16%, the German Bund drops to 0,33% with a differential with the French 64-year bond at 3 basis points, +XNUMX basis points.
This morning the Treasury started the placement through syndicate of the new Btpei 15 May 2028, with an initial indication of a yield in the area of 13 basis points on that of the indexed September 2026. The issue will be priced during the day.
The change euro/dollar is unchanged at 1,059. Gold was also unchanged at 1.225 dollars an ounce. Peter Navarro, trade adviser to the Trump administration, returned to the topic of US-German relations yesterday. After lamenting the weakness of the euro which gives Berlin an advantage in trade terms, Navarro called the 65 billion deficit with Germany one of Washington's most serious problems.
Petroleum unchanged: Brent is trading at 56 dollars a barrel. Among the oil producers, Eni unchanged, Saipem -0,5%. In the spotlight the transmission towers. Hey Towers earn 5%: Rai Way (+3%) is studying, according to rumors denied by the company, an offer on the competitor. Inwit +3%.
Weak European banks under pressure from Deutsche Bank (-2%). Italian institutes are better: Unicredit -0,5%. Goldman Sachs raises the target price to 19 euros from 16,8 euros, confirming the Buy rating.
Understanding -0,2%. The bank has sold its 50% of Allfunds Bank to the Hellman & Friedman funds and the Singaporean sovereign wealth fund GIC, the operation generates 800 million net capital gain.
Banking Bper -4,3%: Goldman Sachs cut the recommendation to Neutral from Buy, target price at 5 euros from 6,7 euros. Ubi -3%, Banco Bpm -0,6%.
In asset management, General Bank +0,8%: in February net inflows amounted to 668 million euro, up 45% compared to the previous month.
They advance in industry stm (+ 0,9%) and Fiat Chrysler (+0,5%). In 2018/19 the Panda will emigrate from Pomigliano to Poland to make room "for more complex cars", explained Sergio Marchionne.
Ferrari +1%: Berenberg raises the target to 75 euros. Leonardo -2%: the company bought 150% of Daylight Solutions for 100 million dollars.
Snam -0,3%. The pipeline company closed 2016 with an adjusted net profit, excluding Italgas, of 845 million, sees in the plan to 2021 an average annual increase in net profit of 4%.
in luxury, Moncler fluctuates close to all-time highs. Ferragamo -0,6% Tod’s + 0,7%.
