Piazza Affari starts the week losing half a point (-0,53%) and drops below the psychological threshold of 20.000 (19.968). Frankfurt was also weak -0,35%; Madrid -0,31%; Paris -0,34%. Floating London, +0,07%, on the day Theresa May formalizes the start date of Brexit: on 29 March Downing Street will invoke Article 50 of the Treaty of Lisbon, the law that sets in motion the secession of a member state from the EU, opening two years of negotiations to complete it. The markets remain cautious even after the not very encouraging outcome of the G20 in Baden Baden, which closed last Saturday and awaiting news from the Eurogroup meeting, today in Brussels, with the aid plan for Greece and the draft 2017 budgets, all 'agenda. Focus on Italian accounts. On the sidelines of the meeting, Economy Minister Pier Carlo Padoan announced that the 3,4 billion corrective maneuver will be presented with the Def or "perhaps a few days later", in any case by April as agreed with the European leaders. The ECB, on the other hand, is asking eurozone banks for "realistic and ambitious strategies" to reduce non-performing loans (NPLs), although it recognizes that this "takes time" and does not set a "quantitative target".
The secondary was flat, in a session characterized by thin volumes: the spread between the Italian ten-year bond and the Bund was 192.80 basis points (+0,1%), a yield of 2,37%.
Wall Street is in positive territory, in the middle of the session, after a red start and with investors still focused on the strategies of the Federal Reserve. For the president of the Chicago Fed, Charles Evans, four increases in 2017 cannot be ruled out, should the US economy accelerate decisively. The euro remains stable against the dollar, returning from the worst eighth of the last three months, 1,074. Stagnant oil: Brent -0,02%, 51,75 dollars a barrel. Gold is back in vogue: 1233,12 dollars an ounce (+0,21%).
In the main Milan basket the worst Blue chip is Leonardo, -3,6%, followed by the other public companies affected by the recent appointments. The uncertainty about strategies after the changing of the guard dragged the stock down.
Poste Italiane is also subdued, -1,31%, where the Del Fante-Farina pair arrives, but curiously today's Stock Exchange penalizes both public companies that change top management and those (Eni -047%, Enel -0,48% and Enav -1,84%) who see the managers who have achieved success in recent years confirmed in their positions.
On the contrary, A2a scores an increase of 1,48%, also due to the permanence of Valerio Camerano in the role of managing director of the group. Italgas did well: +0,81%.
Down Recordati -1,82%, FCA -1,77%, Stm -1,38%. Among the oil companies, Tenaris falls heavily -1,77%; positive Saipem, +0,15%.
Bright green instead for the Unipol galaxy, with increases of 2,49% for the group and for Unipolsai +2,44. The confirmation of the 'outperform' judgment by Exane with the target price revised upwards to 5,3 euro also contributed to the performance. The banks are uncertain, affected to a certain extent by the start of the 8 billion capital increase by Deutsche Bank tomorrow (-3,72% at the Dax 30). The sales mainly hit Bper -1,19% and Unicredit -1,23%, which signed an agreement for the sale without recourse of a portfolio of residential mortgages in Hungary with a gross nominal value of 138,9 million.
Banca Generali, aIts debut among the largest capitalization stocks, leaves 0,22% on the ground.
Little move Mediaset -0,1%, waiting for tomorrow to start the investigation by the Milan prosecutor's office into the case against Vivendi. Ynap advance +1,62% - Out of the main price list Il Sole 24 ore sparks: +25,63% following presentation of the new 2017-2020 business plan.
