The European stock exchanges are slowing down, conditioned by the rising trend of bond yields. Also Business Square, after a positive start, marks time: -0,08%, just above 23.800 points, in line with Paris. Flat London e Frankfurt, down Madrid (-0,3%).
The bond market rises. The German five-year title, known as Bobl, has returned to offering a positive return for the first time since January 2015: a very modest 0,004% which is in any case in line with the upward trend in rates both in Europe and in Asia and in the USA.
The confirmation comes from the stretch of Waist ten-year German to +0,66%, on the highs since December 2015. The BTP it broke through again the 2% threshold (2,01%), on the highs since the beginning of the year, from 2,005% at Friday's closing. The spread The Bund's comparable-maturity yield came in at 143 basis points from 145 basis points on Friday night. Yields are also on the rise at the Bot auction at 6 months placed this morning for 6,5 billion euros at -0,417%, from the minimum of -0,457% recorded in the placement last December.
Weak utilities, the most sensitive to interest rate movements: A2A -1,18% Italgas -0,81% Terna and Snam -0,9% equal to Enel. Down too Tim (-0,7%). Exchange euro/dollar at 1,241, close to the highs of the last three years.
Slow-moving oilmen: Eni -0,5%, with Brent at 70,10 dollars. Saras on parity at 1,77 euros.
Chips shine on the stock markets. stm +2,6% following Intel's double-digit rally on Wall Street on Friday. Similar increases for Dialogue e Infineon. Fly the Austrian ams (+25%), a chip maker highly exposed to Apple Lossless Audio CODEC (ALAC),, which revised upwards its revenue growth forecasts between 2018 and 2019. In the meantime, expectations are growing for the accounts of the Apple company to be released in the week: Canalys analysts estimate that the historic profit record was broken in the quarter , also thanks to the sale of over 29 million iPhone X.
Perennial Leonardo (+1%) pending the business plan which will be presented to analysts tomorrow.
In the spotlight also the pharma after the acquisition by Sanofi (-0,1%) of Ablynx (+20%) for 3,9 billion dollars.
The banking sector is also at the center of attention. Credit Suisse released an industry report this morning. After the strong increases in 2018 (+13%, with a 5% premium over European competitors), the broker preaches greater selectivity, promoting Understanding (+0,2% to 3,18 euros, the highest for two years in view of the new industrial plan: 5,5 billion euros of profit in 2021 and a dividend of 3,4 billion) and Unicredit (+0,3%, target from 18,6 to 18,8 euros, neutral rating). Instead, cut the target prices of Ubi (-0,18%) And Ps (-1,17%).
In the rest of the sector they are advancing Bpm bank (+ 1,7%) and Creval (+2,8%): the formation of the guarantee consortium for the capital increase is in the final stages. FinecoBank +0,5% to new all-time highs.
In the spotlight Cattolica Insurance (+0,09%) on the day of presentation of the business plan which provides for a 50% increase in the dividend, so as to exceed 0,50 euro per share in 2020. The company anticipates changes to the mutual statute: the shareholding limit for institutional investors will be raised but the transformation will not be carried out in the spa.
“The targets seem ambitious to us but supported by the excellent track record of the management”, underlines Equita. Banca Akros confirms the "accumulated" recommendation on the stock. For the broker, the objectives "appear ambitious but we believe they can be achieved mainly through the joint venture with Banco Bpm and the commitment of the new management".
Well the other insurance: Generali +0,3% while efforts to strengthen the stake held by Italian shareholders are multiplying. There is talk in the newspapers of the possibility that Italian shareholders will be able to reach 25%.
Unipol +0,4%. Merger negotiations Unipol Bank with B for Bank (+0,5%) could start in the second half of the year.
Fiat Chrysler +0,8%: Goldman Sachs and JP Morgan raise their target. Mediaset -0,7%: Barclays raises its target price to 2,90 euros, from 2,75 euros. in the rest of the list sapphire +7,8%, potential subject of a takeover bid by Hal, the fund which already controls 41% of the capital.
