Business Square closed flat, -0,01%, 20.715 points, supported by Telecom +2,96%, but held back by Campari -6,56%. In Europe, the Ftse 100 is moderately positive London +0,7%; Frankfurt +0,24%; Paris + 0,21%. Madrid -0,02% is in line with Milan. Overseas Wall Street is in mixed mood in the US morning and is currently in positive territory.
The markets are overall cautious, after the downward revision of growth forecasts by China for 2019 and pending new ideas on the trade negotiations with the USA. The focus is also on the ECB meeting, scheduled for Thursday, from which the 2019 GDP estimates will come out and perhaps a new use of the Tltro auction tool.
Meanwhile, today the Eurozone services PMI is better than expected (52,8 from 52,3 in the flash estimate). The final IHS Markit composite figure (manufacturing and services) thus rose to 51,9 from 51 in January. New orders remain weak, but retail sales in January grew by 2,2%, year on year (+2,1% estimate).
For Italy, Istat revises the economic data for the fourth quarter of 2018 upwards (from -0,2% to -0,1%), but confirms the technical recession after -0,1% in the July- September.
The Italian paper seems to have already metabolized the problem and the spread between Italian and German ten-year bonds drops to 253.60 basis points, -2,2%, with the BTP yield at 2,71%.
While waiting for Mario Draghi, the euro remains weak against the dollar in the 1,13 area. Little moved the Petroleum, with Brent crude down 0,09% to $65,61 a barrel.
THEgold instead it marks another session in decline and moves around 1284 dollars an ounce.
In Piazza Affari they also deal with some corporate results. The redder title is Campari, affected by slightly lower than expected numbers and unsatisfactory forecasts for the current year. Bad too Amplifon, -2,83%, which had a lot going on in the last few sessions and with the accounts in line with expectations.
During the session, the banks lost ground, with Ubi leaving 2,46% in the end. Down the luxury: Moncler, -2,56%, was downgraded from Berenberg to Hold da Buy, with a target price of 37 euros from 36 euros.
Purchases reward Telecom, in line with a well bought telecommunications sector in Europe. Since the beginning of February, the stock has recovered around 12% and is particularly lively. The shareholders' meeting is expected at the end of the month, while Cdp, which has risen to 7,1% of the capital, could reach 10% before that date. Purchases still reward Saipem +1,35%. Well Azimut +2,58% and Exor +1,11%. Positive FCA, +0,83%, which, in Frankfurt, confirms the financial targets for 2022. The CEO Mike Manley thus denies the hypotheses of possible renunciations to invest in Italy.
Flat closure for Illimity on its first day of trading. The new digital bank led by Corrado Passera, after a positive start, in fact closes without changes.
Yellow on Parmalat: at the request of the American bank Citi il Tar of Lazio in fact, as a precautionary measure, it ordered the suspension of the Consob resolutions which were to lead today to the revocation of the shares from Piazza Affari.
