Unicredit +5% acts as a hare in the upward race that is affecting European lists in the wake of gains from Asian markets and Wall Street. In fact, it is the Italian banks that are giving the charge to the credit sector. The FTSE index of Italian banks (today +3,3%) reaches its highest level since September 2018 at 9.770 points thanks to the driving quarterly above expectations of Unicredit: the bank, which yesterday sat 12% of the Turkish Yapi Kredit, will distribute a dividend of 0,63 euros per share (0,27 euros last year) and will buy back treasury shares for 0,5 billion. Piazza Affari rises by 0,7% around 24.500 points, just above Paris and Frankfurt +0,6% and Madrid +0,5%. More cautious London +0,2%.
The good news coming from credit, pending the indications of today's FCA quarterly (+1,3% around midday, before publication), offset the negative signals emerging from manufacturing orders in Germany, which fell by 2,1% in December 2019 (even -8,7% on an annual basis). But the positive climate is guaranteed above all by the news that China, plagued by the epidemic, it will halve the duties on 75 billion dollars of US imports as part of the trade deal with the US.
Moderate profit-taking is underway in the bond world. 0,35-year Bund yield to -0,44% from -0,97%. BTP at 132%, Bund BTP spread remains at its lowest since October at 100 basis points and according to JP Morgan, XNUMX basis points is in sight. Brent oil rebounds, although data on strategic inventories should push prices lower. North Sea crude trades at 56,4 dollars, +2%, from +2,4% at yesterday's close. Oil so-so: Eni +0,3%, Saipem flat.
But attention is focused on the banking sector, not only on Unicredit. Even Bper Banca +2,4%, is highlighted after the accounts. Meanwhile Intesa Sanpaolo's good momentum continues +10% in three sessions, another institute that positively surprised analysts' expectations. The euphoria infects the rest of the sector, which smells like a merger. The Eurostoxx Banks index rises by 2,3%, led by the +4% of Deutsche Bank: an important US asset manager, Capital Group Company, announced that it owns 3,1% of the capital.
Atlantia -1,5%. The government does not want to soften the new rules which facilitate the revocation of motorway concessions despite the opposition of the majority, says a government source from the Democratic Party. Opposing are the Renzians of Italia Viva, whose votes are essential for the executive to remain in Parliament. Defensive stocks are down: Enel -0,8%, Nexi -1%. Campari -0,9%. Outside the main basket Technogym -4%. The shareholder Wellness Holdings has placed approximately 5% of the capital through an accelerated bookbuilding at 11,45 euros per share.
