A declining closing of the week is looming for Business Square and the other European Stock Exchanges, despite macro data slightly better than expected. At 12 the Ftse Mib index was down by 30%, around 0. Down too Paris, Frankfurt e Madrid, down around half a percentage point. London -0,6%. Among the sectors of the Eurostoxx, all in the red except for Utilities (+0,2%), followed by Media (-2,4%) and Insurance (-1,6%).
Lo spread Btp/Bund is stable at 136,5 basis points. The yield on the Italian 1,51-year bond is XNUMX%.
In the first quarter 2016 in Germany the GDP grew by 0,7% compared to the previous quarter (+0,6% forecasts). The growth compared to last year is 1,6%, above the +1,5% expected. The Italian GDP grew by 0,3% compared to the previous quarter and by 1% year on year, slightly above the +0,9% expected.
Milan's attention is focused on two fronts. The first is the advice of Telecom Italy (+0,9%), awaiting today the accounts for the first quarter and the update of the business plan. Expected news on the enhancement of Talecom Italia Sparkle, probably through an IPO.
Even more awaited, after the closure, the update of ours sovereign rating by S&P. Today, Italy is rated BBB-, the bottom rung of investment grade, the lowest of the four major agencies.
In evidence at Piazza Affari the companies that have released their quarterly accounts, starting with the luxury sector. Positive reception for luxury companies, starting from Salvatore Ferragamo (+7,06%). Even the Florentine maison has taken into account the decline in Asian demand and tourists in Europe (revenues down by 1,8% year on year to 321 million euros) but, thanks to cost containment and the lack of negative foreign exchange effect, gross margin improved to 67,2%, +250 basis points.
Very good too Yoox Net-a-Porter, which leaps forward by 5,83%, to 25,40 euros. After the results, Kepler-Cheuvreux decided to upgrade the judgment to Buy from Hold, however lowering the target price to 28,5 euros from 30 euros. The group that operates in e-commerce for the fashion and luxury sector closes the first quarter of 2016 with growing revenues and confirms the forecasts for 2016. The company has renewed with Armani for a further 10 years, until 31 December 2025, the global partnership for the management of the armani.com online flagship store, to which the A|X Armani Exchange brand has been added.
Instead, the descent of Tod’s: -1,8% after Thursday's collapse (-8%).
Go to the rescue Snam: +2,2%, after -3% yesterday following the results. Other brokers responded to the cuts by Deutsche Bank and Ubs this morning with more flattering judgments. Bernstein and Mediobanca reiterated the Outperform recommendation with target prices of €5,80 and €5,50 respectively. For Jefferies the title is a Buy, with a confirmed target of 5,60 euros. This morning, Deutsche Bank analysts revised the target price of the stock downwards, bringing it to 5,30 euros from the previous 5,40 euros. For UBS, the target price is €5,10, down from the previous €5,30.
Instead, the bad moment of insurance continues. After the thud yesterday of Generali (down 1,7% today) Following the accounts, sales also hit UnipolSai (-3,7%). The company closed the first quarter with a net profit down to 140 million from 310 million in the same period last year and sees a consolidated net result for the three-year period 2016-2018 between 1,4 and 1,6 billion euros. Unipol -5,8%.
Weak banks, with the exception of Ubi (+1,4%), promoted to Buy at Citigroup. The Bank closed the first quarter of 2016 with a consolidated profit below analysts' estimates at 42,1 million euro, a decrease of 44,6% compared to the same period last year.
Frana Pop Bank. Emilia (-2,5%), which closed the first quarter with a net profit down by 31,5% to 31 million euro, influenced by a drop in the interest margin and above all in trading activity not offset by the lower corrections. Down too Unicredit (-1,5%), Understanding (-1,4%) And Mount Paschi (-0,2%). The race to the bottom resumes Popular Bank (-3%): the business plan following the merger with Bpm (-1,5%) will be presented on Monday.
Almost unchanged Fiat Chrysler (+0,07%): in April, group registrations grew by 13,6% in Europe, clearly outstripping the market, which rose by 9%.
