European stock markets very nervous after yesterday's crash on Wall Street - the worst since early March - and the deep red of Asian stock exchanges. In the morning, the continental price lists try to react to the sell-off of the last few days by choosing a wait-and-see attitude in view of the news on duties, but in the middle of the day the tune changes. Negotiations between the US and China will resume on May 9 and 10 in Washington and it will be precisely in this context that it will be understood whether the threats made by Donald Trump last Sunday will become reality or if the Chinese negotiators landed in the US will be able to change his mind. The American President announced a tariff increase from 10 to 25% on 200 billion dollars of goods, literally sending investors into panic and causing the Vix, the index that measures market volatility, to jump to a 4-month high today at 19.76 points. The tariff hike could go into effect at 6 am (Italian time) on Friday.
In Europe Paris is flat (-0,2%), while Madrid yields 0,5%. Around parity too Frankfurt (-0,1%), which tries to resist driven by the exploit of Siemens, which gained 4,35% after the publication of the first quarter results, and from the data on German industrial production, which beat expectations in March, recording an improvement of 0,5% after +0,7% of February. London -0,3%.
Business Square it is once again the worst and at 12.25 it marks a drop of 0,8% to 21.052 points. Weighs the sharp decline in Poste Italiane that after the publication of quarterly accounts it lost 3,7% to 9,07 euros. The group led by Matteo Del Fante closed the first three months of 2019 with a profit down by 9,5% to 439 million euros and revenues of 2,8 billion (-1,5%). However, there are positive elements in the accounts: at an adjusted level, the results are positive and growing, while financial, insurance and payments and mobile services in the segments record encouraging performances. Revenue from parcel delivery is also on the rise.
Sales continue on Finecobank which, after yesterday's -7,45%, drops a further 2,05% to 10,04 euros following the announcement of Unicredit (-0,44%) who made it known that they had sold a 17% stake in the company at the price of 9,80 euros per share.
Remaining in the banking sector, he travels in the red Intesa Sanpaolo (-2,1%) in the aftermath of first quarter accounts, closed with profits above one billion euros, but down 16% compared to the first quarter of last year. Down too General Bank (-1,47%). Bucking Bpm bank (+ 1%).
Among the worst titles there is Cnh Industrial (-2,83%) despite the positive quarter. -1,2% for fca.
On the other side of the barricade, at the top of the Ftse Mib we find another title from the Agnelli galaxy: the Juventus (+1,1%), which after the heavy losses of the last month (-20,29%) is trying to raise its head and leave behind the elimination from the Champions League. Positive oil with Tenaris (+0,85%) ed Eni (+0,22%). On the rise Leonardo (+ 0,4%) and Azimuth (+ 0,6%).
Out of the Ftse Mib the performance of Piaggio (+6,15%) which yesterday published results above estimates with a net profit of 7,8 million euros, up 97,7%, revenues up 10,8% to 346,2 million and margin industrial gross up 7,5%. In addition, net financial debt amounted to 456,1 million, an improvement compared to 502,9 million as at 31 March.
Turning to currencies, theeuro it travels upwards and exceeds 1,12 against the dollar, while the euro/yen exchange rate is at 123,33 points. As for oil, pending the weekly US data on crude stocks, the WTI drops by 0,24% to 61,25 dollars a barrel, Brent drops by 0,4% to 69,62 dollars.
Lo spread between Btp and bund, which rose sharply yesterday after the alarm from the EU Commission on Italian growth, continues to rise and reaches 271 basis points with a yield of 2,64% (+2%).
