The race of the European Stock Exchanges, already soaring on the wave of the news of the signing of the agreement between the Treasury and Congress in the USA, is slowing down. Business Square it resets the strong initial rise (+4,3% abundant) and passes into negative territory -0.99% to then recover to +0,25%. Flat Paris, falls in red Madrid -1% (earned 5%). London -0,4%. Frankfurt went from +3,7% to -1,6%. The Ifo index which measures business confidence fell to 87,4, the heaviest drop since 2009 which pushed the level back to its lowest point since reunification.
The BTPs are improving: the 1,54-year rate at the opening stands at 5%, down by XNUMX points. It also tightens it spread to 187 points. Asset management performed well in Piazza Affari, thanks to a renewed optimism on the future trend of the markets, with Banca Mediolanum e Azimuth up by 2,7% and 4,5%.
IERI (Yesterday) the Eurogroup he limited himself to supporting the governments' request for precautionary credit lines. The total funds amount to over 500 billion and could reach around 2% of the GDP of each country (around 35 billion for Italy). But some countries like the Netherlands would prefer to wait for a further evolution of the crisis before activating this tool. On the other hand, it seems highly unlikely that the introduction of Eurobonds can be discussed in the short term.
The moves of the authorities have for now limited the emergency on the markets. But the situation is not under control. The number of victims in Italy continues to grow: the number of daily deaths rose to a total of 6.820 yesterday with infections at 69.176.
THEgold corrects slightly by 0,5%, in the last three sessions it has achieved a leap of 12%.
Il Petroleum curbs the initial momentum and is now moving around parity. There has been no progress in the negotiations between the producing countries for a drastic cut in production. Saipem -1%.
Third day of depreciation of dollar, to 1,085. The appetite for the world's most sought-after currency is slowing.
In Piazza Affari, the Ftse Mib reflects the growth in volatility with large price excursions.
Fitch has placed the ratings of Italian lenders under scrutiny due to the reduction in growth prospects and the unknowns related to the coronavirus epidemic. It should be recalled that precisely due to the impact of the health emergency, the agency has recently revised the estimates of Italy's GDP, which is expected at -2% in 2020 (from +0,2% in the previous February estimates) for then recover in 2021.
Corre Mediobanca +3,5%. Confirmed the rating of Understanding +0,4% and by Unicredit -1,6%. Stable Ubi +0,2%. In negative ground Bpm bank -2,27%. nexi + 0,7%.
Another leading title of the day is Leonardo +4,2%. Exor also shines +3% on the day of the accounts.
Filter the rumor that it will be Mike Manley, current CEO of Fiat Chrysler +3,9% the next number one of Cnh Industrial. Ferrari -2%.
He misses out Tim -2%: iElliott fund cuts stake to 6,9%, from the previous 9,7%.
Prysmian +0,2% Goldman Sachs cuts rating to Neutral, target price 15,5 euros.
Worth noting:
- accelerates Campari + 3,9%
- Fincantieri has postponed the presentation of the 2019 data and the new business plan.
- Technogym has stopped production in its Italian factories from today.
