European stock markets are weak after the first signs of a slowdown in the German economy. In Milan, the Ftse Mib index (-0,14%) suffered a slight drop, just above 22.500 points. Paris and Frankfurt are also around parity. Progress Madrid (+0,4%) favored by the good reception of the new thirty-year issue which in the morning gathered subscriptions for 25,5 billion. The worst place is London (-0,4%).
The forecasting index Zew recorded a drop in February, both in terms of the current situation and in terms of expectations. But the signals, underlined the president Achim Wambach, "continue to show a positive outlook for the German economy". In the coming months, the press release reads, the economic situation will start to grow again.
Confirmations of the restart of inflation also come from Germany. Producer prices rose 0,5% month over month, 2,1% yoy in January, beating economists' estimates. They were up 0,2% month on month in December.
The yield on the 0,74-year Bund rises to 0,73% from 2,04% yesterday. Btp stable at 130%, spread below 1,233 bp again. The euro weakens to 0,5 against the dollar, -XNUMX%.
Brent oil loses 0,9% to 64,9 dollars a barrel. Eni + 0,3% Saipem + 0,4% Tenaris + 0,4%.
Positive reception from Piazza Affari ai Poste Italiane accounts, announced last night after markets closed. While awaiting the industrial plan which will be presented in a week's time, the share rises by 1,3% thanks to the positive surprise of a dividend rising to 42 cents. Mediobanca raised the target price to 8 euro, outperform rating.
In great evidence Telecom Italy, today the best stock of the European TLCs: at the moment it gains 2,5% at 0,715 euros (+0,1% for the Eurostoxx Tlc). In red Mediaset (-0,50%).
The banks moved little, however less affected by the decline in the rest of Europe - 0,6% penalized by the sharp decline in HSBC after disappointing 2017 results. Weak Bpm bank (-0,1%). Creval loses 0,2%: the rights to the increase, while remaining volatile, rebound by about 9% after yesterday's collapse.
Weak too B for Bank (+ 0,1%) and Where's Banca (-0,8%) who are negotiating the sale of their shares in Nexi, the former Central Institute of People's Banks. Intesa Sanpaolo -0,7%. This morning UBS strengthened its Buy rating, raising its target price to €3,35 from €3,25.
Among industrialists up by about one percentage point Buzzi Unicem, in a cement sector encouraged by the results and prospects released this morning by the German HeidelbergCement (+2,2% in Frankfurt). Furthermore, a regional administrative court has partially suspended a fine imposed by the Italian antitrust on some cement companies.
At the bottom of the main basket, Pirelli leaves 1,4% in the field. Fiat Chrysler loses 0,7%, Ferrari 1,3%.
