The Stock Exchanges try to reset the losses of the week with a strong final acceleration. Piazza Affari recorded a rise of 4%, again above 16 points before falling back to +2,5 (15.800 points). Even more dynamic Paris +5,27% and Frankfurt +4%. Madrid also rises +3,8%. London +2,5%. Wall Street futures are also anticipating a very positive start.
The action of the ECB was successful, after the measures decided on Wednesday night. The markets are now waiting for the second phase of the operation on the fiscal policy front. Prime Minister Conte, in an interview with the Financial Times has urged the use of the Save States Mechanism and the launch of Eurobonds. Minister Gualtieri underlines that “the ECB has launched a powerful intervention. But we must know that monetary policy alone is not enough”. Germany, for now, is thinking about itself. Der Spiegel writes that the government intends to create a 500 billion euro emergency fund, capable of saving companies from bankruptcy, through capital injections or with guarantees on liabilities.
The president of the European Commission Ursula Von Der Leyen reiterates that every useful resource, every tool, will be employed: "we will support the economy without ifs and buts, we will also use the corona bonds if they help," he told German radio this morning.
The yield on Bunds rose to -0,27% (17 basis points), while those on the ten-year BTP fell (1,56% -17 points). The spread at 12 is around 30 points.
The request for US currency continues. The euro-dollar, which dropped yesterday to its lowest level in the last three years, this morning rebounded to 1,073 (+0,5%).
Norway's central bank cut rates, for the second time in a week, to 0,25% from 1% to XNUMX% where they have never been in history.
Brent oil advanced another 6%, after +14% on Thursday. Benchmark US crude oil, Texas WTI, posted the largest gain in history on Thursday, +23%. According to reports from Bloomberg, Russia has no intention of asking Saudi Arabia for a break, more than ever committed to maximizing its exports: the Moscow authorities are counting on the crude reserves accumulated in recent years and on the fact that mining costs in Russia are lower than current levels. Saipem +5%. Barclays reduces the target price to 3,2 euros. Eni +2,5%. Morgan Stanley lowers the target price to 6 euros. Tenaris +3%. Barclays cuts judgment to Underweight, target 5,5 euros
Featured this morning Enel +5% after presentation of the accounts and the announcement of the dividend, equal to 0,328 euro (+17%). The 2020 targets have been confirmed, i.e., Ebitda seen at 18,6 billion euros, with a debt of 46,8 billion euros. The company reports that 50% of its staff are working from home or remotely, the impacts of the epidemic on operations are expected to be modest.
Campari +4%. The Board of Directors recommends to its shareholders, who will be called for the New Extraordinary Shareholders' Meeting by 30 June 2020, to revoke the resolution of the extraordinary shareholders' meeting of 27 March and to review the withdrawal price of €8,376.
Bfor Bank +9%, communicated that the terms of the acquisition of the Ubi Banca branches have been revised downwards, in the event of a positive outcome of the public offer launched by Intesa Sanpaolo.
Unicredit +5,3% confirmed the shareholders' meeting relating to the approval of the 2019 financial statements for 9 April, establishing that the participation of the shareholders takes place exclusively through the designated representative.
To facilitate the forwarding of the proxy and the voting instructions, it will be possible to complete and transmit the appropriate form online and in guided mode. The company will publish the answers to the questions on the bank's website.
Diasorin +7%, obtained the green light from the United States health authorities to market the test for Covid 19.
