Stock markets are cautious, waiting for the Eurogroup underway in Amsterdam and Ecofin to find a solution on the hot topics of the European guarantee on bank deposits and the ceiling on the ownership of public bonds by banks. Piazza Affari closed the morning with a slight drop, divided between the modest increases of some banks and the weakness of the luxury, energy and, above all, automotive sectors. Heavier London -0,9% and Frankfurt – 0,36%; more or less in line Paris -0,24%.
The lack of enthusiasm on the markets was also influenced by the PMI manufacturing index in the Eurozone in April, which fell slightly to 51,5 from 51,6 in March, the lowest in two months. The Eurozone composite Markit recorded a decline from 53,1 in March, reaching 53 in April, and the services markit at 53,2 from 53,1.
Around 12,35 the FTSEMib lost 0,2%, like the Allshare; modest volumes below 900 million euros. The European FTSEurofirst 300 index lost 0,25%, futures on US indices showed little movement.
FIAT CHRYSLER down sharply (-2,8%) in a sector that was affected by the investigations into emissions that involved Daimler in the USA and Peugeot in France. The first loses 6,7%, the second almost 3%. CNH and FERRARI also down.
Luxury stocks fell after disappointing data from Kering released yesterday after markets closed. YNAP loses 2,5%, MONCLER -0,5%.
After a heavy start, FERRAGAMO, who also had to digest the unexpected announcement of the forthcoming release of the historic CEO, wiped out the losses. Broker Raymond James underlines that "the story on the stock is not over" and while removing it from the Conviction List he confirms his "strong buy", convinced that there will be a smooth transition.
Mixed the banks, off to a good start. MEDIOBANCA, BANCO POPOLARE, weak MPS remain. "The market remains very cautious on the sector while waiting for developments on more delicate situations such as that of Pop Vicenza", says an operator reported by Reuters. The sector index loses 0,3%, while the European one is flat. The CEO of Popolare di Vicenza, Francesco Iorio, said at the press conference that he was "quite calm that in the end the issue of the free float will not exist and that the bank will have very many chances if not the almost certainty of being listed". The IPO is underway and will end on April 28, the listing on the Stock Exchange is scheduled for May 3.
ENI and SAIPEM are feeling the effects of profit-taking which is slowing down the rebound in crude oil.
Little move A2A while ACSM-AGAM loses 3,5% after the no of the municipality of Como to the sale of a share to the Milanese utility.
Amidst weak editorials, RCS announced its quarterly accounts on Thursday evening. Banca Akros speaks of some "encouraging" data, such as the evolution of Ebitda and advertising sales.
PREMUDA up by more than 16% after Pillarstone announced its agreement to take over the company's bank debt.
