WEAK STOCK EXCHANGES, BANCA GENERALI SHINES
UBS TELECOM HILTS -3%
La Milan Stock Exchange is down after the data on inflation in the euro area, the index FtseMib it fell by 0,59% to 15463. The main markets of the Eurozone also fell, Paris -0,21%, Frankfurt -0,15%, Madrid -0,47%. Outside the eurozone, London is down 0,46%, Zurich is up 0,52%.
The EU index of consumer prices it rose 1,7% year-over-year from +1,8% in February. The inflationary thrust remains moderate and leaves open the possibility of an expansionary policy for the ECB, which meets tomorrow.
On the government bond market spread it improves slightly to 328 (-3 basis points). The yield of the 10-year BTP falls to 4,58% (-4 basis points).
It weakens theeuro against the dollar at 1,280 from 1,282 last night. The euro appreciates against the franc to 1,2174 from 1,2164 yesterday evening.
In United States, this afternoon the new employees in private companies will be released, the survey conducted by the ADP which anticipates the trend of employment. At 16 pm the Ism index of service companies is published.
A report from Ko knocks out Telecom Italy –3,18%. the share came to lose more than 6% but then recovered: UBS cut the sell from buy recommendation and brought the target price to 0,45 euro from 1 euro. Furthermore, the speculative appeal that had agitated the telecommunications sector yesterday has disappeared: Verizon has flatly denied its interest in a merger with Vodafone.
Recover Mediolanum +0,14%% after the request for assessment by the Revenue Agency which is asking for 344 million euros between taxes and penalties.
General Bank, which unlike Mediolanum (and Azimut +0,4%) has no tax disputes, earns 2,5% . Yesterday evening the asset management company announced that in March net inflows rose to 210 million euros from 203 million euros in February: in just three months Banca Generali reached a total of 620 million euros, half of the management's goal for 2013: it's the best start to the year ever.
Cala Mediaset -1,67%: Jp Morgan cuts its target price on the stock to 1,7 euro from 2,2 euro, keeping its judgment neutral. For Jp Morgan the title remains undervalued but for the investment bank it is not yet the time to buy due to the still uncertain Italian political scenario.
In negative ground the state blue chips: Finmeccanica -2.01% , Enel -1,15% ed Eni -1%.
Also in red banks: Unicredit -1,18%, Intesa -0,77%. Banco Popolare loses 2,15%%. Monte Paschi loses 1,56%, today short sales are prohibited on the stock.
On the contrary, positive Fiat which increases by 2,1% after the encouraging data on car sales in Italy. Brembo is down 0,1% in the aftermath of the leap that pushed the stock to all-time highs. Mediobanca raised the target price to 14 euros.
The race continues Luxottica +1,18% to 40,39 euros, on the new all-time highs. Ferragamo loses 0,27%, Tod’s +1,18%, Cucinelli +1,5%. The debutante Moleskine slows down and rises by 0,2% to 2,31 euros, at the beginning of the session it had risen up to 2,39 euros.
