European stock markets up a few hours after the release of employment data (better on unemployment) from the United States. Piazza Affari, which is anxiously awaiting Moody's response and Dbrs on the Italy rating, rises by more than half a point. Rises of around 1% for Paris and Frankfurt after Siemens climbs +5,3% which announced plans to cut costs for the pandemic. Closed London for the anniversary of the victory in the Second World War.
The news of the phone call between the senior trade representatives of the US and China who agreed on the desire to improve the climate of the talks favors the rebound. The terms on the use of loans issued by the ESM bailout fund should arrive today from the Eurogroup. Yesterday the European Commission went down in the field to ask that there are no macroeconomic adjustment programs for the states that will draw on the resources made available by the programme.
The markets are also preparing for the US employment data. In April, the change in non-farm payrolls should have been negative by 2,5 million. The unemployment rate is expected to explode to 16%, from 4,4% in March. The spread drops to 237 points. The 1,83-year BTP, awaiting Moody's verdict, drops to 8 (-XNUMX basis points).
Brent Oil Accelerates Up 2,5%, while more and more confirmations arrive of the end of the price war that unleashed in March: Saudi Arabia is reviewing its commercial choices: less discounts. Eni -0,13%. Fitch confirms A- rating, stable outlook. The agency says the dividend is sustainable.
The day after the announcement of the accounts sale Leonardo 3,6%. The first quarter ended with a 75% drop in Ebitda year on year to 41 million euro. Revenues at €2,59 billion, -5% year-over-year, in line with forecasts. Negative cash flow of 1,6 billion euros, worse than expected.
Accelerate Bench Bpm +2,4%. The institute closed the first quarter with a net profit of 151,6 million, substantially in line with the previous year, despite an increase in adjustments to take into account the impacts of the coronavirus (213 million euro of provisions against credit losses). The net result is higher than expected, due to a drop in costs and a good contribution from trading and commissions, the interest margin dropped slightly. The bank is ready to act on costs if the impact of the Covid-19 emergency makes it necessary and is not currently interested in any M&A operation, said CEO Giuseppe Castagna.
Prysmian +4% and Cnh Industrial +3,2% rebound. Buzzi Unicem +3,8% also stands out among industrialists. In the first three months of 2020, the group achieved a turnover of 688,5 million with an increase of 4,9% compared to the same period of 2019. The effect due to changes in exchange rates was favorable for 10,9 millions. At constant perimeter and constant exchange rates, revenues would have increased by 2,5%. I leap also by Recordati +3,7%. Revenues stood at 429 million, up 12% on the year, net profit at 125 million up 23,5%. The company has revised its estimates for 2020 slightly downwards towards the low end of the range indicated in February: net profit between 360 and 370 million.
