The European stock exchanges start well, but then slow down. Milan is the worst: the Ftse Mib index loses 0,7% in the middle of the day, remaining below 19 points. Conditioning the performance of the list is the banking sector, again in the crosshairs of sales as well as bonds, under stress due to political uncertainty.
Lo BTP/Bund spread it widens to 194 basis points (+2 bp), with the yield of the BTP remaining stable at 2,22%, while that of the Bund falls to 0,28% (from 0,29%). The yield on the two-year German government bond is increasingly negative, equal to -0,9%, a record low.
The tensions on the Eurozone triggered by Marine Le Pen's ride widen the France/Germany spread above 80 basis points, a level not seen since July 2012.
On the contrary, fromGerman economy new positive signs are arriving: in Germany the Ifo index on business confidence rose to 111, exceeding expectations, which indicated 109,6.
In the meantime, it goes up Italian inflation: in January the consumer price index increased by 1% over the same period of the previous year. This is the highest trend figure since August 2013.
The dollar strengthened slightly against the euro to 1,051 (from 1,052 yesterday). The 1,05 barrier (1,0462) was also broken on the downside in the morning.
After three days of rising, Brent fell by 0,8%, to 56,2 dollars a barrel. Oil stocks drop: Eni -0,7% Saipem -0,4%. The results are expected in the evening Tenaris, down by 0,3%.
Continue the fall of Banca Mediolanum: -4,18% after yesterday's drop of 6,7%. At the origin of the landslide the weak guidance and doubts on the trend of performance fees. Also declining Azimuth (-3,36%).
Unlike the rest of the continent, Italian banks are down: Unicredit loses 2,1%, Understanding -0,9% Ubi -1,1% Bpm bank -4% Mediobanca -1,7%.
In Europe, insurance with increases Axa (+ 1,1%) and Allianz (+1%). In Milan Generali is unchanged, UnipolSai -1%.
The best title is Stmicroelectronics: +6,7% to the highest since 2007. This morning Barclays analysts promoted the stock to Overweight from Equal with a target price raised to 16,5 euros from the previous 9,3 euros.
Among other industry titles, Leonardo drops by 0,1%, while Fiat Chrysler is unchanged and Cnh Industrial earn 0,6%.
In decline Enel (-0,7%), due to interest rate tensions, and the other utilities: Terna -0,6% Snam -0,4%.
