In the wake of the rise in crude oil le European stock exchanges confirm the gains of the session and close up: the Ftse Mib rises by 2,48% and regains share thanks to banks and automotive, the Ftse 100 by 2,87%, the Dax by 2,65% and the Cac by 2,99, 35%. Crédit Agricole goes up in Paris on the impetus of better-than-expected results and a plan for the sale of the stakes it owns in over XNUMX French regional banks: with the proceeds it will be able to strengthen the capital structure and distribute higher dividends. Commodities also rose after the announcement of Glencore, which refinanced $8,45 billion of debt maturing in May.
Il Petroleum WTI rallied +5,27% to 30,57 dollars a barrel after Tehran's energy minister sided with an attempt to stabilize oil prices. A meeting was held today in Iran between some OPEC members. Tehran, according to the Shana website, has made it known through its oil minister that it is willing to support any action aimed at reviving quotations. The meeting took place the day after the agreement in principle reached between Saudi Arabia, Qatar and Venezuela (members of the cartel of producing countries) and Russia (which is not part of it) on a freeze in production at June levels.
Now, despite the sector's difficulties, betting on the oil sector is Warren Buffett. His Berkshire Hathaway has announced an investment in the oil infrastructure giant Kinder Morgan: according to data delivered to the Securities and Exchange Commission, the American Consob, at the end of 2015 the Omaha-based conglomerate controlled 26,53 million shares, valued approximately $395,9 million. Berkshire also increased its stake in the Phillips 66 oil refining company, rising to 14,3% with the $1,08 billion investment it made in 2015.
The boost to Europe also came from the positive opening of Wall Street which benefited from the surprise jump in industrial production in January: +0,9% against the +0,4% consensus of analysts. On the other hand, the new construction sites started in the United States in January are surprisingly down. New starts fell 3,8% from the previous month to a seasonally adjusted annual rate of 1,099 million, the lowest since October, according to Commerce Department statistics.
At the close of the European lists, the Dow Jones rose by 1,28% and the S&P500 by 1,48%. On the currency front, the euro-dollar exchange rate is stable at 1,1139. The market is now looking at the minutes of the latest Fed meeting. Lo spread Btp-Bund cools down to 134 basis points, with a ten-year yield of 1,64%. In Piazza Affari leaps Ferrari +10,38% after the news that the financier George Soros has bought 0,4% of the capital. This morning Mediobanca analysts slightly revised the share target upwards, bringing it to 55,86 euros from the previous 55,33 euros and confirming the Outperform rating.
The industry is in great turmoil, starting with the automotive industry. Fiat Chrysler earn 5,10%. The rebound involves a large part of European manufacturing, driven by some positive balance sheets. Purchases on the French group Schneider Electric, leader in electrical equipment and automation, after the accounts and the announcement of a 1,5 billion euro buyback.
Oil-related stocks also did well, among the best in the Ftse Mib Saipem +9,22% and Tenaris +6,06%. The managed savings of Anima +8,92% and Azimut +8,48% stand out. Positive, but with less momentum, the banking sector: Banco Popolare +2,45%. CEO Pier Francesco Saviotti reiterated that the wedding with Pop.Milano +0,43% will take place shortly without capital increases. Mps +2,31%, Unicredit +2,46%, Intesa +2,38% and Ubi +1,49%.
Italian post +4,04%. This morning Equita announced that it has initiated coverage with a Buy recommendation. Telecom Italy +3,96% recovering from yesterday's heavy loss when the market was mainly focused on data and the lack of a dividend. Today, however, analysts express themselves positively on the expected long-term results with the increase in investments to develop the ultra-broadband fixed and mobile network.
Deutsche Bank confirmed the Buy judgment, reducing the target price to 1,20 euro from 1,25 euro. Nomura, on the other hand, reiterated the Reduce judgment, cutting the target price sharply to 0,74 euro from the previous 1,02 euro (approximately -28%). Only Atlantia slips -0,17% on the Ftse Mib.
