The European price lists waiting to oscillate around parity new sanctions on Russia after the discovery of the Bucha massacres. A prospect that has triggered electricity prices per kilowatt hour to rise, even if Germany says it is against the embargo. In Milan at 13 pm the index lost 0,2%, however above 25.100 points, worse than the Frankfurt Dax -0,06%.
European stock exchanges at the window in view of the new sanctions against Russia
Of note is an interview by Francesco Starace, CEO of Enel (-0,51%), in the Financial Times. “Burning gas to produce electricity – says the manager – is very stupid: gas should only be used where it is irreplaceable”. And to the criticisms on the costs of increasing the European presence in renewables, he replies: “I talk about costs when I burn gas. But when I put money into something that will last, I'm talking about investments, not costs". The manager also announced that the implementation of the Porto Empedocle regasification terminal is back on the table after being blocked for 7 years despite the authorizations already granted.
After a strong start (+3%) i natural gas prices in Amsterdam they stabilized at around 112 euros per megawatt hour.
Il WTI oil at 100 dollars a barrel, +1%. The ruble salt by 1,8%. Wheat futures rebound after worst week in eleven years.
Investor morale in the eurozone fell to a nearly two-year low in April, suggesting the onset of a recession in the second quarter of 2022. The Sentix index for the eurozone fell to -18,0 in April from - 7,0 in March, at its lowest since July 2020.
Milan stock exchange, Ferrari overtakes Leonardo
Various themes are highlighted in the Piazza Affari price list. First among all Leonardo +2,6%, up from the start. The company has announced orders for around 356 million euros in the helicopter sector. “It is still too early – said the CEO Alessandro Profumo – to estimate the impact of the war in Ukraine on business. Defense budgets are growing to adjust to the 2% target, but it is even more important that Europe has a plan to coordinate how this money is spent".
In the late morning, however, the stock leapt to the top of the index Ferrari +2,93% before Moncler +2,64%. With a certain courage (and far-sightedness) Remo Ruffini recently proposed the name of Maria Sharapova, formerly world-renowned Russian tennis player, today company manager and influencer with a 'heritage' of over 4,2 million followers on Instagram.
Salvatore Ferragamo -2%. Kepler Cheuvreux cuts the recommendation to Reduce, target price at 15 euros.
In sharp decline Telecom Italy -4,56%. On Saturday, the company signed a confidentiality agreement with CDP Equity in order to initiate preliminary discussions regarding the possible integration of the TIM network with the Open Fiber network. The signed agreement is functional to start negotiations with the aim of reaching the signing of a memorandum of understanding approximately by 30 April. Reuters said KKR would say in a letter expected today that it won't proceed with a formal offer unless TIM grants it due diligence. TIM's board is expected to discuss KKR's letter and private equity firm CVC's proposal for a stake in its enterprise services business on April 7.
Also down sharply Snam – 2,24%. Citi cut to Sell, target price at 4,50 euros.
Eni +0,19%. Goldman Sachs has raised its target from 18 to 19 euros. The Algerian energy company Sonatrach discussed with Eni ways to increase the supply of gas to Italy in the short and medium term, Saras +0,8%.
