The Syrian crisis, in particular the repercussions on the already not excellent situation in Russian finance, weighs on the mood of the European stock exchanges. Business Square it marks a drop of half a point, in any case above the barrier of 23 points. TO Frankfurt the loss rises to 0,80%, slightly less Paris (-0,50%). Flat Madrid, London -0,2%.
Lo BTP/Bund spread drops slightly, to 126,7 basis points, after the Ministry of the Economy placed Annual bots for 6 billion euros at a rate of -0,404%, in line with the -0,403% of the previous auction and not far from the all-time low of -0,42%.
This morning also there Germany placed Bund 2046 for 1,043 billion in a technically open auction. Better the Greece which assigned 813 million euros in three-month bonds, to refinance the same amount maturing. The bonds were placed at a rate of 0,79%, markedly down from the 1,05% rate of the March auction, with a coverage ratio of 2,81 from 1,56.
The placement of a new one was initiated through the bank syndicate Portuguese benchmark 15-year maturity April 18, 2034, which has so far attracted demand in excess of €10 billion, including €1,525 billion from lead management institutions.
However, some macro data weigh on the price lists of the Old Continent.
La French central bank revised its forecast for GDP growth in the first quarter of 2018 downwards, to +0,3% from +0,4%, mainly due to a lower-than-expected increase in industrial production in March. In UK, industrial production grew by a modest +0,1% month on month in February, a figure below expectations.
Il Brent consolidates the three-year record set yesterday at $71,34. According to rumors, Saudi Arabia is aiming to push the price up to 80 dollars to favor Aramco's stock exchange listing. Eni (+0,6%) closed the first quarter of 2018 with a 4% growth in hydrocarbon production. Saipem +3,4%: the oil service is in the field, through a consortium, for the construction of a refinery in Uganda whose value is around 4 billion dollars
THEgold it goes to 1.345 dollars an ounce, +0,4%, in the wake of geopolitical tensions in the Middle East.
The Italian Stock Exchange gets carried away by the enthusiasm for the company Rome (+20%), recovering from a sensational one comeback against Barcelona in the Champions League.
However, the agreement between Piazza Affari does not excite Poste Italiane (+0,2%) ed Intesa Sanpaolo (-0,2%). The two companies have bonded a three-year trade agreement: the former will sell the financial products of the latter, including loans and policies. The alliance provides for forms of collaboration also in the payment of postal bills.
The news is bad for Anima, down 4%, which is an important trading partner of Poste Italiane. For the asset management company, the assets under management arriving from the Post Office, according to an estimate, should be around 6% of the total. In 2017, the collection received from Poste was around 1,7 billion euros.
Brakes Telecom Italy (-3%) pending the outcome of the Board of Directors' appeal in Court against the mayors.
Among the utilities, Enel showed little movement at 5,06 euros. Goldman Sachs updated its view this morning in light of the industry's results and outlook. The judgment remained Buy, while the target price was adjusted to 6,20 euros from 6,15 euros. The stock remains on the Conviction Buy List.
In luxury Luxottica -1,3%, rejected by Equita. Ferragamo +2%. In the rest of the list they are highlighted Fincantieri (+ 4%) and Technogym (+ 1,5%).
In reverse Erg loses 4,5%. Unicredit sold all of its stake, equal to 6 million shares, or 4% of the capital, at a price of 18,6 euros, 7,2% under the closing.
