European Stock Exchanges recover after the initial slight decline. The climate is one of anticipation, in view of short-term appointments, from the expiry of the terms for Brexit to the season of US quarterly reports. To complicate the picture the arrival of a new wave of US tariffs in response to EU aid to Airbus. Leonardo leaves 1,1% on the ground on fears of levies on helicopters. But the US proposal also affects food. However, the unknown duties do not hold back the bull. On the contrary. In Milan, the FtseMib index gains 0,3% after hitting its highest since August. Paris +0,1% goes to levels it hasn't seen since the beginning of October. Zurich sets historical record. Frankfurt remains further behind, Dax -0,07%. Madrid+0,50%.
Little movement in London, while Theresa May tries to get Macron's ok and Angela Merkel to postpone Brexit in extremis. A law was voted late yesterday evening to force the government to ask European leaders for a new deadline and avoid a no-deal Brexit on April 12. The pound is little moved at 0,861. Euro/dollar cross at 1,127.
Le retail sales in February in Italy they rose by 0,1%, better than the estimates which forecast a contraction of 0,2%. The January figure has been revised upwards to +0,6% from +0,5%. While awaiting the Council of Ministers on the new Economic and Financial Document, Istat confirmed that in 2018 the gross domestic product grew by 0,9%, while the deficit stood at 2,1%.
The Bank of Italy revised the 2017 debt/GDP ratio upwards by one decimal place to 131,4% from 131,3% and that of 2018 to 132,2% from 132,1%. The revisions, explains the central bank, mainly reflect the expansion of the perimeter of the public administrations defined by Istat in agreement with Eurostat.
The BTP is stuck at 2,48% waiting for the mid-month auctions: tomorrow it's the turn of the 12-month BOTs (6 billion offer), Thursday 11 April the Treasury will offer BTPs with 3, 7 and 15 year maturities at auction up to a maximum of €7,75 billion.
Oil is consolidating at its highest level for five and a half months and this morning, with little movement, it remains above 71 dollars. Highlights of the sector titles: Eni + 1% Saipem +0,5%, on the highs of the year.
Discount day for Prysmian -4%, victim of new incidents in the UK. The company announced that some tests on the WesternLink connection triggered the security system, putting the infrastructure out of service. It's not the first time this has happened.
In sharp decline too Technogym -3,7%. The majority shareholder Wellness Holding has completed the sale of a 6,96% stake in the company through an 'accelerated bookbuilding' procedure, at a price of 10,30 euros per share. Yesterday the stock closed at 10,83 euros.
Among the best titles Azimuth +1,2% and stm+1,2%. Outside the main basket, the advance of Molmed + 9%.
In the banking sector they stand out Ubi + 1,27 e Bpm bank +1,34%, possible "spouses" in case of risk. Understanding + 0,8% Unicredit + 1%.
Fiat Chrysler falls by 0,4%. Bloomberg reveals that the company has settled for 110 million dollars to settle a dispute over misleading information to investors about diesel and failure to comply with American regulations.
Piaggio +1%. The company disclosed strong growth in Indian exports, with two-wheelers in particular seeing volumes grow by 6 times while commercial vehicles by 70%.
