The confirmation from the Fed's minutes of the upward trend in US interest rates, combined with the drop in confidence among German businesses, are conditioning the performance of share prices this morning. Business Square it leaves just over half a percentage point on the ground, the Ftse Mib index around 22.500. Similar trend in Paris, better Madrid (-0,2%). More marked, around the percentage point, is the decline of Frankfurt e London.
Among the macro data of the day, the most positive concerns the trend of orders to Italian industry grew in December by 6,9% year on year and by 6,5% compared to November. But the negative note is represented by the drop inIfo index which measures the confidence of German businesses, which dropped in February by more than two points to 115,4. In January he hit a career high with 117,6 points. The figure is lower than market expectations at 117. After the publication of the Fed's minutes last night, today will be the turn of the last meeting of the ECB.
In the meantime, yields on government bonds in the Eurozone have not moved much, in contrast to the strong rise in US bonds. 0,73-year Bunds are stable at 2,05%, BTPs XNUMX%. Tonight the Treasury will announce the amount of the medium-long term auctions, the last before the elections. Intesa Sanpaolo plans to launch a new Btp 5 years alongside the reopening of the ten-year agreement in February 2028 and of the Ccteu 2025, for a total amount of 9 billion. Greek government bonds are recovering strongly thanks to the promotion by Moody's: the two-year bond trades at 1,20%, -27 basis points compared to yesterday.
The movement in rates affects the currency markets: the euro slips towards 1,22 against the dollar.
Il Petroleum Brent, penalized by the strength of the dollar, fell by 0,7% to 64,9 dollars a barrel. US Crude Inventories data is released today. The Bloomberg consensus expects an increase of 3 million barrels, while API, a consultancy firm, expects a drop of 0,9 million barrels.
In Piazza Affari, after the accounts, it shines Tenaris (+3,3%): the fourth quarter of 2017 closed with earnings per share of $0,14, above analysts' expectations ($0,10), thanks to the contribution of investments and tax recoveries. Adjusted Ebitda of $319 million, up 77% year over year: consensus at $295 million. The pipe manufacturer expects 2018 to grow. Eni loses 0,7%, Saipem -1%.
Also up sharply A2A (+3,2%), after the confirmation of the contract with the Municipality of Milan. Kepler lifts judgment to Buy.
The other utilities affected by the upward trend in interest rates fell (since the beginning of 2018 the European Stoxx index -8%): Enel -0,7% Snam -0,8%.
Atlantia (-0,7%). The company could bring the offer for Abertis above 20 euros per share.
Also declining Telecom Italy (-1%) after the Antitrust launched an investigation for abuse of the dominant position.
Mediaset (-0,6%) rejected Vivendi's settlement proposal. The parties meet in the arbitration room on February 26, a settlement of the dispute on Premium seems very unlikely.
The prospect of an increase in the cost of money supported US banks yesterday. This morning, however, in Piazza Affari the credit sector marks time: Understanding e Unicredit -1%. Ubi has eliminated the losses, Equita raises the target to 4,70 euros.
Creval it slips to new historic lows at 0,1025 euros, now one step away from the price of the new shares set at 0,10 euros.
To report Generali (-0,4%). The company said it will invest more in green businesses and reduce exposure to coal companies.
Il managed celebrates new records: total net inflows up by €17,3 billion in the fourth quarter of 2017, strengthened by the launch of the PIRs, up for the twentieth consecutive quarter. Assets reached a new record, reaching 2.089 billion euros (from 2.056 billion).
Among the industrialists in decline, the Agnelli team. Fiat Chrysler loses 1,5%. Ferrari -2%. Also declining Cnh Industrial (-1%). Commercial vehicle registrations in Europe rose by 8% in January. The holding moves back Exor (-1,4%) after the announcement of the results of the subsidiary Partner Re: if we exclude the losses caused by the fires in California, equal to approximately 120 million dollars, the data are in line with the expectations, both of the reinsurance than consent.
Weak too stmicroelectronics -1,6% Prysmian -1,2%. Buzzi -1%.
Salini Impregilo (+2%) was awarded a new contract in Saudi Arabia worth 1,3 billion dollars.
Astaldi -2%. Chairman Paolo Astaldi said that the capital increase will be carried out in a single operation.
