The ECB vaccine has stopped bursa hemorrhage and the spread, but the volatility continues. After the enthusiasm, you gradually lost momentum and then proceeded with volatility. Business Square it is now up 0,76% below its open. Paris slipped into the red (-1,6%) as well as Madrid -0,68%. Frankfurt -1,5% and London -2,3% are also in negative territory.
To deflate the rises is the collapse of the Ifo index in Germany. In March, German business confidence recorded its biggest decline since 1991, losing 8,3 points, against the backdrop of a sharp slowdown in the European economy linked to the coronavirus epidemic. The indicator stands at 87,7 points, its lowest level since 2009
The rally of Italian paper is holding on the bond markets, which in any case recovered many of the recent losses following the ECB's announcement. At the beginning, the Italy-Germany yield premium on the 188-year segment collapsed to 10 basis points, the lowest for about 256 days, from 300 at the last closing after yesterday climbing well over 13.30 basis points. At 210 the gap is 1,811 points. At the same time, the 2,32-year benchmark rate dropped to 3% from XNUMX% yesterday evening after breaching the XNUMX% threshold during the day.
Overnight, the ECB decided on a new temporary program for the purchase of public and private financial instruments (PEPP - Pandemic Emergency Purchase Program) for a value of 750 billion euros by the end of 2020, in addition to the 120 billion already programmed previously. Purchases therefore rise to about one hundred billion a month.
Meanwhile, Italy is preparing new anti-recession interventions. Premier Giuseppe Conte underlined his willingness to accelerate the plan for the approval and implementation of investments in road infrastructure.
THEeuro dollar trades at 1,089, slightly down. The US currency appreciates against its major counterparts in Asia.
Il Petroleum Brent rebounds from the lows of the last 19 years reached yesterday, this morning North Sea crude is trading at 25,8 dollars a barrel, +4%. Fly Saipem+4,6%, Eni +1% has suspended the buyback and revised the industrial plan to update it to the fall in oil prices, cost and investment reductions are envisaged, in order to preserve the dividend
Gold down 0,9% to $1.472.
In Piazza Affari, the rise of Snam + 7,12 % after the accounts and the confirmation of the detachment of the dividend (0,2376 euro per share, of which 0,095 euro already distributed as an interim dividend).
Brake in reverse Cattolica Insurance -3.88% it has planned to suspend the coupon.
Generali -0,6%. The regulator IVASS is considering asking the companies to reduce the already approved dividend.
Leading the recovery of the price list is the asset management sector: PItalian innkeepers jumps 6,28% ahead of Fineco -5,93%. More on utilities: A2a + 9% Italgas + 7%.
Well the banks: Mediobanca +0,3%. HSBC raises its judgment to Buy with a target price of 7 euros. Intesa Sanpaolo + 1,5% Ubi 0,36% e Bpm bank + 0,88%. Unicredit + 0,5%.
Tim +5,26%. Agcom accepted the company's request to activate around 5.000 of its telephone signal sorting booths, present in peripheral areas with market failure.
Among the industrialists it shines Pirelli +5,5% which announced the closure until the end of the month of the plants in Romania (13% of the group's production capacity).
He still suffers Fiat Chrysler -6% it has discontinued production in North America and he warned that he will review the financial indications for 2020.
Recover Atlantia +1,8%. In the second week of March, traffic on the Italian motorway network decreased by 8,3%.
Worth noting:
Diasorin +5,3%. The competitor Qiagen beat it on time, in the race to market the test on Covid 19. The company communicated that it has received the authorization to launch the new product: the Qiagen platform is already present in over 1.000 control centers healthcare (hospitals, clinics and laboratories). Diasorin is still awaiting authorisation, having in any case completed the trial phase at two Italian hospitals (Spallanzani in Rome and San Matteo in Pavia).
Mondadori +8% reduced the stake in the newspaper Il Giornale, to 18,4%, from 50%.
