It is not known on the basis of what information the Exchanges have turned to the upside in the late morning, adopting the line of a possible easing of the conflict in Ukraine. Accelerate Milan +0,7% just below Frankfurt. Piazza Affari confirmed all topics in ferment announced for today. The futures of the US markets also rose. The global stock exchanges thus embark on the second positive week in a row.
And the prices of oil -2% and natural gas -4% are down pending the decisions of the European Council. The spread between the BTP and the Bund drops to +149,93 basis points at 13 pm.
Borsa Milano changes pace
A clear improvement compared to the opening conditioned by the negative data arriving from Italy and Germany. Beyond the Rhine, the Ifo index marked its lowest point since 2020. In the meantime, consumer confidence in Italy collapsed in March to its lowest level since January 2021. The confidence index in the manufacturing sector also fell, albeit less markedly, to 110,3 from 112,9 (revised) in February. “The marked downsizing of the consumer index – writes Istat – is essentially due to sharp deterioration in expectations both on the economic situation of the country and on the personal one, as well as an increase in expectations on unemployment”. Meanwhile, German ECB member Isabel Schnabel makes a dovish opening: The European Central Bank could consider extending its asset-purchase program beyond this summer if the euro-zone economy plunges into a "deep recession" due to of the conflict in Ukraine.
Telecom Italia runs, Generali does well, Saipem crashes
In Piazza Affari continue the race for Telecom Italia +4,4% at €0,341. Kkr has confirmed its interest in the former incumbent, while insisting on due diligence.
It collapses instead Saipem -6,7% confirming the news of a capital increase of 2 billion euros to be completed by the end of the year.
Tenth consecutive session of growth (out of eleven) for Generali + 2,1%. The increase coincides with the presentation of the Caltagirone list for company governance. “Our ambition is that at the end of the plan Generali will have a decidedly higher capitalization than the current one”. This is what Claudio Costamagna, candidate for president for Leone with the Caltagirone list, declared. “If there were a large-scale operation that creates long-term value – he added – we would have no hesitation in considering a capital increase”. "But today from our estimates for the M&A we would have 7 billion available, therefore there is no need for any increase". The former investment banker at Goldman Sachs told the Financial Times that Mediobanca's presence in the capital has "limited" the group's potential for large acquisitions in the past. The strategic program presented today sees a profit range of 4,2-4,6 billion by 2024 with an estimated Cagr of 14% "through organic and non-organic interventions (EPS organic Cagr greater than 11%) with around 1,5 .1,6 – XNUMX billion euros of investments in digital and technological transformation”.
Among the increases during the day, Campari +3,8% and Stm +2,5% stand out. The banks suffer: Unicredit and Mediobanca -1,5%, Intesa -1%. Poste Italiane down -2,5%.
Worth mentioning: Tenaris +0,68%: Mediobanca raises its target from 13,80 to 15 euros, remains Outperform.
Leonardo +0,75%: Goldman Sachs raises its target from 9,20 to 11,20 euros, remains Buy.
