Mario Draghi's silence on the next Tltro loan disappoints the banks and causes them to skid Business Square, which in the final recovers to close flat. In view of the decisions on Brexit, the other European lists have also moved little: Frankfurt +0,47%; Paris +0,25%; Madrid -0,03%; London -0,05%.
Wall Street, after an appropriate start, is now traveling at different speeds, with Nasdaq and S&P up fractionally and the Dow Jones slightly below parity, awaiting the minutes of the last Fed meeting.
Caution seems to prevail on all markets, after yesterday's cut in global growth estimates by the International Monetary Fund. Even Draghi today, at the end of the ECB meeting who left rates unchanged (they won't rise in 2019), said the eurozone is showing "slower growth that is extending into the current year". In line with his words, the single currency lost its luster, to then recover against the dollar, with the exchange rate currently around 1,125. Instead, the euro fell against the pound (0,860), on the day of Extraordinary European Council on Britain's exit from the EU, a meeting of the Twenty-seven plus Theresa May which should lead to an agreement late in the evening or during the night, to avoid a hard Brexit which would start at midnight on Friday.
Il Petroleum confirmed its strength, with Brent at 71,45 dollars per barrel (+1,19%). The WTI also moved up, 64,41 dollars a barrel (+0,7%), despite the surprise increase in US inventories. On the other hand, OPEC production dropped to 534.000 barrels per day in March due to the sharp decline in Saudi Arabia and Venezuela.
Gold well bought, at 1308,52 dollars an ounce (+0,34%).
In Piazza Affari, utilities are on the rise with Ivy +0,99% and Italgas +1,15%. Queen of the price list is Campari +1,75%. Well Pirelli, +0,99%. There Juventus touches the historic highs +0,63%, just a few hours after tonight's match against Aiax in the quarter-finals of the Champions League.
Sales sink for the second day in a row Unipol, -1,46%. Worst blue chip is Cnh, -1,62%, with Exor following -0,74%. The banks change sign several times during the session, but in the end the big ones are declining Unicredit, -0,92% and Understanding -0,67%. Also off the main list Ps yields 0,79%. According to CEO Marco Morelli, the slowdown in the Italian economy will weigh on the bank's performance this year. “I believe the recovery journey will continue in a context that is much, much more difficult.”
Despite the many warnings to Italy about the accounts and the new reality of the Def, which certifies the economic slowdown, as well as worsening debt/GDP and deficit/GDP, the bond closes positive, also supported by the accommodating words of Mario Draghi: the yield of the ten-year BTP falls to 2,56% and the spread with the Bund falling to 258.20 basis points (-1,79%). Waiting for tomorrow's auctions: the Treasury is offering between 6,25 and 7,75 billion euros in 3, 7 and 15-year BTPs. In addition, the new 7-year bond maturing in July 2026 makes its debut, which will pay a coupon of 2,1% compared to 2,5% of the current benchmark in November 2025
On the macro front, the second consecutive rise in Italian industrial production was recorded, after four difficult months. According to Istat, the seasonally adjusted index increased by 0,8% in February compared to January.
