Once again this morning Piazza Affari is leading the race for the European stock exchanges, supported by the prospect of an end to the trade dispute between the United States and China. The Milan index advanced at 12,40 by approximately 0,6% above 19.900 points. Frankfurt and Paris were also positive +0.3%, Madrid flat. London goes up by half a point.
To favor the Italian market contributes lpositive outcome of the medium-term auction. All the securities were placed at falling rates and in the face of strongly growing demand. The three-year bonds were awarded at 0,99%, the lowest yield since May 2018. Sold out even for 7-year BTPs; against a demand of 3,987 billion euros, all the 2,25 billion euros offered were placed with a coverage ratio of 1,38, the lowest since September 13 of last year. I returns they dropped to 2,26% from the previous 2,35%.
The 2,84-year BTP moved little to 2,87%, which had already risen to 265% before the auction. The spread fell to XNUMX points.
The effect of the news of Santander's failure to call a hybrid bond, which had conditioned the banking sector in the early stages, has returned.
Banks are prominent. Mount Paschi +3,58% rises after the interview with CEO Marco Morelli who also spoke of possible combinations as a decisive element for the development of the bank in the medium term.
Stable Bpm bank +0,07% after the rally of recent days following the ECB verdict on the Pillar 2 requirements of the SREP of 25 basis points. Citi raises the rating to Buy. Unicredit +1,76%, it is preparing to sell 2,5 billion euro of non-performing loans, in order to further reduce exposure to NPLs, 7,7% at the end of the year. More cautious Intesa Sanpaolo +0,3%. Berenberg cuts the target price to 2,2 euros.
Asset management companies are also highlighted. Lead the race Azimuth + 3,44%. General Bank + 2,5%. Anima + 2,3%. Fineco Bank +1,8% is the highest since October.
The euro is little moved to 1,131 against the dollar, after the publication of data on industrial production in the euro area. In the 19 countries, in December there was a decline of 0,9% month on month, against the -0,4% estimated by the consensus.
Pound slightly down against the dollar to 1,288, on the eve of the Parliament's vote on Theresa May's latest proposals regarding Brexit. The Swedish krona appreciated after the central bank confirmed its willingness to proceed with another rate hike in the second half of the year. The Riksbank was thought to drop the issue.
Brent-type oil traded at $63,3 a barrel this morning, up 1,3%, and closed yesterday with a gain of 1,5%. This morning, the OPEC secretary general, Mohammad Barkindo, urged members of the organization to respect the commitments on production cuts.
Eni + 0.70%. Saipem + 1,6%.
On the day in which another Made in Italy family, Trussardi, leaves the scene, which cedes control to a fund but not operational management (according to the scheme already adopted for Versace), Moncler advances by 0,9%.
It starts again Fiat Chrysler+ 1,3%. Brembo +2%. Well too Atlantia +0,87%. Abertis has reached an agreement with Red Electrica for the sale of 89,7% of Hispasat for 949 million euros.
Una shot in the arm for Astaldi which, after a brilliant start, drops to – 1,05%. The company issued a 75 million euro super senior secured bond, fully subscribed by entities affiliated to funds managed by Fortress Credit Corporation. Salini Impregilo meanwhile is preparing to come forward with a recovery plan based on a capital increase of 250 million euros, but it seems that the banks do not like it.
