EXCHANGES STILL WEAK, SALES ON MPS. OIL RECOVERY. SPREAD AT 325 BP
The markets try to react to the bad news coming from the East. But the rebound soon petered out with the indices dropping below parity. Piazza Affari falls by 0,6% to 16.351. London -0,17% and Paris -0,57% also fell. Sales also in Frankfurt which falls by 0,3%.
The markets are awaiting data on new home sales in the US which will be announced at 15 pm Italian time. A strong recovery is expected. The Bloomberg survey indicates growth at a rate of 325 homes a year and if confirmed, it would be the sharpest acceleration since December 2010.
Continue on slow decline of the XNUMX-year BTP: the yield rises to 5,14%, the spread with the Bund at 325 points, up 9 points on yesterday's close. The euro rose to 1,325 against the dollar, at 1,320 at yesterday evening's close.
Strong recovery of American Wti crude, which after falling yesterday by 1,8% rises today to 105,8 dollars per barrel (+0,4%). Brent at 123,75 dollars (+0,6%). Fears about supply support prices despite the reassurances received from the International Energy Agency (IEA): a Reuters survey shows that the global supply of crude oil was around 1,2 million barrels per day in March, held back by political turmoil, adverse weather and technical problems. Meanwhile, the IEA said that Saudi Arabia remains ready to compensate for any shortcomings generated by the sanctions against Iran decided by the West, adding that it sees no reason for now to draw on strategic reserves.
Weak Eni (-1,5%). Below also Tenaris -0,95% and Saipem -0,26%. On the banking front, heavy decline of MontePaschi -3%: I don't like the step back of Clessidra and Equinox in the face of the conditions set by the Foundation. Unicredit -0,7% and Intesa -0,5% were also weak, as well as Banco Popolare -0,7%, Pop.Milano -0,9%.
Mediolanum did well +3,3%, after the Chevreux data, Mediobanca and Bank of America-Merrill Lynch confirmed their positive opinion on the stock. At the sectoral level in Europe, above all, automotive stocks are making progress, with DJ Stoxx in the sector up by 1,16%. Chemicals (+0,98%) and construction (+0,92%) stocks are also doing well. Fiat goes up by 0,3%, Fiat Industrial +0,4%, StM +1,8%. A separate note deserves Pirelli gains 1,4% after Citigroup raised the target price to 10 euros from 8,5 euros.
Buzzi also stands out +3,3%: Morgan Stanley has started the hedge with a positive overweight recommendation and a target price of 11,5 euro. Enel Green Power was also positive, +2,6% on the day of the presentation of the new business plan to analysts.
