The prospect of a recovery in production activities sends Piazza Affari into orbit, which accelerates in the finale and closes the session with a gain of 3,09%, to 17,380 points. The stock market celebrates the start of a Phase 2, albeit a bit confused, and the stability of the opinion given on Friday by S&P (BBB with negative outlook) despite the damage from Covid 19. Maintaining the rating favors the easing of tensions on the bond issuer and consequently the banks. The spread between 10-year BTPs and Bunds of the same duration drops to 220 basis points, -6,46% and the Italian ten-year yield decreases to 1,75%.
On the other hand, the propensity for risk seems to prevail on all markets, thanks to the decline in the curve of infections in Europe and the USA, the solid presence of central banks and some better-than-expected quarterly results. Frankfurt plays the pink jersey with Milan and rises by 3,06%, driven by Deutsche Bank +11,87%, with profits in the first three months better than expected. Good Paris +2,55%, Madrid +1,77%, London +1,63%. Wall Street, after a matching opening, continues to rise, little shaken since new oil crash, due to the difficulties in American storage already at the limit of capacity, while the OPEC + cuts have not yet entered into force. WTI and Brent trade below $13 and $20 a barrel respectively.
The effects are seen little on the Ftse Mib where only Tenaris loses 0,17%as they go up Eni +1,87% and Saipem +0,87%.
Dusting the banks: Mediobanca +4,84%; UniCredit +4,2%. Understanding seals with a rise of 3,82% lthe decision of the shareholders' meeting to proceed with the offer on Ubi +2,78%, giving mandate to the board of directors to increase the capital by over one billion euros by the end of the year. The operation on Ubi Banca will go ahead even "in the presence of subscriptions of 50% plus one share of Ubi's capital", said the CEO Carlo Messina. The creation of an "Italian champion - leader on a continental level, thanks to the position of seventh operator in terms of revenue generation and third in terms of stock market value in the Eurozone - will be able to generate further benefits for all stakeholders and for the territories of choice by Ubi.
The shareholders' meeting, in the ordinary part, also approved the 2019 budget with a profit of 4,18 billion entirely in reserves.
However, the price list is guided by managed savings, Azimuth +9,47%; Banca Generali +7,76%; Post +6,54%, sector dragged by the rumors about a possible interest by Amundi for Soul, which flies almost 13%.
Stay well bought Diasorin, +2,64%, after the disappointment of not winning the tender called by the Italian government for the supply of a first batch of serological tests to identify people who have come into contact with the coronavirus, awarded to the US competitor Abbott. In any case, the Italian company has also obtained the green light from the FDA for the use of the LIAISON SARS-CoV-2 S1/S2 IgG serological test in the United States. fca marks a progress of 4,73%, on the day of the partial reopening of activities in some plants. However, the car market is suffering: registrations are practically zeroed in Italy in April, -97-98%, according to Unrae which defines the situation as "dramatic" due to the crisis linked to the coronavirus.
The currency market moved little, with the euro slightly recovering against the dollar to 1,082 pending the meetings of the Fed, tomorrow and Wednesday, and of the ECB on Thursday. Today the first one moved Japanese central bank, which removed all limits to the government bond purchase plan and adopted further measures to stimulate the recovery of the economy, also because the estimates, after the economic tsunami induced by the pandemic, are of a contraction between 3 and 5% in 2020. In light of these decisions, the Tokyo Stock Exchange gained 2,7%.
