La ECB cut interest rates to 0,50% from 0,75%. The cost of money has thus reached a new record low in the Eurozone. Following the ECB's move, the FTSE improves but, after a brief rise to +0,07%, continues to travel in the red at -0,18%, however reducing losses compared to the previous -0,7%. Although the monetary policy decision was expected, the other European stock exchanges also reacted positively overall after an uncertain morning with a contrasting trend: Paris rises by 0,13%, Frankfurt consolidates its rise at +0,50%. London resets the losses and moves close to parity.
Sul macroeconomic front in April, the manufacturing PMI in the Eurozone fell slightly to 46,7 points from 46,8, thus always remaining below the value of 50 points in the area which signals an economic contraction. The figure is slightly higher than the consensus which was based on an estimate of 46,5 points. Germany's manufacturing PMI also fell to 48,1 from 49 in March.
Traders continue to look favorably on ai government bonds of the euro area. In the morning the ten-year BTP it reached its lowest yield since October 2010, at 3,84% and a differential of 263 basis points. France placed 8 billion of medium and long-term bonds, of which 4 billion relating to the 2013-year bond in May 1,81 which recorded a yield at a new historic low (XNUMX%).
The eyes of the markets are also turned to the OECD report which revised downwards the 2013 GDP of Italy to -1,5% predicting a return to growth not before 2014 to +0,15%. Furthermore, according to the OECD chief economist Pier Carlo Padoan, he noted that if the overrun of the Italian deficit/GDP, forecast by the OECD at 3,3% in 2013, occurs, action will have to be taken to correct it and close the excessive deficit procedure with Brussels . At the moment, for the OECD, there is no room for a significant tax cut, with the elimination of the Imu which is not considered a priority: the first thing to cut are taxes on labour. In any case, the elimination of tax breaks without economic justifications would make it possible to increase the tax base and therefore adjust the marginal rates "with no impact on revenues". However, the priority for the OECD remains debt cutting because "with a debt/GDP ratio close to 130% and a particularly heavy debt amortization plan", the country "remains exposed to sudden changes in the mood of the financial markets" .
On the OECD data the neo Minister of Economy, Fabrizio Saccomanni, specifies that the estimates "do not take into account the impact of the decree for the repayment of public administration debts" which will already exist in 2013 and 2014. At the same time he underlined that by early June the EU procedure on the excessive deficit it can be "closed", which would be an acknowledgment of the progress made and an important signal for the markets. Saccomanni indicated that Italy is continuing along the path of structural reforms for growth and that the government's strategy "is oriented towards growth with decisive actions for recovery and employment: it is with growth that the debt burden is reduced ”.
In Piazza Affari it is losing ground Tenaris -5,5% after first quarter results below market expectations, Buzzi Unicem -3,10%, Mps -1,78%. The Fiat galaxy was negative, still penalized by the quarterly results with results below analysts' expectations. Fiat Industrial -1,40% and Fiat -2%. However, the entire auto sector was negative in Europe. Italcementi dropped 2,9% after Goldman Sachs cut its target price.
Featured on the FtseMib A2A +3,6% which benefits from the positive expectations of the market for the next quarter, Mediaset +2,55%, Azimut +1,63%, Campari +1,62% and Tod's +1,54%. Fondiaria +0,65%% while Savings jumped by 11%. The Unipol insurance group (+1,3%) does not rule out the cancellation of the Unisai savings bonds, while the assets for sale have garnered interest from Allianz, Aviva and Axa.
Pounce Impregile it, +4,5% with trading suspension at +9,5%, on the highs since 2008 pending the super-dividend.
