European stocks up moderately led by Frankfurt where the Dax rises by 0,57% despite the surprise contraction of exports (-3,2% in February). It also decreases, in the face of tariff tensions, the Sentix Index of Eurozone Investor Confidence. But the soft tones used by Donald Trump have brought optimism back to the markets. In Milan, the index FtseMib + 0,44% travels on the maximum since the beginning of February over 23.000. Fly Madrid +0,9%, also in positive territory Paris, up by 0,2% Just below parity London -0,1%. Zurich +0,6%.
Novartis records +0,5% after announcing an $8,7 billion deal to acquire AVEXIS. The Swiss are in sharp decline Sulzer -8,5% and Oerlikon -5,4%, after their majority shareholder, the Russian Viktor Vekselberg appeared on a US list of individuals to be sanctioned.
Euro flat against the dollar, at 1,228 the day after the new electoral triumph of the anti-euro forces in Hungary.
The bond market moved little. The 0,50-year bund trades at 1,78%, Btp firm at XNUMX%.
Brent futures rose 39 cents to $67,50 a barrel. The price hit a three-week low last week. Eni +0,21%, Saipme down -1,05%. Consob contested the prospectus of the 2016 capital increase this morning.
Mark the pace Telecom Italy -0,49%, waiting for it to complete the presentation of the lists in view of the meeting of 24 April.
The first, awaited indication for institutional investors, holders of more than two thirds of Tim's capital, is for Elliott Partners. Glass Lewis, a US consultancy firm for international managers, has sided in favor of the US activist fund, in view of the meetings of 24 April and 4 May. Another proxy fighter, Iss, also sides with Elliott but asks for confirmation of Amos Genish as company head.
Mediaset -0,3%
In great evidence the banks, thanks also to the push of the turnaround in Deutsche Bank + 2,95%. The company announced last night the new managing director, Christian Sewing, appoints her. This morning, the new company boss told employees that he will take radical decisions to avoid further crises.
Since January 10, the index of Italian banks has gained 2,2% and clearly outperforms the rest of Europe (Eurostoxx Banks index -XNUMX%) despite the persistent situation of uncertainty in the domestic political framework.
At Piazza Affari Banco BPM +0,94% the day after the meeting. The company will not consider mergers until the end of 2019, reiterated the CEO Giuseppe Castagna.
UBI Banca +0,7%. President Andrea Moltrasio stated that he was against a possible merger with Ps , down 1,95%. CEO Victor Massiah said 2018 will be "significantly better" than 2017.
Contrasted the Bigs: Unicredit -0,1% Understanding +0,8%. Carlo Messina's bank has completed the possible repurchase operations of the bonds issued by Banca Popolare di Vicenza and Veneto Banca, and assisted by a public guarantee; therefore, he can proceed with the cancellation of the bonds held by him for 9,3 billion.
In the managed FinecoBank +0,9%, in March it collected 638 million euros, of which 330 million in assets under management. Acquired 9.299 new customers. Banca Mediolanum in March it achieved positive total group net inflows of 354 million.
In a study dedicated to the banking sector in Southern Europe, Mediobanca Securities states that the fear linked to the reduction of non-performing loans has penalized too much credit institutions in the periphery, which can now recover. Starting from the Italian ones such as Ubi, believe e Bper which deserve an outperform rating.
Among the industrialists Leonardo reverses the initial positive trend and is now losing 0,34 to 9,43 euros. Goldman Sachs confirmed the Buy judgment, adjusting the target price to 11 euros from the previous 10,90 euros.
Avanza Fiat Chrysler +0,67%. The purchases are supported by the decision taken by Morgan Stanley to raise the target price to 23 euros from 22 euros, reinforcing the Overweight recommendation.
