Weak European stock exchanges in the last session of the Easter week. But there are not few news that characterize, downwards, the pre-holiday day. In Milan, the Ftse Mib index falls by 0,9%, again below the barrier of 20 points, just above 19.800. The other lists of the Old Continent are also in negative territory, with losses between 0,2 and 0,7%.
In addition to growing geopolitical tensions and concerns about the imminent French elections, Donald Trump's interview on the dollar published by the Wall Street Journal also weighs on the scenario. The president said the dollar was getting too strong and he would prefer the Fed to keep rates low. The dollar is losing ground against the euro. Crosses 1,065.
Gold holds its five-month high at $1.284 an ounce, attracting defensive buys.
DESCALZI: ENI DIVIDEND SAFE EVEN IF CRUDE OIL DROP
Stable oil with Brent unchanged at 55,8 dollars a barrel. According to the International Energy Agency (IEA), after about three years of excess supply, the global oil products market is now close to equilibrium.
Eni, this morning in the meeting, falls by 0,9%. The CEO Claudio Descalzi has ensured the dividend even with very low oil prices. Saipem -1,4%, Tenaris -0,8%.
US President Trump, on the other hand, seems to want to quickly soften the tone of the anti-Chinese rhetoric: Beijing will not have to answer for the accusation of manipulating exchange rates. Yet just this morning China confirmed the recovery of its economy. In March, the trade balance returned to surplus: 23,93 billion dollars (over the estimates of 10 billion), after the drop of 9,15 billion in the previous month, the first figure in deficit for three years.
THE SPREAD TO 209, THE GREEK STOCKS FLY
Little news this morning on the European inflation front. In Italy in March the consumer price index recorded a zero change on a quarterly basis and by 1,4% over the same period of the previous year. Prices unchanged also in Germany, at 1,5% per year, in line with forecasts. In France the index marks +1,1%.
But under the pressure of the polls on the French vote which signal the rise of Jean-Luc Mélenchon, the migration of capital continues towards the safe haven of the Bunds. The German 0,175-year yield slips to +XNUMX%, the lowest level since November.
The 10-year BTP yields 2,23% with the spread on the maximum for three years at 209 basis points.
On the other hand, purchases on Greek bonds are raining. The Greek 6,4-year yield falls to XNUMX%, its lowest level for three years, the bet is on an agreement with creditors as early as tomorrow.
FCA, THE US MARKET FESTIVAL IS OVER FOR EXANE
Bank stocks are pushing the Milan Stock Exchange down again today: Unicredit -1,2%, Intesa -2%. In Piazza Affari, Fiat Chrysler loses ground (-2,26%): Exane confirms the negative Underperform recommendation and lowers the target price to 6,9 euros from 7,3. It is too late, writes the broker, to participate in the US party of SUV sales: "We believe that the worsening credit conditions for cars in the United States will soon force the market to reevaluate the bull case on FCA". The budget meeting will be held in Amsterdam tomorrow.
Weak too Cnh Industrial (-0,1%) despite strong growth in March for sales of industrial vehicles in Italy. According to Anfia, 2.365 registration certificates for new trucks were issued in the month, an increase of 52,9% compared to March 2016, and 1.958 registration certificates for new heavy trailers and semi-trailers (+14%).
Among the industrialists salt Leonardo (+1,45%). The subsidiary Atr (joint-venture with Airbus) has signed an agreement to sell 20 ATR 72-600 aircraft to Iran Air as part of the deal between Tehran and Western powers to end international sanctions. A spokesman for ATR explains that the agreement also contains an option for the purchase of another 20 aircraft. The major part of the deal is valued at $536 million and involves expedited delivery of the first four aircraft produced in Toulouse, France.
Still declining STM (-2%).
JUVENTUS RISES: DYBALA EXTENDS TO 2022
Autogrill unchanged: Equita has raised its recommendation to Buy from Hold and the target price to 11,8 euros from 9,9 euros. Enel -0,3% and Telecom Italia -0,5%.
De' Longhi rooms (+0,5%), which has reached an agreement to acquire 40% of the Swiss group Eversys, entering the sector of professional espresso coffee machines. The agreement provides for a put/call option on the remaining 60% to be exercised by 30 June 2021 but not before two years from the closing.
The rise in the stock also continues Juventus (+2,18%). Helping the rally was the news of Paulo Dybala's contract extension to 2022.
