Financial markets down at the end of a morning marked by the intervention of the number one of the ECB. Business Square veered downwards (-0,22% below 21.100), Madrid -0.08%. Also in red Paris (-0,40%) And Frankfurt (-0,32%). London -0,30% while the pound awaits new developments on the Brexit front.
Also Mario Draghi, in line with what was supported by the Fed, therefore took the field ensuring the protection of the institution against the risk of recession. Speaking in Frankfurt, the ECB president reiterated that “a substantial monetary accommodation is still needed to ensure the path of inflation convergence towards the long-term objective. We must reflect – he added – on possible measures capable of preserving the favorable implications of low rates, mitigating the negative effects, should they occur”. In short, the ECB is ready to further postpone a possible rise in interest rates if necessary.
Meanwhile, new alarm signals have arrived from predictions of Confindustria Study Centre: the Italian economy is expected to essentially stagnate this year (zero growth) and show little improvement in 2020 with growth of 0,4%. Compared to the October forecasts, growth for this year has been revised sharply downwards (0,9 points): three quarters from lower domestic demand, one quarter from foreign demand.
To make matters worse are also the advances on new government estimates for growth and debt which should be contained in the Def. The government bond market is consequently worsening: the spread jumps to 260 points (from 249), the highest since the end of February. The 2,54-year yield to 2,45% (from 0,05%). Meanwhile, the Bund rises: its yield falls to -2016%, the lowest since October XNUMX.
This morning the treasure it placed 6 billion euro of six-month securities against requests that reached 9,557 billion euro and a coverage ratio of 1,59. The average yield stood at -0,062%, 6 basis points less than the previous auction on February 26th.
To counteract the decline, the government seems oriented towards presenting an expansive maneuver capable of having a positive effect of around 0,15% on GDP in 2019.
Il Petroleum, which rose by more than 1% yesterday, traded at 67,9 dollars a barrel this morning, -0,1%. Saipem -0,4%.
Impact their, at $ 1.318.
In Piazza Affari the star of Fiat Chrysler (+3,13 to 13,50 euros). The Financial Times writes this morning that within a year or so of the aggregate Renault-Nissan, under renovation after the storm that hit Carlos Ghosn, the offer for the group headed by Exor could arrive. For the moment, the French company is working on the merger with its Japanese subsidiary. In the French stock exchange, the car manufacturer's stock is up 1%.
The banks are holding thanks to the support of Draghi's words. Unicredit (+1%) started the process of divestment of 2,4 billion euro of non-performing loans.
Bpm bank (+ 1,3%) and Where's Banca (+0,2%) could sell their stakes in Nexi, taking advantage of the market launch of the payment company at a valuation of between 7,1 and 8,1 billion euros. Utilities slow down. Enel -0,8%. A2A -0,6%. Iren +0,2%. From April XNUMXst to the end of June, electricity and gas bills will be cheaper, according to the Energy Authority. This is a temporary adjustment, due to the climate, it is not a revision of the tariff system.
Tim -0,4%. Tomorrow's board meeting, convened to examine Vivendi's governance complaints, has been postponed until after the March 29 meeting, Reuters said.
