The European stock exchanges retreat after the disappointing messages from the Fed. Things are worse in Piazza Affari, still held back by bank stocks: the agreement with Brussels on non-performing loans continues to arouse perplexity among operators.
Paris records a drop of around half a percentage point, London -0,4%. Frankfurt -0,8% and Madrid -0,7% are doing worse. The Ftse Mib index is the only one to lose more than one point: -1,15% to 18.635 points.
Government bond yields in the Eurozone are falling. The 0,42-year Bund slips to 2015%, the lowest level since April 2. The 0,45-year Bund is at -105%, on new historical lows. The XNUMX-year spread is stable at XNUMX basis points.
The Italian Treasury placed 5-year BTPs at a yield of 0,42%, down from 0,57% at the end of December and the lowest since November. The 1,44-year bond was assigned at 1,59% against XNUMX% in December.
The banking sector is still weak. While awaiting the Council of Ministers, uncertainty reigns over the characteristics of future bad banks: Unicredit -2% Understanding-1,8% Banco Popular -0,5%.
They do worse Ubi -2,9% MontePaschi-3,3% Pop. Milan -4% presumed protagonists of the aggregation supported by the government.
Among the financial down too Generali -1,1%: the downgrade of HSBC to Hold from Buy weighs. Also declining Azimuth -2,3%. Bucking Anima + 3%.
Following the 2015 accounts, Fiat Chrysler shares are still losing ground -3,5%. Analysts believe that the new industrial plan relies too much on the growth of the North American market. For the brokers, divided on the potential growth margin of the share, the targets for 2018 are ambitious in the light of the current macro scenario. Fiat Chrysler is looking for partners for medium and small vehicles in the USA.
For Exane (neutral rating, target price at 6,4 from 6,1 euros) “Fca has constantly reviewed its strategy in recent years, reacting to changing market trends. This time it has abandoned Alfa's volume targets and shifted the heavy lifting entirely to the NAFTA area. However, our analysis shows that the company has delayed the launch of 12 major models in this area by an average of 20 months. For the analysts of Banca Akros, after the decline of the hypothesis of a merger "it is hard to identify a strong catalyst for action".
Telecom Italia is also down sharply -3,5% which will hold an extraordinary board meeting in the afternoon. This morning HSBC confirmed the Buy recommendation on the stock, however lowering the target price to 1,25 euros from 1,35 euros.
On the other hand, oil companies strengthened in the wake of crude oil: Brent gained 2% and reached the highs of the last ten days at 33,70 dollars a barrel. Courses stabilized Saipem +2,36% after three roller coaster sessions coinciding with the launch of the 3,5 billion euro hyper-dilutive capital increase. Rights accelerate to +11%. Eni is on parity, Tenaris + 0,8%.
It bounces Finmeccanica +0,6% who will sign the contract for the supply of 31 Eurofighters to Kuwait next Sunday, January 28st. StM yesterday's rise continues and gains 1%.
Tonight, with the markets closed, the accounts of Ferragamo + 0,6%.
