A great injection of confidence runs through the European markets despite the tensions on two crucial fronts: the list of Greek reforms needed to unblock EU aid; the Iranian nuclear deal, whose outcome is still uncertain just 24 hours from the deadline for an agreement.
In Milan, the Ftse Mib index rises by 1,10% at an altitude of 23.237. Frankfurt +1,49%, Paris +1,18% and Madrid +0,86% are also on positive ground. London +0,49%.
The Btp/Bund spread drops to 116 basis points (yield at 1,35%) after the Italian Treasury placed the maximum amount, 7,5 billion euros, of BTPs and CctEu at today's auction with slightly lower rates for BTPs. In particular, for the 2019 BTP, of which 2 billion euros were placed, the yield fell from 0,56% to 0,55%, a new low, while on the 10-year maturity the yield fell to 1,34. 1,36% from 3% previous placement. On the seven-year CctEu, allocated for 0,71 billion euros, the yield stood at 0,62% compared to XNUMX% in the previous auction.
The optimism is driven by the sharp recovery in confidence indices. In Italy for consumers it went from 107,7 to 110,9, a record since May 2002, for businesses it rose from 97,5 to 103, the highest since 2008. The European PMI index, expected for tomorrow, should show according to initial forecasts, the best result since May 2011.
No less important is the opening of the Chinese central bank in favor of anti-deflation measures (Shanghai +2,3%) and the dovish statements released by Fed Chair Janet Yellen on Friday. And so Athens bonds open at 10,596%, slightly down. Brent oil, under pressure from the possible end of the embargo on Iran, falls to 58,55 dollars (-1%). The euro trades at 1,0835 .XNUMX against the dollar.
The trend of M&As is the leader in Piazza Affari. Big leap of Yoox +8%. Negotiations are underway, revealed by the Sunday Times, between Yoox +8% and Net à Porter, the English company of the Richemont team. The merger could be announced by the end of the week. Luxury is doing well, in particular Ferragamo +1,78%. Moncler and Tod's trudge along.
In sharp decline (-28%) the 2014 profit of Prada. But the Milanese maison closed the session in Hong Kong up 2,2%. Meltdown of wdf -8,1% to 10 euros in the first trading after the sale of 50,1% to the Swiss Dufry (+4,4% in Zurich) by the family Benetton. The price that the Swiss agreed corresponds to a stock market valuation of 10,25 euros per share, with a premium of around 22% compared to the average stock market price over the last six months but lower than the quotation on Friday 27 March. equal to 10,96 euros per share.
Stm instead rebounds +2,4% in the wake of Intel's interest in Altera (+30% on Friday on Wall Street), an operation worth 13,4 billion but also a sign of the possible consolidation of the sector. Prysmian did well on the day of the launch of a 7-year bond.
Fiat Chrysler on positive ground +1,39% it drives Cnh Industrial and Exor. Despite the warnings from Marco Tronchetti Provera and ChemChina, Pirelli is still advancing +0,52 at 15,4, above the bid level. The Board of Directors meeting on the accounts will be held tomorrow: a dividend of 0,36 cents is expected.
Telecom Italia +1,38%. The company conferred around 11.500 towers, which house the radio transmission equipment for the mobile telephony networks of the TLC group and other operators, to the subsidiary Infrastrutture Wireless Italiane (Inwit) in view of the IPO. Inwit's extraordinary shareholders' meeting approved the capital increase from the current 50 thousand euros to 600 million euros through the contribution by Telecom Italia of the business unit.
Eni advances +0,5%despite weak crude. Citigroup confirmed the sell opinion but the target price rises to 14 euros. Buzzi +1,2% after the purchase of Sacci.
Lastly, buy bank bonds on the main basket, in particular Unicredit +1,92%, and Intesa +1,72%. Great attention to Popular: Bpm +2,01%, Bper +1,68%. Banco Popolare +0,90%. Kepler Chevreux upgraded his view on European banks from neutral to overweight. Behind this choice the improvement of macro data in Europe and the recovery of credit. But he prefers Spanish banks to Italian ones that don't make the list of 5 favorite stocks
