Juventus' exploits are not enough to push upwards Business Square. Milan limits the damage of the coupon detachment of Snam and Enel, which accounts for 0,4% of the global figure, and yields 0,35% to 19.638 points. The other European lists are also weak which, lacking the guidance of Wall Street (closed for Martin Luther King day), turn their gaze towards China and the United Kingdom.
Data on the economy arrived from Beijing, which grew by 2018% in the last quarter of 6,4, a percentage that marks a slight slowdown compared to the previous three months and represents the worst figure since 1990. Expectations are rising for London, where Theresa May presents to Parliament the plan B on Brexit, dopo the historic rejection remedied last week by Westminster. According to rumors, the British premier will propose to the House of Commons the original agreement signed with the European Union, however, without the now famous backstop, the highly contested theoretical guarantee mechanism imposed by the EU to ensure the open border between Northern Ireland and Ireland. Meanwhile the International Monetary Fund in the updated version of the World Economic Outlook, the light shines on the dangers for 2019, among which, in addition to China and Brexit, unfortunately there is also Italy. "The costly intertwining of sovereign risks and financial risks in Italy remains a threat," said the IMF's new chief economist, Gita Gopinath, at the press conference to present the update of the estimates on the global economy. The IMF, following the line already traced by Bank of Italy, has revised downwards its estimates for 2019 on our GDP, bringing them to +0,6% from +1% in October. Forecasts confirmed for 2020, when Italy should grow by 0,9%. Expectations on the Eurozone are reduced, with 2019 GDP expected at +1,6% from the previous +1,9%.
Global uncertainty slows down the European stock exchanges which put an end to January's ride: Paris e Madrid they lost 0,3%. It gets worse Frankfurt (-0,17%), on which the thud of Henkel (-9,7%) after the 2019 accounts and guidance. On parity London (+ 0,03%).
In Milan, excluding the coupon detachment, the Ftse Mib would have closed up by 0,05%. Enel today issues an interim dividend of €0,14, corresponding to 2,6% of Friday's closing price. Snam instead it pays a deposit of 0,0905 euros, equal to 2,1% of Friday's closing.
Worst title of the list is Telecom Italy which after Friday's -7,2% dropped by a further 2,6% reaching 0,476 euro, the worst level since August 2013. Very high volumes, with over 140 pieces changed hands. The stock continues to be affected by the negative effect of the 2018 preliminary accounts and 2019 guidance, while the clash between Elliott and Vivendì reignites with the US Fund pushing for a board decision on the spin-off of the network "without further delay". The weakness of European telecommunications also weighs on Orange and Deutsche Telekom. Considering ordinary shares and savings shares, Telecom's market capitalization drops to 9,8 billion euros.
slips Salvatore Ferragamo (-2,3%), affected by the judgment of Citigroup analysts who recommend "selling" due to the slowness of the turnaround and a valuation that is still too high compared to other fashion groups. Benefits taken up Saipem (-1,39%) after Friday's rally.
Sales also on banks: Unicredit (-0,3%), Bpm bank (-0,44%), Ubi (-0,54%).
On the other side of the fence, the Juventus keep running (+5,32%) in anticipation of tonight's match against Chievo. Since the beginning of the year, the Juventus title has gained over 35%, achieving the best performance within the Ftse Mib. Well too Leonardo (+ 2,41%), Recordati (+ 2,3%) and Atlantia (+ 1,17%).
On the bond, it still falls spread between Btp and Bund, which settled at the end of the day at an altitude of 249.8 basis points from 252 on Friday, with a yield of 2,761%. On the currency market theeuro/dollar travel under 1,14 euros (at 1,136). Stable the Petroleum: Brent at 62,75 dollars a barrel (+0,08%), Wti at 54,11 dollars (+0,1%).
