After a weak start, the European markets are recovering. However, concern remains for the turbulence of bond listings and for the decline of the dollar. The US currency trades at 1,1404 against the euro.
Meanwhile, the index is in Milan Ftse Eb it gains 0,40% in the middle of the day, to 23.305 points. The other European price lists are weaker: Paris unchanged, Frankfurt -0,13% London -0,21%. Small gain a Madrid (+ 0,06%).
In the first negotiations, the spread between ten-year BTPs and their German counterparts is at 117 points, from 118 points at yesterday's closing. The yield remains high at 1,93%. The spread Bonos/Bund scores 118 points, for a rate of 1,9%.
Il Italian public debt it rose in March to 2.184,5 billion.
Avanza Generali (+1,1%). The company ended the first quarter with growing net income by 3,3%, to 682 million euro, in line with analysts' expectations, and an EBIT up by 6% to 1,3 billion, the best figure in the last seven years (beyond Banca IMI's forecasts, but below those of Akros). The Life segment supported the performance. The new industrial plan will be communicated on 27 May.
Regarding the stake in Telecom, the CFO of the company Alberto Vignali said: “It remains a financial and non-strategic stake. Each decision will be taken by evaluating market conditions, share performance and our asset allocation”.
Telecom Italy +0,9%, to 1,09 euros, driven upwards by the confirmation of the deal between 3 and Wind. Back off later the quarterly Telefonica (-0,83%), despite a 162% jump in net income to 1,8 billion euros in the first quarter thanks to the sale of British operator O2 to Hutchison Whampoa for 14 billion euros and a more favorable foreign exchange effect .
It bounces Mediaset (+1,5%) after the splash on Wednesday. The quarterly of Snam (+1,1%): net profit up by 11,3% to 325 million euro and ebitda of 717 million, down by 2%. According to ICBPI, the results are in line with expectations.
Sale Eni (+0,48%) which took over the dossier relating to the deconsolidation of Saipem (+0,39%). The US fund Dodge&Cox increased its stake in the engineering company by another 0,20% of the capital, consolidating its position as the group's second shareholder with a stake of more than 9%.
In Piazza Affari, the Luxury sector slows down. After the boom, it retreats Moncler (-3%): the private equity fund Eurazeo proceeded with the placement of 7,8% of the capital. The slowdown of the dollar is at the basis instead of the decline of Ferragamo (-4%): the fall in the euro contributed significantly to the good results in the first quarter.
The trend reversal on the currency markets also weighs on Rest (-0,8%). Tod’s loses more than 2% after the accounts showed an Ebitda lower than analysts' expectations, down 17%. In the light of the results, several investment banks cut their target prices on the stock.
Among the bankers Mount Paschi volatile, it now gains 1,8% after the ECB's go-ahead for the capital increase. Contrasted the rest of the industry: Unicredit -0,5% bpm -0,7%. Better the Banco Popolare (+ 1,5%) and Mediobanca (+ 1%).
Finally, the Juventus celebrate with a jump of 5,09% the passage to the final of the Champions League: qualification adds another €11m in UEFA prize money.
