THE THUMP OF FIAT WEIGHTS ON THE MARKET SQUARE
FINMECCANICA AND THE BANKS DOWN TOO
Le European stock exchanges are going down the downward path, already undertaken tonight by the Asian lists.
In Milan the Ftse Mib index falls by 0,98% to 21309.
London is down 0,37%, Paris -0,12% and Frankfurt -0,15%. Madrid loses 0,46%.
THEeuro it is unchanged from last night's levels at 1,392 against the dollar.
Lo BTP/Bund spread it is at 154 bp. The 3-year yield is still below 2,98% at XNUMX%.
Bottom the Fiat reflectors it fell by 8,26% after announcing disappointing first quarter results together with the industrial plan. Operating profit (trading profit) was 622 million euro, against the 854 million expected on average by analysts.
Among analysts Mediobanca it cut the recommendation to Neutral from Outperform, leaving the target price unchanged at 9 euro. Equita raised its target by 8% to 9,5 euros and confirmed the Buy, but cut the weight in the portfolio by 150 basis points. Deutsche Bank confirmed the Sell judgment with a target price of 7 euros.
Exor loses 2,3%.
Cnh Industrial drops 1%, Pirelli +1% awaiting the quarterly results which will be communicated after the market is closed. Down Brembo -3%.
The macroeconomic data released this morning in are disappointing Germany: the 2,8% decline in industrial orders recorded in March, in addition to being below expectations, is also an alarm bell about the real conditions of the economic cycle.
Meanwhile, the Ukrainian crisis is starting to have a direct impact on the big stocks of the old continent. Societe Generale -1,1% it wrote down its subsidiary Rosbank by 525 million euros citing uncertainty in Ukraine and the decline of the ruble.
Denmark's Carlsberg, one of the European blue chips most exposed to Russia, lost 2,2% as it charged a decline in first-quarter profits to the Russian currency.
A few hours after starting Wall Street clouds are looming over the hi tech sector. After Twitter's collapse yesterday -17,8% expect the verdict of the market after the disappointing data released with closed lists by Zulily (-19% after the Stock Exchange) and TripAdvisor (-17%).
Returning to Piazza Affari Finmeccanica is down by 4,24% following the results for the quarter announced last night. StM drops by 0,3%.
Heavy banks: Popular Emilia drops by 3% after announcing a capital increase of 750 million euros. Banco Popolare -2,78%, Popolare Milano -3,09%. Monte dei Paschi does worse – 3,39%.
The Bigs are down too. Unicredit -1,7%, Intesa -1,8%.
Weak insurance: Generali -0,3%, UnipolSai -0,7%.
Mediaset falls -3,08%. Telefonica presented a binding offer for 56% of Digital+ for 725 million euros. The offer concerns Prisa's share of the Spanish pay-TV company also owned by Mediaset Espana.
Telecom Italia is up 1,3%. Enel climbs 0,7%, all other utilities are down, starting with the subsidiary Enel Green Power -1,4%. A2A also lost 1,4%, Atlantia -1,5%.
Among the oil companies Eni the subsidiary earns 0,4%. Saipem +0,2%. Positive Tenaris +1,1%.
Telecom Italy is up 1,3%.
