Spreads up in view of the new government formed by M5s and Lega. While Luigi Di Maio and Matteo Salvini discuss programs and appointments announcing "important steps forward", Piazza Affari widens the losses, achieving the worst performance on the continent. In the middle of the day the Ftse Eb it drops 1,5% and returns below 24 thousand points, despite the excellent performance of Unicredit, in the running after the quarterly reports.
Not even the – positive – data on the Milan stock exchange was enough to keep the Milan stock exchange afloat industrial production published this morning by Istat. After two consecutive declines, production grew by 1,2% in March compared to the previous month. Encouraging signs from consumer goods (+2,5%) and energy (+1,3%). Capital goods (+0,8%) and intermediate goods (+0,7%) also rose.
Contrast other European exchanges: Frankfurt + 0,6% Paris -0,05% Madrid -0,1%, London (-0,2%).
The futures of Wall Street awaiting April inflation data and while the price of the Petroleum it continues to rise with WTI and Brent reaching respectively 71,6 and 77,5 dollars a barrel in the wake of the drop in inventories highlighted by the EIA's weekly data.
Returning tobond, the differential between Italian ten-year bonds and German Bunds at the start of the day reached its highest level in three months, rising to 140 basis points before settling at 137 (from 132 yesterday). The yield of BTPs instead reaches 1,95%, up from 1,88% yesterday evening.
The nervousness that is affecting government bonds is weighing down utilities, which, however, are also falling in the rest of the continent (the sector's stoxx drops by 1,1%). In Milan the worst is A2a, in the red by 3,6% pending the accounts. Bad too Enel (-3,5%) despite the sharp rise in profit achieved in the first three months e Terna (-1,9%). The position of the 5 Stars on fundamental policies for the sector also weighs on Italian securities. As Equita points out, the M5s program includes a stop to the privatization of water with the possible removal of the authority's powers over the sector, opposition to waste-to-energy plants and a block on the liberalization of protected customers, all negative elements for utilities. However, the League acts as a counterpart, with diametrically opposed ideas on these issues.
The worst title of the Ftse Mib is Bpm bank (-4,2%) which this morning has published quarterly accounts which recorded a net profit of 223 million, below analysts' expectations.
The decline continues Telecom Italy (-3,4%) after the change of Governance and the fine imposed by the Government in the exercise of the Golden Power. To weigh on today's performance, however, there is also the sharp decline of Tim Brasil on the São Paulo Stock Exchange after the company's decision to make its subsidiary pay royalties on the Tim brand. In the meantime, the company headed by Amos Genish has announced an agreement which will allow TimVision customers to view all free-to-air channels of Mediaset (-1,16%).
After a morning on the summit of Ftse Mib Poste Italiane (-0,3%) turns negative despite thesurge in profits (38% to 485 million) made in the months of January – March. The publication of the quarterly is good for ad Unicredit (+1%), the only bank in positive territory, with Jean Pierre Mustier not closing on a possible pay-out increase after 2019.
The luxury is also good: Moncler (+ 1%), Yoox (+0,5%) later the conclusion of the takeover bid launched by Richemont and the ok to the delisting.
Out of the main price list the benefits up Astaldi (-4,5%) put an end to last week's rally. Down too Tod’s (-5%) And Creval (-4,5%), runs sapphire (+ 7,7%).
