Market confidence in Italy's credibility as it emerged from the March 4 vote is beginning to creak. Based on the indications contained in the government contract, this morning sales increased both on Piazza Affari and on debt securities.
Milano it falls by about 2,23% below the 24 thousand mark. The spread between Btp and Bund it has risen to 148 points despite the clarifications of Claudio Borghi, the economist of the League who has denied that the government agreement on which the Carroccio and the M5s are working provides for the cancellation of 250 billion of Italian debt in hand to the ECB. “What we are proposing – he told Reuters – is that for the purposes of the stability pact, debt purchased under QE does not count in calculations of countries' debt-to-GDP ratios”. A clarification that does not calm the concerns of the markets about the League's willingness to "return to the pre-Maastricht situation" as stated on the Financial Times website. The yield of the BTP exceeds 2%.
They curb the requests of the Btp Italy at 8 years with a guaranteed minimum annual real coupon rate of 0,4%. The volume of applications in the first two days amounted to approximately 3,723 billion euros. As regards today's session, the requests, at the moment, amount to approximately 114,498 million euros. The German Bund is quiet at 0,62%.
The performance of the other markets improves: Frankfurt advances 0,30%, Paris recover parity, worse Madrid -0,9%. Outside the euro area London -0,12%. The stock exchanges of the Old Continent are uncertain, weighed down by fears about Italian politics despite the good performance of the mining sector and some good news on corporate profits.
The malaise of the Eurozone, largely linked to the return of the Italy syndrome, takes shape on the foreign exchange market: the euro slips below 1,18 against the dollar for the first time since 1 December. The single currency is also weak against the yen and falls to 19 (129,76 yen),
The Brent contract falls to 78,09 dollars. The physical oil market is slowing under the weight of unsold barrels of crude, while the 50% increase in the price over the past year is encouraging major companies such as ExxonMobil, Royal Dutch Shell, Chevron, BP e Total to increase production.
In the Italian list they only keep oil products. Saipem (+9%) flies to the highest since February thanks to Morgan Stanley's decision to raise the target to 5,80 euros. Bernstein also raised his rating to Outperform, with a target price of 6,60 euros. The stock has been included in the "highest conviction buy" list, a sort of selection of shares to buy with conviction. The analysts of the American broker have also raised the target of Eni (-1,8% to 19 euros from 16,50 euros), confirming the Underweight rating.Tenaris+1,8%. Brent trades just under $78, down 0,7%.
In great evidence Astaldi (+1,25%) after having touched an increase of 4%. IHI Corporation, a group listed on the Tokyo Stock Exchange with a consolidated turnover of approximately 12 billion euros, will invest approximately €112,5 million in the recapitalisation. At the end, the reference shareholder, the family's Finast, will have 35% of the capital (partly through a Luxembourg subsidiary) and approximately 50,2% of the voting rights, while IHI will have 18% of the capital and 13% of the voting rights.
Sharp decline for Mediaset (-5,5%) amid strong volumes in the aftermath of quarterly, which highlighted a weak trend in advertising in the first 4 months of the year.
Banks, the most exposed to mood swings on Italy, are down: Where's Banca -2,4% Bpm bank -3% Unicredit -3,32%, despite the promotion by Goldman Sachs which raised the target price to 25,70 euros from 24,50 euros, reinforcing the Buy rating. Understanding -2,6%.
The prospect of an income rise weighs on utilities: Enel -2,2% Snam -2,3% A2A -2,3%. It also misses out Atlantia (-2%): Standard&Poor's raises the outlook to stable from negative.
Vola Vittoria Assicurazioni (+20%). The parent company Vittoria Capital in the hands of the Acutis family launched a takeover bid on the float: minority shareholders can choose between a cash or paper offer.
Geox -5%. The company ended the first quarter with 264 million euros in revenues, down 11% year on year, worse than forecasts. Wholesale sales -9,7% to 143 million, own shops -12,9%.
Fila +1%. Results for the quarter: revenues down to 105 million euro from 118 million a year earlier, slightly worse than expected: the result was affected by the adoption of new accounting rules and the postponement of some deliveries.
Retelit -8%. Results for the quarter: Ebitda +25% to 5,2 million euro, better than expected. 2018 targets confirmed.
Sun 24 Hours +2%. First quarter data: adjusted net result of -1,9 million euros.
