The economy slows down, the stock markets show new progress. The trend is also confirmed this morning by markets which are awaiting, apparently calm, the examination by Fitch, the first of the agencies (Moody's will follow on March 16) to give a ruling on the Italian debt. Unicredit experts expect an unchanged opinion. Milan advanced by 0,2% around 22.250 basis points. Leading the rise is Frankfurt +0,5% ahead of Paris and Madrid +0,3%. London was also positive +0,37%.
The German stock market advances despite new signs of decline in industry beyond the Rhine. The IFO index based on the business climate in Germany, falls to 98,5 in February from 99,3 in January (data revised from 99) . In the press release, the chief economist of the institute for statistical surveys foresees a continuation of the current phase of economic weakness. The governor of the Austrian central bank, and also a member of the Government Council, Ewald Nowotny, has declared that he is in favor of a new TLTRO, although the size has not yet been defined and no decision has been made. The operation should start in June. The floor now passes to Mario Draghi, whose speech is expected at 16 pm Italian time.
The consumer price index in the euro area rose by 1,4% yoy in January, in line with consensus and preliminary data forecasts.
Lo spread Btp/Bund trades at 278 basis points with the yield on the Italian 2,858-year bond at XNUMX%.
This morning the Italian Treasury placed 2,25 billion euros of Ctz 2020 at a yield of 0,592%, up from the previous 0,366%. The request amounted to 4,103 billion.
The seventh tranche of the 5-year BTP-i maturing on 15/05/2023 was also placed: against requests for 1,458 billion, the amount issued amounted to 849,5 million, while the yield stood at 1,10 %. The 22nd tranche of the 15-year BTP-i maturing on 15/09/2032 was also assigned: the amount placed was 400,45 million against a total demand of 790,75 million. The yield stood at 2,24%.
In Piazza Affari it is telephony day. Tim +2,6%, after a downward start. On Thursday evening, the company announced the data for the quarter, the new industrial plan and the formal start of negotiations with Open Fiber regarding a possible aggregation. 2018 results were slightly weaker than expected, especially for mobile customers. Revenues from mobile services -11%. The company expects a still weak 2019, with a slight recovery expected in 2020-2021. 2018 closed with a drop in organic Ebitda of 3,4% to 8,1 billion euros, slightly below estimates.
But above all the Ad Gubitosi has played the Vodafone card on the network . The subsidiary takes off Inwit +13,3% which could merge with the tower area of Vodafone Italia: the two companies announced this in a press release yesterday evening, which also say they have started an industrial collaboration in the new generation 5G telephony.
Telecom towers also rise in the company's wake Rai Way +3% to 4,65 euros. On the stock, Intermonte Sim has a Neutral rating with a fundamental target price of 5,20 euros. The consensus collected by Bloomberg has an average target of 5 euros.
Salt too stmicroelectronics +1,13% on the wave of the positive results of the Dutch chip maker ASM International which announced last night that it had received orders for 301 million euros in the last three months of last year, well above estimates.
The banks subject to a report on the sector by HSBC were also positive.
The English institute promotes B for Bank +1,9% to Buy from Hold. Reduced instead the target of Where's Banca +0,39% (at 2,40 euros) and by Bpm bank -0,1% (at 2,10 euros).
In the Agnelli stable he recovers Exor, unchanged after the initial decrease. The subsidiary Partner Re, which represents about a third of the NAV, has published the 2018 data. The result was penalized by the claims related to the California fires.
Fiat Chrysler +0,2%. The board of directors proposes an ordinary dividend of 0,65 euro.
It also bounces Juventus +1,79% after Thursday's collapse (-11,11%).
It also recovers Prysmian +1,38%, another victim of the reverses of yesterday's session.
Out of the main index they advance:
- Coima Res +0,77%, it released its 2018 results this morning: net profit of 46,3 million euros, +60% year on year. Collections from rentals +5,9% to 36,3 million. sapphire + 7,5%.
