European markets consolidate gains, after yesterday's party for the success of Emmanuel Macron in the first stage for the French presidential elections. Milan is confirmed as number one and gains 0,59%, rising to 20.805 points, with the banks still in good shape. The other squares are more cautious: Paris +0,17%; London +0,15%; Madrid +0,15%; Frankfurt +0,10%. The Old Continent takes advantage of the start-up of Wall Street, which takes off like a rocket with some quarterly reports (McDonald's, Caterpillar, 3M), while waiting to hear, tomorrow, the epochal tax reform announced several times by Donald Trump. According to the latest reconstructions, the president will ask for a 15% tax cut for individuals and businesses. The Nasdaq sets a new record and goes over 6.000 points for the first time; the Dow Jones Industrial Average hooks the threshold of 21.000, as it has not happened since last March 16th. The Russell 2000 index of small-cap companies also hit an intraday record.
The euro appreciates against the dollar and rises to 1,093 (+0,66%). Oil is weak, Brent -0,1%, 51,55 dollars a barrel. Gold falls: 1265,96 dollars an ounce -1,04%.
The mood is cooling on bonds. Investors, after having breathed a sigh of relief on France and in the light of the good macro prospects, are beginning to hypothesize an adjustment of the monetary policy message starting from June. On the other hand, nothing is expected from the ECB meeting on Thursday, pending the ballot for the Elysée. The spread of the Italian 2,06-year bond with the German Bund rises by 188.70%, 2,27 basis points, yield XNUMX%.
On the other hand, the country's system is leaking, you can't close a leak, which immediately opens another one. After niet of Alitalia employees in the referendum on the pre-agreement for the bailout, now we are moving towards placing the company in receivership and today the board of directors decided to start the "procedures established by law" and convened the meeting. According to Milano Finanza, the EU Commission expects to be contacted by the Italian government for any public aid to Alitalia.
Instead, they come from the ECB partly good news on the Npl front: Eurozone banks drastically cut their stock of bad loans in the fourth quarter of 2016. Half of the drop concerns Italy, even if, despite this, about one in ten Italian loans is considered doubtful and the country accounts for more than a quarter of euro area non-performing loans.
In the business square best stock of the day is Stm +4,32%, supported by positive signals on the sector. The Italian-French chip giant will publish the expected positive results for the first quarter of 2017 on Thursday morning. The purchases reward Saipem +3,04% which, according to press sources, could win a contract in Russia for the construction of the Moscow-Kazan high-speed railway line. Banks performed well with Banco Bpm +3,03%, Intesa +2%. Unicredit +2,46%, UBI +2,81%.
Well bought Telecom +1,47%, while Vivendi confirms its "long-term" participation. Furthermore, the appetite of the French for Mediaset (+0,73%) does not decrease: "it hasn't started very well - says CEO Arnaud De Puyfontaine, speaking at the shareholders' meeting in Paris - but our goal is to create a constructive relationship and everlasting". For Bollorè's right arm "The best is yet to come".
Tonica Cnh +2,66%, which benefits from the positive results of the Swedish truck maker Volvo. Attractive fashion, in the wake of the strengthening of LVMH's grip on Christian Dior. Ferragamo +1,33%; Ynap +1,83%. Utilities contrasted, with Snam in deep red -2,22%.
Atlantia's new crash -2,56%, on which Ubs has cut the recommendation from 'buy' to 'neutral', while the group remains grappling with the possible merger with Abertis.
Il Sole 24 ore rises outside the main basket, +9,86%, after the president of Confindustria, Vincenzo Boccia, guaranteed the will of the association to intervene on the capital increase. Good for Fincantieri, +4,97%
