The cut in Italy's rating by Fitch does not impress Piazza Affari. After a weak start, the Italian stock market has taken the upward path, in line with the other exchanges, supported by the oil recovery and from the performance of banks. Thanks to the brilliant performance of Barclays (+5,6%), London (+0,98%) rises to first place among the markets of the Old Continent, but there are immediately after Madrid (+ 0,9%) and Milano (+0,75%). More cautious Paris (+ 0,09%) and Frankfurt (+ 0,45%).
Driving the Italian market is the thing of Eni (+1,9%), favored by the rotation of the portfolios of managers looking for lagging themes. This also explains the leap forward of Saipem (+ 3,93%).
A field day ahead for the US market, pending the outcome of the Fed meeting. A (+8% in the pre-exchange) is under great tension before the start of the session after the accounts for the quarter which showed the boom in the use of YouTube. It's Amazon's turn tonight.
However, the effect of Fitch's decision was felt in this morning's auction long btps. The ministry managed to place almost the entire offer (5,995 billion out of 6) at an increasing rate. The ten-year was awarded for 3,75 billion on requests for 4,91 billion at a rate of growth of 1,78%. The Treasury also allocated $1,5 billion of six-year maturities at 1,36%. Ccteu yields also rose. The more relaxed measures on capital being studied by the EU Commission have contributed to reducing the impact of the decision on domestic securities, which should allow credit institutions to free up part of their own funds, allowing them to increase loans. In the first four months, the Treasury collected more than 30% of the requirement.
Lo spread however, he climbed back to 228 points.
The downgrading of Italy decided by Fitch "is motivated almost exclusively by the pandemic crisis, which is global and has consequences on public finances", said this morning Eugenio Gaiotti, head of the economics and statistics department of Bank of Italy, in a hearing in the budget commissions of the House and Senate.
The best title in Piazza Affari is Prysmian (+3,6%) after the interview with CEO Valerio Battista with Sole 24 Ore. The manager said that the plants in China are running at full capacity. Globally, he worked at 72% capacity in April but now he's already at 82% and there are no order cancellations.
Highlights too Leonardo (+4,2%) promoted to buy by Fidentiis.
The purchases on managed savings continue: Azimuth +3,1%, Bank Mediolanum +2,7%. The meeting will be held tomorrow Generali. The chairman Gabriele Galateri confirmed in an interview the payment of dividends in two tranches. Going forward, he added, the company will increase interest in healthcare protection, including through insurance instruments, as well as the company's engagement on sustainability and ESG issues.
