European stock markets recovered at the end of the morning, with the euro/dollar exchange rate stable and oil continuing to rise after the lower-than-expected data on the consistency of US hydrocarbon stocks. The Ftse Mib index in Milan rises by 0,5%, over 20.300. It does even better Madrid (+0,6%). The other price lists are less brilliant. Even in negative territory Frankfurt -0,2%. Paris + 0,2, London + 0,3%.
THEeuro it is substantially stable in the 1,0675 dollar area and marginally down on the yen, to 118,08 from 118,17.
Little moved yields on the government bond market after the TV confrontation between the candidates for the French presidential elections. According to polls, Emanuel Macron would have prevailed over Marine Le Pen: the BTP is trading at 1,25% (yesterday 2,26%), the Bund at 0,24% (yesterday 0,25%), spread stable at 200 basis points.
On the macro front, it is worth mentioning thePMI index Italian services sector fell to 52,9 in March from 54,1 in February, below expectations at 54,2. France and Germany drag the euro area composite PMI to its highest level since mid-2011 at 56,4.
In the early afternoon the US data on private sector employees. Expectations are for 187 new jobs in March, significantly less than the 298.000 created by the US economy in the previous month. The minutes of the latest Fed meeting will be released in the evening. The markets' attention is already focused on tomorrow's meeting between Donald Trump and Xi Jingping.
The government will insert the norm-anti-rogues in amendment to Competition law in the Senate floor. The speaker of the Democratic Party, Salvatore Tomaselli, told Reuters at the end of a meeting in the Senate between the government majority and the Minister of Development, Carlo Calenda. The government initiative, which started after the purchases of Vivendi on Mediaset, provides for a minimum threshold of 5% beyond which the disclosure obligations will take effect.
Brent crude is trading at 54,6 dollars a barrel, up 0,9%, after yesterday's 2% increase. Oil-related stocks climb: Saipem + 1,4% Total + 0,8%. Eni +0,5% was rejected by Morgan Stanley but rewarded by Goldman Sachs. Morgan Stanley analyst Martijn Rats upgraded the rating to Underweight, from former Equalweight. The target price is 13,40 euros. Goldman Sachs analysts instead raised the target price to 17,7 euros from the previous 17 euros, confirming the Buy judgment.
In two days the stock was downgraded by two major banks, yesterday Deutsche Bank cut the rating.
In Piazza Affari, he shines in asset management Azimuth (+2,3%), after the company announced that the net profit for the first quarter will be between 57 and 67 million euros, with revenues between 198 and 215 million. The company expects first-quarter net inflows to exceed €1,7 billion, to which must be added foreign inflows in March.
Bank also goes up Mediolanum (+0,80%). The company aims to distribute a dividend of 0,40 euro per share also on the 2017 financial statements, in line with that of 2016. This is what the chairman, Ennio Doris, assured today on the sidelines of the shareholders' meeting.
Insurance in decline: Generali -1% Unipol -1%. Brake Cattolica Insurance (-1,7%) after Popolare di Vicenza sold 6% of the share capital for 76 million (€/.25 per share) with an accelerated book building procedure. Now BPVI holds 15.767.793 shares, equal to 9,05% of the share capital, on which the Veneto-based institute has undertaken a 90-day lock-up commitment.
Between the banks salt Unicredit (+1,6%). The stock remains on Goldman Sachs' Conviction Buy List. Understanding +0,2%, Bpm bank + 0,5% B for Bank +1,3%. The auto sector is still weak fca (-1,3%). Industrial stocks are up Cnh Industrial (+ 2%) and StM (+ 1,6%).
In luxury it falls Tod’s (-3,8%) after the downgrade by Equita. Back off Yoox (-0,9%). Goes down Campari (-1,1%) after marking yesterday's new all-time high.
Little move this morning Telecom Italy (-0,1%). Flavio Cattaneo wanted to reassure the market this morning. “There is no disagreement with the shareholders – he said – and in particular with Vivendi, with whom he shares strategies for the future; I am very satisfied with the results we have achieved so far and with what we are achieving". But Cattaneo, whose reconfirmation is awaited, would not like the appointment of a strong president like Arnaud de Puyfontaine, managing director of Vivendi who has already met the representatives of Assogestioni.
Goes down Enel (-0,9%), little move Mediaset (-0,3%).
Giglio Group jumped 6,9% after announcing two deals in the US with Macy's Backstage and Bloomingdale's Outlet of which it will be the official supplier.
