The recovery of the Chinese economy does not convey enthusiasm to the price lists of the Old Continent which are moving smoothly towards Easter which will be preceded tomorrow by the reading of the data on the trend of European manufacturing.
Piazza Affari is the liveliest market; the Ftse Mib index +0,38% exceeds 22 thousand, only to then drop slightly below. The macro data, Minister Giovanni Tria said this morning, "are encouraging", even if interest expenditure remains too high "considering the fundamentals of the economy". The other stock exchanges in the eurozone were flat, all with variations of less than 0,1%. in Frankfurt Commerzbank is up 3% on rumors of an interest in Ing which capitalizes 53 billion euros, more than double the combined Commerz-DB. The Dutch have contacted Berlin and the CEO Zielke promising few cuts in personnel and to move the headquarters of the new group from Amsterdam to Frankfurt. London -0,11%.
The inflation rate continues to fall: the consumer price index in the euro area rose by 1,4% in March compared to 1,5% in February.
The ten-year German Bund weakens, the yield returns to the levels of five weeks ago at 0,10%, from 0,07% yesterday. Ten-year BTP rates rose slightly to 2,59% (+1 basis point). The euro appreciates at 1,130 against the dollar (+0,2%), yesterday it lost 0,2%.
Oil is at its highest since the end of October under the impetus of the growth of Chinese consumption (GDP +6,4% in the first quarter) and the clashes in Libya. Brent is trading at almost 72 dollars a barrel, up 0,4%, +0,7% last night. Eni +0,6%. Fitch gave it an A- rating. Saras +0,7%. The Moratti family has said it does not want to sell shares, it intends to strengthen the company's presence in the renewable energy sector.
The appeal for defensive stocks is declining. Thus the decline of Food & Beverage -1% (Campari -1,7%) and utilities continues: Enel -0,2% Snam -1,1%. Terna -1,2%.
The attention of Piazza Affari is concentrated on the foreseeable landslide of the Juventus – 15,4% to 1,427 euros around 13 pm after slipping in the initial bars by around 25%. Over the past 12 months, the stock has soared around 170% driven by the Ronaldo effect. Ajax advances to Amsterdam by 8,7%.
The Agnelli stable can partially console itself with the progress of Fiat Chrysler +2,02%, in line with the automotive sector supported by the Bloomberg rumors on the extension of the Chinese regulation on the purchase of cars for private use. I'm there this morning too March data on car registrations in Europe: -3,6% year on year to 1,77 million. The Italian-American group does worse than the market, -11,7%.
Supporting the rise in the Italian Stock Exchange is the good intonation of financials. It stands out among the banks Bpm bank +2,24%, who accepted abinding offer from Illimity for the sale of a portfolio of non-performing loans with a nominal value of 650 million euro. The deal is expected to be fully finalized by mid-2020, bringing the bank's gross NPE ratio to 10,3% pro-forma from 10,8%. Where's Banca +3,5%. B for Bank+ 2,25%.
In managed it shines Italian post +4,09%. Mediobanca Securities turned the spotlight on the Post Office, raising its target price from 8,5 to 11,3 euro (outperform confirmed). Between insurance Generali + 1,6%.
After the sharp decline registered yesterday by nexi at its debut (-6,22%), today the share shows a timid recovery and rises by 0,85% to 8,512 euros.
