The geopolitical climate is stormy and the most indebted countries pay the price: the spread reaches its highest point in three years (206.30) and Piazza Affari closes at -0,46%, 20.109 basis points, with banks in deep red. The other European markets were also weak, with the exception of London, which travels on its own, +0,23%. Frankfurt loses half a point, Paris -0,11%, Madrid -0,2%. Wall Street opens lower and worsens during the session, puzzled by the President Donald Trump's muscular policy and awaiting the start of the new quarterly cycle. Weak financials. Among the worst headlines is United Continental, after a video of a passenger forcibly taken off a flight on Sunday due to overbooking.
The dollar loses slightly altitude. The euro recovered to 1,062, +0,25%. Oil fell fractionally, Brent -0,55%, 55,67 dollars a barrel, after the positive phase, partly due to the new records of US inventories. Uncertainty pushes precious metals up: gold gains 1,35% and reaches 1271,69 dollars an ounce.
The same uncertainty, however, weighs on the secondary sector and the differential between Italian and German ten-year bonds reaches 206.30 (+2,28%), a yield of 2,28%. However, the Treasury filled up the auction of annual BOTs, for 6 billion euro, with a gross yield down, -0,239% (1 basis point less than in the previous auction). Worth noting is the yield on the French 1-year bond, close to the 0,96% threshold (+XNUMX%), with the presidential elections in April holding the entire Eurozone in check.
In Piazza Affari today the credit sector weighs above all. According to Bank of Italy data, the gross non-performing loans of banks in February returned above the threshold of 200 billion (+1,5% compared to January), even if the net non-performing loans are down (-0,4%). "The question of Italian banks, of non-performing loans is complex - says Minister Carlo Padoan - it has some critical points, but it is also absolutely manageable both with system measures, which we have introduced, and with specific measures". Meanwhile, the Ministry of Finance is studying the transfer of shares in investee companies to CDP to cut the public debt. This was reported by a Reuters source familiar with the situation. The plan, dubbed Capricorn, could involve equity investments worth at least 20 billion euros.
Looking at the titles in detail: Banco Bpm -4,35% and Unicredit -3,02%. B per drop -1,35%; Understanding -0,95%; Mediobanca -0,98%. Banca Generali moves against the tide, +0,75%. Asset management performed well with Azimut +0,94%; weak Finecobank -0,31%.
Sales hit Stm heavily, -3,64%, in a sector tested at European level by rumors according to which Apple could cut the chip supply contract with the Anglo-German Dialog Semiconductor. Similar rumors had interested the English Imagination Technologies last week and today they suggest that the Cupertino giant can start an autonomous production of chips,
Buzzi -0,91% and Cnh -0,7% are down. Oil companies lose share with Tenaris -0,49%; Saipem -1,24%; Eni keeps the course +0,13%. Post office sales prevail -0,8%. Utilities were positive, led by Italgas +2,09%. Good for Enel and Snam +0,6%; powder A2a +1,17%. Purchases for Atlantia +1,66% and Recordati +1,47% after the shareholders' meeting and the first quarter 2017. Fiat weak, -0,21%, which experiences a flare during the session, due to rumors about the sale of the subsidiary Magneti Marelli.
Out of the main basket, Autogrill clears out, with the corporate reorganization, +8,1%, 10,1 euros per share. This is its all-time high and analysts see the possibility that, when unbundled, foreign assets could be worth much more than now, in line with rival groups. Trading boom with 4,1 million shares changed hands. Sol Rally +7,78%, close to the maximum, still in the wake of the brilliant 2016 results. Avio still shining, after yesterday's grand debut: +3,73%.
