Downwind winds are blowing on equity lists, already agitated by the increase in yields on two-year US T-Bonds, which rose to 2,35% after the auction. This morning, tensions were heightened by signs of a slowdown in economic activity in Europe. The index prepared by IHS Markit fell to 57,5 points from 58,8 in December, below the consensus of economists. Both France and the German locomotive are down. In February, the manufacturing PMI fell to 60,3 points (lowest since August 2017) from 61,1 points in January.
As a consequence, the Milan Stock Exchange falls in line with the rest of Europe: index Ftse Mib -0,8% below 22.500. Losses of the same magnitude for Frankfurt, Paris back almost half a point. Worse Madrid below 1%. London -0,2% limits damage.
Immediate repercussions on Waist Germans, the cooling of the economy favors the return of purchases on longer maturities: ten-year to 0,70% from 0,73%. Stable i BTP at 2,06%. The spread Btp/Bund widens to 134,9 basis points. But the market reaction does not betray nervousness in the face of the "soft" turn in the USA.
The analysis by the Unicredit research office was positive: "The coalition agreement in Germany, the easing of worries in Italy and the prospect of greater integration in Europe increase the attraction of non-core bonds". Furthermore, “the markets are still brimming with liquidity ECB (the Qe is absorbing almost all of the net issuance of BTPs this year). Finally, periphery spreads no longer seem to be indicators of market stress: the way in which the peripheral countries of the euro area are perceived has changed radically”.
The euro weakens to 1,232 against the dollar, yesterday the euro-dollar cross closed down by 0,6%. The minutes of the last meeting will be made public tonight Federal Reserve, a useful indication for understanding the central bank's next moves.
falls the petrolium: crude Brent to 64,7 dollars a barrel (-0,8%), from -0,7% yesterday. Oil companies are down. Eni -0,2% Tenaris -2,4% Saipem 2,1%.
All the blue chips of the FtseMib are in red. Under fire from the start Recordati which at the start marked the lowest price in the last twelve months at 28,74 euros, down by 4%. At 12.30 it is trading at 29,28 euros (-2,47%).
Telecom Italy earn it 0,4% after a start up slightly +0,2%. Expectations are growing in view of March 6 when the board of directors will examine the fourth quarter accounts and the new plan. In the meantime, it became known about one board meeting for Friday dedicated to the sale of Persidera, the television multiplex company controlled 70% by Tim and 30% by Gedi.
Mediaset -1,5%. Next Tuesday there is the first hearing of the legal dispute triggered by Vivendi's failed acquisition of Mediaset Premium. According to rumors, it is very likely that the parties will appear before the judge without a draft agreement: the disagreement remains.
It weighs on utility the air of rising cost of money. They brake Enel -1% Snam -1,1%. Atlantia -0,9%.
Losses also for A2A, -0,35%. The company was awarded the 1,3 billion euro tender over 12 years for gas distribution in Milan. In contention was the F2i fund. The operation is worth about 70 million Ebitda a year more.
The banking sector was also weak (-0,9% for the Italian sector index, .0,5% for the European one). Bper -0,3% Unicredit lose 1,54%, Understanding 0,84%.
Among the minor stocks, the rise of Fila +3,2%: the Blue Skye fund offered 150 million euros for Simona Candela's 31% stake in Pencil, sister of Massimo's CEO and shareholder.
Thump of Pharmafactoring bank -3,65%. The majority shareholder BFF launched a flash placement yesterday evening of an 8,8% stake, subsequently increased to 10,1%. The sale took place at 5,75 euros, with a 6,7% discount compared to yesterday's closing price.
