The Ftse Mib closed the last session of March down by 0,44%. Sales, more marked, also on the other main European indices, accompanied by the decline of Wall Street: Paris -0,98%, London -1,72%, Frankfurt -0,99%.
However, such a positive first quarter has not been seen for some time: in three months the blue chip index gained more than 20%, also thanks to the expansive policies implemented by the ECB. The Btp-bund spread is down 106 basis points.
We note the placement of the CDP which today placed 10-year debt bonds on the market for 750 million euro against an initial benchmark funding target, therefore of at least 500 million. Demand was very high, over 2 billion. According to Radiocor, the bonds were priced at 95 basis points above the midswap, down from the initial guidance which was 105-110 basis points above the midswap, and only 25 basis points above BTPs of similar duration.
Today the markets are busy absorbing the different macro data released today. In Italy, after yesterday's positive data on consumer confidence, which rose to its highest level since 2002, the unemployment figure disappoints, rising again after the drop in December and January: it goes back to 12,7% (+0,1% ), while the unemployed under 29 represent 42,6% of the population. Even if less than expected, EU unemployment is down (11,4% against a forecast of 11,2%).
On the price front, deflation still worries. In March, inflation rose month-on-month by 0,1%, but recorded a drop of 0,1% compared to twelve months ago. Even the Eurozone remains in deflation: -0,1% in March, but better than estimates.
On Wall Street, the Dow Jones dropped 0,66% and the S&P500 0,36%. The sales hit energy stocks most of all, with WTI oil still down 1,23% to $48,08 a barrel as negotiations with Iran entered their final stages. But the words of the governor of the Richmond Fed, Jeffrey Lacker, do not help, for which the US central bank should start raising the cost of money relatively soon, "unless the incoming macroeconomic data do not deviate substantially from the forecasts" .
Consumer confidence is also rising in the US: the confidence index prepared by the Conference Board rose to 101,3 in March from 98,8 in February and against expectations for 96,4. In terms of exchange rates, the euro weakened to 1,0749 dollars.
Yoox is still on the shields in Piazza Affari +11,09% which jumps after the merger agreement with Net-a-Porter, the company in the e-commerce sector controlled by the luxury giant Richemont. The result is a group with a turnover of 1,3 billion. In luxury, Ferragamo does well +1,95%. Also highlighted is Buzzi Unicem +2,95% after some positive assessments by analysts. Contrasted banking sector: while Ubi rises by 1,32% and Mps by 1,15%, among the best of the Ftse Mib, Intesa gives 1,25%, among the worst in the Ftse Mib. At the bottom of the index also Gtech -2,33%, FCA -1,37%, Snam -1,22%.
As far as Made in Italy is concerned, it should be noted that the family that controls De Longhi sold 5% to the Dutch pension fund, thus dropping to 62%.
