The European stock exchanges lose their shots, but the increase in interest rates in the USA and China has nothing to do with it. Hitting the markets is the confirmation that the economy of the Old Continent slows down, even for the threat of tariff trade war. Milano the Ftse Mib index loses one percentage point around 22.600. Similar the discount for Paris, Frankfurt e Madrid. London back about half a point.
The cross euro-dollar is stuck at yesterday's levels of 1,235. The communications of Fed prompted investors to buy bonds. Americans The yield on the 2,87-year Treasury Bill dropped to 2,90% from yesterday's 2,29%. The biennial strengthens to 2,34%, from XNUMX% the day before.
The more cautious indications on inflation from the ECB led to purchases on government bonds Eurozone: Bund 0,56%, lowest level since the end of January, BTP 1,89%. The European Central Bank has in fact raised its 2018 growth estimates for the Eurozone to 2,4% from 2,3%. For 2019 it expects +1,9%. Inflation is confirmed at 1,4% for 2018, but has been lowered to 1,4% from 1,5% for 2019.
But other economic data have raised the concern of the markets. L'Ifo index, one of the main barometers of Germany's economy, retreated in March from 115,4 to 114,7 points. Economists had expected the business confidence index to come in at 114,8 points. The Ifo index on expectations also fell from 105,4 to 104,4 points and that on the current situation from 126,3 to 125,9 points.
An alarm signal also comes from PMI data. The composite figure, which includes manufacturing and services and is considered a barometer of activity across the private sector, rose to 55,3 from 57,1 in February, hitting its lowest level since January 2017.
Il Petroleum Brent is at the highs of the last few weeks, this morning it traded at 69,25 dollars a barrel, yesterday it gained 3%. At Piazza Affari Eni -0,1% Tenaris -1,8% Saipem -0,9% after buying a vessel specializing in seabed works for 275 million dollars. The disbursement does not affect the achievement of the revenue and Ebitda targets, the one on the debt as at 2018 is adjusted.
Few stocks up this morning on the Milan stock exchange. In the main basket they register the only plus sign Brembo (+ 0,24%) and Mediaset (+ 0,16%).
It is worth noting the increase of Popular of Sondrio (+4% to 3,31 euros) driven by the decision of the Constitutional Court, which confirms the reform of cooperative banks on the transformation into joint stock companies, rekindling the speculative appeal on possible aggregation scenarios. According to Equita, in the event of an M&A, the stock can be worth 0-20% more.
Unicredit -0,6% Where's Banca -0,8% after announcing this morning that Banking Supervision has authorized the adoption of a new credit assessment model. Bpm bank-1,8%.
In sharp decline Valtellinese credit (-3%): the president confirmed his intention to proceed with the sale of 2 billion euro of non-performing loans. Yet another fall of Mps Bank: -1,90%, to 2,73 euros.
In the managed Anima -1,5%. The price of the 300 million euro capital increase incorporates a 27,3% discount on the TERP (theoretical price which takes into account the value of the subscription right). The operation starts on April 26th and ends on April 12th.
Fincantieri it rose by 5,5% to 1,387 euro, with volumes above the average, aided by the promotion to "buy" from "neutral" by Banca Akros, which raised the target price to 1,6 from 1,3 euro. The broker also highlights the possibility of a large order in Australia that could arrive by mid-June.
In sharp decline Terna (-2%). The electricity dispatch company expects in new business plan an average annual growth in net profit of 3% over the course of the plan to 2022, the announcement was made this morning. Average dividend growth of 6% compared to 2017. Total investments at 5,3 billion euros, +30% compared to the previous plan.
Down too stm (-2,3%). Telecom Italy -0,6%: the Antitrust blocked the tariff increases decided by the telephone companies in response to the ban on 28-day billing.
Of note is the recovery of Fila +3% which reversed the initial negative trend (-2%). The company published its 2017 data yesterday evening. Profit up 3% to 29,1 million euros. Operating revenues +20,8% to 510,3 million.
