Sales on the European Stock Exchanges kick off under the pressure of the strong euro and inflation still below zero. The Ftse Mib loses 1,41%. The other main lists are also in red: London slips by 0,46%, Frankfurt by 0,81% and Paris by 1,34%.
Wall Street moving weakly, the euro-dollar exchange rate is 1,1392 up 0,48%, Wti oil advanced 1,12% to 38,75
Consumer prices in the euro area fell by 0,1% on an annual basis in March compared to -0,2% in February, in line with consensus expectations. In Italy they marked a drop of 0,2% compared to the same month of the previous year, instead on a monthly basis, after two consecutive drops, they showed a +0,2%.
Still on the macroeconomic front in the US, the data on weekly unemployment benefits was published, which increased by 11 to 276, more than analysts' expectations. The ISM index of Chicago is better than expected, rising to 53,6 points in March.
Another day of business ends in Piazza Affari heavy sales for the banking sector and there was no shortage of suspensions in volatility auctions. Banco Popolare is the worst stock in the Ftse Mib and loses 6,42%. The other popular ones are also down: Bpm -3,83%, Ubi -3,9%.
Mps -4,19% is even worse: the bank is starting to close the first quarter of the year with a loss of around 60%. This morning Bofa-Merrill Lynch cut the recommendation to Hold da Buy. The US broker's analysts are convinced that margins will remain under pressure also due to the probable weakness of the revenue growth trend. The target price was cut to 0,65 from 1,10 euro.
Unicredit drops by 3,06% further weighed down by doubts about the guarantee of Pop's capital increase. Vicenza. The institute informs that “in relation to the listing of Banca Popolare di Vicenza, Unicredit is assessing whether the conditions exist to carry out the operation within the foreseen times. On this issue, Unicredit denies having contacted the Italian Government”.
Outside the Ftse Mib Carige lost 4,04% during the day of the assembly for the appointment of the new top management branded Malacalza. The first board meeting of the new management will be held next Monday. At the end of the meeting, a few words on the Apollo dossier by the first shareholder and vice president Vittorio Malacalza: “Apollo's proposal? He will evaluate the next board of directors”.
Countercurrent in the banking sector Intesa Sanpaolo which rises by 0,66%. Asset management is also well tuned: at the top of the Ftse Mib are Azimut +2,17%, Anima +2,06% and Banca Mediolanum +1,67%.
Energy stocks are also down. Eni -1,63%. Telecom Italia slips by 0,63% following the appointment of Flavio Cattaneo to the top. Chairman Giuseppe Recchi bought 315.000 shares on the market at €0,95 each for a total value of €299.250.
