Milan consolidates yesterday's gains, with the banks still in tune. However, Piazza Affari loses share in the final and closes almost in line with the European price lists, while Wall Street is weak in the middle of the session, looking forward to the speech of President Donald Trump, tonight, in Congress.
The Ftse Mib closes at -0,01%, 18.913 points; Ibex 35, +0,96%; Cac 40 +0,28%; Ftse 100 +0,14%; Dax 30 +0,1%.
Positive session for the Italian bondholder. The 2,13-year differential with respect to the German bund drops by 2,09%, with the yield at XNUMX% and the spread at 188.00 points. The result of the reopening intended for Btp eCctEu specialists bears witness to the strong interest in Italian paper. Out of the total of the five bonds offered, not only was the maximum amount of 1,2 billion euro assigned, but the demand, again at an aggregate level, is eight times the offer (9,78 billion). Inflation flares up in February in Italy: +0,3% compared to the previous month and +1,5% compared to the same period in 2016.
The euro gnaws at 0,26% to the dollar: 1,061 the exchange rate. Oil is down: Brent -1,06%, at 55,82 dollars a barrel, while gold moves in the opposite direction: +0,24%, 1256,10 dollars an ounce.
In New York there is a day of apparent calm, before the Trump cyclone. There is some concern about what the President will say tonight, especially on the timing and methods of the expected tax cut and on US price lists. At the start, some macro data weighed lower than expected, such as GDP which grew less than expected in the fourth quarter, but consumer confidence in February jumped to its highest level since 2001 and this bodes well. Stocks include the collapse of the Target retail chain, with a disappointing quarter and an unconvincing outlook. Also counter companies that can benefit from the announced defense investments.
In Piazza Affari, the bankers are solid, also in the wake of the hypothesis of the creation of a European bad bank. In fact, he continues the confrontation between the authorities and the credit institutions to find a shared solution that favors the reduction of NPLs. The climate favors purchases on Banco Bpm +2,7%, Unicredit +1,52%, Intesa +0,46%. The latter communicated the update of the shareholding structure, from which it emerges that the stake held by Generali dropped from 4,49% to 3,408%. Against Saipem shields, +2,33%. Among the oil companies, Eni is well bought, +1,11%, before the accounts and the 2020 plan, which will be presented tomorrow morning.
Well done Leonardo, +0,93% which in theory can benefit from an increase in US military spending, while the second phase of the collaboration with the British Ministry of Defense for remotely piloted helicopters is starting. In luxury, Moncler stands out, +1,35%.
Campari loses share, -2,1%, after the data of the fourth quarter of 2016 with Ebitda and revenues lower than expected.
Generali still loses ground, -1,31%, even if the CEO Philippe Donnet promises fireworks on the accounts and reiterates the European vocation of the Lion. "The group is doing very well - he says - as we will see on 16 March, on the occasion of the presentation of our 2016 budget. Our priority is Europe and we want to further strengthen ourselves in Europe".
Sales hit Exor -2,14% and Ynap, -1,71%, after yesterday's crackling session. Out of the main list, Sogefi sparks, +11,99%, thanks to the accounts released yesterday, with a jump in profit and strong cash generation in the fourth quarter of 2016.
Finally, a piece of news of European importance: London bids farewell to the wedding between Deutsche Boerse and the London Stock Exchange. This was reported to Reuters by sources close to the negotiations, adding that the move by LSE, announced due to the refusal to sell the controlling stake in Mts as requested by the EU Antitrust, came after weeks of tension and acrimony due to pressure from Germany to give pre-eminence to Frankfurt as the headquarters of the new group.
