European stocks cautious as efforts are multiplied moral suasion of central banks. After Draghi's speech, three members of the ECB directorate and four Fed representatives, including John Williams of New York, will speak today: for all, the imperative is to support the soft line on rates in support of growth. Piazza Affari, depressed by the indications on the economic situation, is the worst -0,5% around 21.100 points. Madrid does little better -0,26%. Slightly up Paris +0,07%. Frankfurt, on the other hand, is up +0,2%, despite the S&P Global rating agency today cutting its growth forecasts for the euro area to 1,1% for 2019 from the previous 1,6%, precisely due to the slowdown in economies such as Germany and Italy, countries that do "significantly worse" than the eurozone. The Bel Paese will not go beyond 0,1% growth and the postponement of the presentation of the Def seems probable.
London +0,6%. The pound sterling loses 0,3% against the dollar while in London, after the last votes in the House of Commons, the British political institutions are deadlocked over Brexit: neither is Theresa May's willingness to resign managed to unblock the situation.
The Milan stock exchange accentuated the decline after the sluggish auction of government bonds: the Treasury placed 7,5 billion euro of bonds, the request was equal to 10 billion. 3,75 billion euro of the new five-year BTP were issued, with an application rate of 1,31, down from 1,46 in February. 2,75 billion ten-year BTPs were also issued, with an application rate of 1,40, plus one billion EU Cct maturing in January 2025 at a variable rate.
On the secondary market, the 2,49-year BTP weakens to 5% (+257 basis points). The spread with the Bund widens to XNUMX basis points, on the highs of the last three weeks.
The euro dollar gained 0,1% to 1,125 this morning.
Brent oil trades at 67,5 dollars a barrel, down 0,5%, closing yesterday -0,3%.
In Piazza Affari it deflates Fiat Chrysler -1,1%. The refusal by Herbert Diess, CEO of Volkswagen, of an interest in FCA contributed to slowing down the race. Exor is also down -0,99%: John Elkann has put a team of consultants to work on the subject of mergers.
Weak financials: Intesa Sanpaolo -0,5%. The shareholder foundations have presented the list of candidates for the new board of directors, there are Carlo Messina and Gian Maria Gros Pietro. Unicredit-1,8%. Bpm bank -1,88%. In the managed Soul Holding it is down by 2,4%.
A report by Berenberg on the media sector slows down Mediaset -1,3%, the only title rejected.
Atlantia +0,7%, announced that it had obtained a 752 million euro loan from Goldman Sachs, repayable in six and a half years. The loan has 5,6 million Hotchief shares as collateral, about 8% of the capital of the German manufacturer and about a third of its total stake. The bank put up for sale last night, through a flash placement, 4,35 million Hotchief shares.
It bounces Italgas + 0,2%. Enel -0,4%.
Among minors:
- Soar Asthma up 0,65% after 2018 results and a dividend increase.
- Down Technogym which loses 1,44%, penalized not so much by the 2018 results announced yesterday, in line with expectations, but by the indications that emerged from the call with analysts on 2019.
