The European markets are breathing, closing another positive session thanks to the net put up by central banks and governments to protect the economies weakened by the Covid-19 pandemic. The fact that China has no new cases for the second consecutive day and that the Chinese central bank has not felt the need to act on rates, also suggests a faint light at the end of the tunnel. But the EU's decision to suspend the Stability Pact is also very important.
Piazza Affari gains 1,71%, reaching 15.731 basis points, with a spectacular recovery by Atlantia, +19,12%. Frankfurt rises by 3,69%; Reuters reports that Germany will protect domestic firms from foreign takeovers, according to two German policymakers. Paris pink jersey +5,01%; Madrid +0,77%. Outside the Eurozone, London +.46%; Zurich falls by 1,37%.
Volatility remains high a Wall Street currently trading in the red, after a cautious start. To get going again, the measures promised by the White House are awaited, a plan worth over 1.000 billion, which includes direct payments of up to a maximum of 1.200 dollars to citizens, aid of 50 billion dollars to airlines and 150 billion dollars for other industries affected by the coronavirus outbreak.
The uncertainty surrounding oil also weighs on the mood of the markets. Brent is currently gaining 1,58%, 28,91 dollars a barrel, while US crude lost 0,85%, 25,69 dollars a barrel. Meanwhile, the price war between Riyadh and Moscow is reigniting, with Saudi Aramco intending to increase production destined for exports, keeping it at the record rate of 12,3 million barrels per day starting from May.
On the currency market, the euro fluctuated against the dollar and fell back to 1,06. The sky of gold is tinged slightly green, progressing to 1487 dollars an ounce. The session is flat on the Italian secondary: the spread between 10-year BTPs and Bunds of the same duration is 196 basis points (+0,22%), with the yield of the Italian share at 1,62%.
It keeps the umbrella open from the ECB, while support for the markets also comes from the coordinated action of the various central banks to introduce liquidity in dollars into the system. The Federal Reserve announced that, in coordination with the central banks of Canada, England, Japan, Switzerland and the European Central Bank, will take steps to improve the effectiveness of swap lines, an emergency tool with which banks can obtain foreign currency, increasing the frequency of operations to seven days and which will be held every day instead of weekly starting from March 23 and until the end of April. Meanwhile, Norway's central bank cut its key rate to a record 0,25% from 1,0%.
Returning to Piazza Affari, in addition to Atlantia, double-digit growth Ferragamo +11,72%. Fashion is also in pole position with Moncler +8,33%. Some banks did well: Bper, +11,67%, following the revision of the agreement with Intesa Sanpaolo (+2,82%) for the purchase of 400-500 branches downstream of the Ops on Ubi Banca (-1,43 ,XNUMX%). In practice, if, due to the collapse in stock market prices, the implicit price that Intesa will pay for Ubi will be lower than initially expected, Bper will also be able to enjoy a discount.
According to analysts' calculations, the Modenese bank will reduce the outlay to approximately 400 million compared to the 780 million originally planned. Among the banks in evidence also Unicredit +5,35%. The sector is also benefiting from news that the European Central Bank has decided to provide new support measures to banks in the euro area, including some leeway to deal with defaulting loans.
Fiat recovers 5,82%. Enel rose by 1,01%, after communicating the results for the 2019 financial year and proposed the distribution of a 2020 dividend (relating to the 2019 financial year) of 0,328 euro per share.
Major sales hit Prysmian -9,72%; Snam -8,39%; Unipol -7,35%; Terna -6,02%. Down Pirelli -5,51%, despite the announcement of possible purchases by the shareholders ChemChina and Camfin.
È negative Diasorin -2,45%, at the end of a roller coaster session after the Food and Drug Administration (FDA) approved emergency use for the COVID-19 Direct Kit test.
