The euro takes off on the wings of the economy, while the stock exchanges lose share and Piazza Affari closes the seventh session in a row with a drop: -0,63%, 22.297 points. The single currency scores the best performance in a month against the dollar and the cross is currently in the 1,177 area (+0,9%). The gas is above all given by the macro data, with the quarterly GDP of the Eurozone growing at the economic pace of 0,6% (+0,8% for Germany; +0,5% for Italy) and at the annual rate of 2,5%. However, weak inflation and strong currency are not the preferred recipe for companies and so the other main squares in the area also slip into the red: Madrid -0,44; Paris -0,46%; Frankfurt -0,31%.
London closed flat, -0,02% with the euro growing against the pound (0,8961, +0,73%). Cold winds from the Atlantic: Wall Street opens lower, waiting for the return of Donald Trump and to take stock of the tax reform. Treasury Secretary Steve Mnuchin says the president won't support a 20% corporate tax bill as part of a possible compromise between the House and Senate. Among the stocks General Electric goes down, after yesterday's collapse.
While awaiting the data on American weekly inventories, oil slips into sharp reverse gear: Brent -2,68%, 61,47 dollars a barrel. The weakness of black gold weighs on the oil stocks of Piazza Affari. In particular, Saipem, -7,07%, is the worst blue chip on the list. The drilling giant also suffers from being excluded from Morgan Stanley's MSCI Global index. This is a club of 1612 stocks worldwide, used as a unit of measure for Word-type equity funds. Its place is occupied by Campari, +2,33%. Down Tenaris -2,54%
The perfect storm continues to bombard Leonardo, -4,82%, which has lost about 32% since the beginning of the month. Another session in deep red for Telecom, -2,83%. The banks are bad, especially the popular ones. Banco Bpm -2,49%; Bper -2,2%. Carige sinks -10,58%, on the day of the board meeting for the capital increase.
The best blue chips are A2a, +5,61%, following the good quarterly results. Ynap, +1,97% and Unipolsai +0,92%, recovering after the recent losses. Italgas did well +1,16%. Outside the main list, Trevi collapsed, -22,2%, following the communication of the postponement of the Board of Directors for the approval of the quarterly data, with the complication of the income and financial situation. Bad Rcs, -8,75%, publisher of the Gazzetta dello Sport, after the accounts and the rude awakening from the world dream for the national football team.
Bonds are stable: the yield on 10-year BTPs remains at 1,84%; but the Bund dominates and the spread widens moderately, +1,48%, 144.20 basis points. Little reassuring news arrives from Brussels: the EU Commission will send a new letter to Italy with a request for clarifications and commitments regarding the maneuver and will take a final decision on the budget law in May 2018. Ansa wrote it at the end of the meeting of the college of commissioners, who also discussed the Italian budget law expected for next November 22nd. "the fact is that everyone can see from the numbers that the situation is not improving - says Commission Vice-President Jyrki Katainen - all Italians should know what the real economic situation is in Italy", or rather "a deviation from the medium-term objectives as far as it concerns the structural balance”.
