Cars and luxury support Piazza Affari, in a day of realizations on the banks: the Ftse Mib stops at +0,15%, 20.836 points, with Fiat on the shields +9,23% and Banco Bpm at the bottom of the basket, -2,01, 0,19%. The other continental lists are also cautious, on the eve of the ECB meeting, which could provide indications on the future of European monetary policy, but without holding any immediate surprises. Paris +0,05; Frankfurt +0,18%; London +0,18%; Madrid -XNUMX%.
Toned Wall Street, with the main price lists still growing and the DJ steadily over the psychological threshold of 21000 points; Twitter soars in startup, thanks to a reduction in losses in the quarter. US stocks are trembling, a few hours after the presentation of Donald Trump's tax reform, while Treasury Secretary Steven Mnuchin confirms that the plan includes a reduction in the tax rate for companies from 35% to 15%. “It is the largest tax cut and the largest tax reform in US history,” he stresses. In this perspective, the dollar is regaining its share. The euro fell by 0,47% and retreated from the threshold of 1,09 exceeded in recent days. Right now the exchange rate is 1,087.
Oil travels in swings, but the drop in weekly crude stocks in the USA bodes well. Brent +0,33%, 52,27 dollars a barrel. Gold settles at 1264,89 dollars an ounce, +0,19%.
On the bond front, the spread widens in the Eurozone. disposed of the Macron effect in the first round, while the electoral campaign for the runoff heats up, the differential between the ten-year Italian and German dates back up. The yield of the 10-year BTP returns to 2,31%; spread 195.50 basis points, +4,66% compared to yesterday's close. The round of medium-long auctions scheduled for tomorrow also weighs on the Italian paper, when the Treasury will make available up to 8,75 billion euros in 5 and 10-year BTPs and in the new October 2024 CCTEU.
In the morning, the Treasury also placed 6 billion euro of six-monthly Treasury bills, with the rate falling to a new all-time low: -0,326% from -0,294% in the March auction.
Piazza Affari therefore closes driven by Fiat, thanks to a first quarter of 2017 with a record operating profit of 1,535 billion euros (+11%)?on a turnover of 27,7 billion (+4%). The rain of purchases also wets Exor +2,93% and Ferrari +2,07%. Good Cnh +1,83%, weak Brembo -1,17%.
Luxury remains brilliant, driven by the French side, after the reorganization of Lvmh and the accounts of Kering, which is gaining more than 9% on the Paris Stock Exchange, thanks to sales in the first quarter with the Gucci and Yves Saint Laurent brands. In Milan, Moncler stands out +3,45%; Ferragamo +2,34%; Ynap +1,22%. Atlantia, +1,69%, reverses course compared to the previous sessions. Positive day for Tenaris +1,46% and Leonardo +1,99%.
Credit and its surroundings suffer the most, also due to profit taking. In addition to Banco Bpm, Unicredit dropped 1,71%; Ubi -0,99%; Mediobanca -1,38%; Understanding -0,73%. Banca Mediolanun +1,51% goes against the trend. Among the insurance companies, Generali, -1,48% and Unipolsai -1,04% are down. Italgas -1,9% and Stm - 1,7% also down.
