Euphoric day for the markets, with Piazza Affari closing at the top of the list at 20.684 points, +4,77%. Banks rallying (Unicredit +13,2%) and declining spreads are the icing on today's sumptuous cake. To unleash the Bull is the advantage of Emmanuel Macron in the first round of the French presidential elections and his probable victory in the May 7 runoff against Marine Le Pen. In light of the first round, the pre-voting polls were credible and this bodes well for the future. A corollary also the macro data, with the Ifo index on German business confidence which marks a leap in April. The other European price lists are celebrating, starting with Paris +4,14%, followed by Madrid +3,76%, Frankfurt +3,37%, London +2,11%. Wall Street follows suit and the Nasdaq immediately reaches a record. All sectors participate in the binge, with financials in particular evidence. On the other hand, the Vix, the index of "fear", collapsed, dropping by more than 21 percentage points, returning to 11,5 points.
The euro, after gaining against the dollar and the pound, yielded somewhat, but settled at 1,085 against the greenback. The greater risk appetite penalizes gold: -0,81%, 1274,55 dollars an ounce. Oil, which in the morning takes advantage of a probable extension of the cuts after June, reverses course in the middle of the day. Right now Brent is down 0,79%, 51,55 dollars a barrel.
The renewed optimism on the future of the Eurozone narrows the spread. The spread between Italian and German ten-year bonds drops to 184.90 basis points -8,24%; the yield stops at 2,19%. The market climate contributes to the success of the placements of Ctz and Btpei, with the Treasury filling up, allocating 3,25 billion, the maximum supply, against a total demand of 5,665 billion. The rejection of the sovereign rating has arrived
Friday night at Fitch's, maybe it was already priced. Meanwhile, the President of the Republic, Sergio Mattarella, has signed the decree with the maneuver to correct the accounts and can now be published in the Official Gazette.
The prospect of political stability makes banks fly, which, according to Goldam Sachs, are the companies that can benefit most from the newfound confidence. A boost also comes from the ECB meeting, scheduled for this week and from an increase in the probability that rates will rise starting from March 2018.
The giants of the sector, Unicredit +13,2% and Intesa +7,48%, are flying on the Ftse Mib. Stellar Ubi +10,36% and Banco Bpm +7,71%. Followed by Bper +6,89%; Banca Generali +6,3%; Mediobanca +5,17%. Hot climate for insurance companies: Unipol +5,36%; Unipolsai +2,64%; Generals +3,72%.
It rains purchases on utilities, in particular Enel +6,25%, supported by the recommendation of Credit Suisse with an "outperform" rating and a target price of 5,7 euros from the previous 4,8 euros per share. The Agnelli galaxy triggers the turbo, with Exor +6,35% and Fiat +3,52%. Mediaset on the shields: +5,29%.
Increases of around 4% for Atlantia +4,29%; Buzzi +4,48%; Leonardo +4,42%; Luxottica +3,62%. Telecom +3,62 is in good shape, despite the fact that the Antitrust has launched two different investigations against Telecom Italia and Vodafone to assess whether the two telephone companies have violated the Consumer Code in their telemarketing activities.
In practice all the Blue Chips, except some oil companies, earn Tenaris +0,07%; Eni -0,21, the latter also penalized by today's coupon detachment. For the same reason, the performance of Fineco +1,49%, Ferrari +1,58%, Banca Mediolanum +1,31% is calmer. Prysmian +2,58%, Recordati +3,37%, Cnh +3,12%, do not seem to be affected.
Moncler cautious +0,6%, penalized by news on the revision of the "Patent Box", the tax breaks granted to brands and which cannot be renewed starting from 2020, following alignment with OECD indications. Toned instead by Ferragamo +3,81%.
