Difficult morning for European stock markets, down at the end of the morning, with European industrial production it fell again in March. In Milan the index FtseMib drops by 0,33% to 21185. The London Stock Exchange loses 0,09%, Paris - 0,18%, Frankfurt -0,14. Madrid loses 0,46%.
This morning's data show that in April in Germany prices fell by 0,2% on the previous month, annual inflation remains unchanged at +1,3%. In France in April, prices showed zero growth, annual inflation was +0,8%, lower than in Germany.
Thus expectations are strengthened for the next intervention of the ECB. According to Reuters, the European Central Bank is preparing a package of possible monetary policy interventions for the June appointment, including the cut of all interest rates and specific measures to support credit to small and medium-sized enterprises.
THEeuro it is trading against the dollar at 1,371, close to last night's close (1,370). The yield of Btp to 10 years drops to 2,92%.
The news of the investigations by the Bergamo Public Prosecutor's Office into Ubi Banca (-2,82%) and Ubi-Leasing: Giovanni Bazoli and Giampiero Pesenti are under investigation together with managers and former managers of the two institutes.
Banco Popolare loses 2,31%. The total of non-performing loans weighs on analysts' opinions, equal to 16,9% of the bank's total net loans. Citigroup (neutral), Kepler (reduce) and Equita (hold) have consistently cut their 2014-2016 earnings estimates. But for HSBC (overweight) the action comes at an unjustified discount compared to its competitors.
Among other banks, Unicredit decreases by 0,4%, Intesa -0,68%, MontePaschi -1%. In asset management Azimuth lose 1,9%, Mediolanum -0,6%.
In Piazza Affari, investors' reactions to some quarterly results can be seen: Mediaset -6,79% after the data for the quarter and forecasts on the trend of advertising sales. JP Morgan lowered the target price to 5,7 euros from 5,9 euros, confirming the Overweight rating. Nomura cut the target from 3,8 euros from 4 euros, confirmed Neutral. Goldman Sachs lowered its target to 5 euros from 5,2 euros, but confirmed the stock in the Conviction Buy List.
Rest -1,08%: after the accounts for the first quarter released yesterday, UBS lowered the target price to 5,5 euros from 5,8 euros and confirmed the Sell opinion. Kepler Cheuvreux has lowered the recommendation to Hold da Buy, the target is set at 6,80 euros.
Recover Telecom Italy (+1,94%), yesterday plunged by 5,1%. Weak Enel (-0,91%) ed Eni (-0,16%). Positive reaction of Fiat (+ 2,07%). Finmeccanica slips down 0,42%, StM -0,3%.
