Stock exchanges in no particular order, but tending towards prudence in the last session before the French vote. Milan yields 0,54%, 19.741 points, with fashion turning red. Fractional loss in Paris, -0,37%, which also keeps its nerve in the aftermath of a new attack by ISIS. Flat London -0,06% and Madrid +0,04%. Positive Frankfurt +0,18%. The same warm weather inspired the opening of Wall Street. The three price lists in the middle of the session travel in no particular order with oil in sharp decline: Brent -2,04%, 51,91 dollars a barrel. Among the stocks, the collapse of Mattel should be noted, which at the start dropped 11,26% after the disappointing quarterly published yesterday. The euro lost 0,14% against the dollar and traded at 1,070. Gold recovered 0,14%, to 1283,62 dollars an ounce.
The macro picture of the Eurozone was positive during the day: the preliminary economic data in April grew beyond expectations. Italy is also doing well, with industry turnover and orders growing in February. Soon, Fitch will pronounce on Italy's rating (BBB+, negative outlook). The agency, which cut its outlook last October, abstained from taking immediate action after the constitutional referendum on 4 December, emphasizing however the risks of potential instability. Indeed, the high level of debt leaves Italy exposed to possible negative shocks and limits the scope for anti-cyclical fiscal policies.
Good performance does not mean being out of trouble. In fact, Mario Draghi observes that the Eurozone “still needs a very substantial level of monetary accommodation so that inflationary pressures can increase and sustain overall inflation in the medium term”. Such a high level of monetary accommodation "is still necessary to ensure a sustainable return of inflation rates to levels below but close to 2%, in line with the ECB's mandate".
On the bond front, the spread between Italian and German ten-year bonds decreases, but rises from the lows of the morning. The close is at 202.50 points, -0,78%, yield 2,28%. The situation is wait-and-see and on Monday, in the light of the first round of the French cousins, we will know more. The latest poll available, that of Opinionway released today, sees the centrist candidate Emmanuel Macron stuck at 23% in the first round, Marine Le Pen stable at 22%, Francois Fillon slightly recovering to 21% and Jean-Luc Melenchon slightly down at 18%. According to the survey, in the second round Macron would beat Le Pen 64% to 36%.
In Piazza Affari the session is characterized by many ups and downs. Financials thwarted: Unicredit dropped 1,73%; Banca Generali 2,24%, Fineco -1,24%. Well Understanding +0,96%; Bench Bpm +0,64%. On the insurance front, Generali is doing well +0,99%. Sales in and around the fashion area, after yesterday's exploits: Ferragamo -2,01%, which has not released its quarterly data; Moncler -1,19%; Ynap -0,72%.
Two-speed oil companies: positive Tenaris +0,6%; negative Eni -0,34% and Saipem -0,89%, the latter fluctuating during the day, after a quarterly lower than expected. Weak Mediaset -0,27% Telecom -0,32%, with Vivendi reaffirming its long-term commitment to the telephone company, in view of the meeting on May 4th. Atlantia is still making a loss, -2,04%, while CEO Giovanni Castellucci opens up to an amicable deal with Abertis and announces that the offers for Aspi will be examined in the next board of directors. Sales on Recordati -1,98% and purchases on Leonardo +1,15% prevail. The utilities are in the red: Terna -1,42%; Snam -1,39%; Enel -1,23%; Italgas -1,5%, with the exception of A2a +0,98%. Down for Fiat, -1,57%.
Outside the main list, Ima remains flat, after the balance sheet meeting which confirmed a dividend of 1,6 euros per share. CEO Albero Vacchi is optimistic for 2017 as well. with confidence in the current financial year”.
