Milan closed slightly down, -0,18%, but remained above 20.000 points (20.074) after yesterday's rally, in a basically flat European context and with Wall Street which, mid-session, travels in random order. The most tonic European market is Madrid, +0,77%, followed by Paris +0,32%. London, +0,12%, Frankfurt, +0,1%. Since the opening of US trading, the euro has fallen against the dollar (-0,25%, traded at 1,074), after appreciating on the Asian markets. The single currency would be weakened by a survey on the French presidential elections, which attributes to Marine Le Pen an increase in consensus in the first round. Centrist Emmanuel Macron remains favorite in the second round, but with a reduced advantage. Brent saw little movement -0,08%, 51,7 dollars a barrel, and gold, +0,19%, 1228,84 dollars an ounce.
The spread between the Italian 192.40-year bond and the Bund widens, 1,42 basis points, +2,36%, yield XNUMX%. The Italian paper is penalized by the restrictive tone of Ewald Nowotny, governor of the Austrian National Bank, a leading exponent of the ECB. According to Nowotny it is not necessary to raise all interest rates at the same time and at the same pace. “The ECB could – he says – raise the rate on deposits before that on refinancing”.
Meanwhile, the economy is on stage at the financial G20 in Baden-Baden in Germany, which also sees the participation of Mario Draghi. The Chancellor Angela Merkel, on the other hand, is at the White House for the meeting with Donald Trump. On the Ftse Mib, financials today show different speeds. Banca Mediolanum drops by 2,8%, while Azimut soars +1,78%, with the confirmation of the stock in the conviction-buy-list of Goldman Sachs, target price at 23,2 euro.
The best blue chip is Brembo, +1,88%, followed by Luxottica, +1,79%, with Credit Suisse raising its target price to 58 from 50 euros. Telecom did well, +1,68%, after the positive opinion of Barclays which, while confirming an Equalweight, raised the target price to 0,9 euro. Among the utilities: positive Terna +1,12% and Snam +0,7%, leap backwards by Enel, after the results published in the morning. The worst title is Leonardo, -2,37%. The market does not reward the prospect of Alessandro Profumo in the role of managing director, replacing Mauro Moretti. Equita also cut the rating on the stock to "hold". Cnh thud -1,89%, after yesterday Fiat Chrysler placed just over 1% at 9,05 euros. On the other hand, FCA -0,37% and Ferrari -1,47% are weak.
Prysmian fluctuated, ending the day at -1,14%. Among the stocks with lower capitalization, Il Sole 24 ore is up +7,65%, which takes advantage of the many rumors about its future. Rcs Mediagroup exuberant +4,96%, back in profit in 2016, while the first two months of the current year recorded an improvement of over 10 million in EBITDA, with March expected to show a positive trend. Parmalat closes down 3,7%, just above the 3 euro takeover bid for Lactalis, a price that the French group believes is correct and does not intend to increase.
