The volatility of oil and the uncertainty of Wall Street slow down, but do not cripple the European lists, which close another positive session even if far from the highs of the day. Frankfurt earns 1,28%; Paris + 1,43% Madrid +1,59%; London + 1,87% Zurich + 1,41%.
Business Square is one of the best +1,71%, 17.677 points, thanks to a strong banking sector across Europe following the results of UBS (+7,07% in Zurich).
The gradual restart of production activities in the various countries is driving purchases, despite the fact that Germany has revised, yesterday and today, a Coronavirus contagion rate very close to 1, after having dropped to 0,7, 15 days ago. On the other hand, a balance must be found between containing the Covid 19 epidemic and the survival of the economic and social system. The moves of the central banks contribute decisively to this delicate balance, on which attention is focused this week with the Fed meeting ending tomorrow and that of the ECB scheduled for Thursday. It is especially from Christine Lagarde that we expect some news. Analysts do not expect surprises on rates, forward guidance, reinvestments and "ordinary" Qe, rather they are thinking of a possible increase in the pandemic purchase program and new decisions on fallen angels, i.e. large companies that have only recently lost, due to the pandemic crisis, investment-level rating.
As we get closer to this date, it still drops spread between Italian and German government bonds. The yield differential on the ten-year yield falls to 218 basis points and the BTP rate on the secondary falls to 1,72%.
On the other hand, the yields in today's auctions are on the rise. The Treasury placed 7 billion six-month BOTs at +0,227% from 0,055% at the end of March. These are the highest since August 2018. 3-month bots for 3,5 billion euros also went on the market against requests for 7,356 billion with a yield of 0,034.
The climate of greater confidence favors the banks. In Milan it stands out Bper with an increase of 6,28% on the eve of the presentation of the quarterly data and the day after the go-ahead of the shareholders' Understanding (+3,73%) to the delegation to the board of directors for the capital increase in view of the Public Ops on Ubi Banca (+3,42%). Highly ranked Unicredit +3,72% and Mediobanca +3,43%. More money for managed savings: Azimuth +4,29% and Banca Mediolanum +4,77%. Toned Eni, +3,33%, while oil remains on a roller coaster. After yesterday's crash, today it had a recovery phase, but Brent is currently retreating by 0,6% to 22,93 dollars a barrel; the Wti -6,4%, 11,96 dollars a barrel.
Returning to the main Milan price list: Atlantia, +4,3%, will announce the 2019 results after closed markets, on the day of the launch of the nineteenth steel span of the new Genoa viaduct, less than two years after the collapse of the Morandi bridge.
Sales penalize nexi -2,79% Buzzi -1,95%; Recordati -1,25%. Among the utilities Terna drops 0,95%, while Snam rises by 3,93% on the day in which the minister Stefano Patuanelli, in an interview with Sun 24 Hours, has returned to relaunch the hypothesis of a merger between the two companies.
THEeuro-dollar it is slightly in favor of the single currency, with the exchange rate around 1,084. Gold down fractionally, to $1719,40 an ounce
