Weak closure for the eurozone stock markets, two days before the European elections and with the start of the nomination match in Brussels. On the table: the renewal of the EU Commission and of the president, the ECB summit and the presidency of the European Parliament.
Business Square is the worst, -0,5%, 20.260 points, with financial stocks worried by the rise in the spread and by the new weight of the League in relations with Europe. The Commission still in office will discuss the Italy case tomorrow and the famous "letter" will probably arrive in Rome tomorrow with a request for clarification on the justification for the increase in debt/GDP in 2018. The European Commissioner for Economic Affairs, Pierre Moscovici, confirmed said against the use of sanctions as a tool to enforce the rules of the budget and these, if necessary, will eventually come much later. However, Deputy Prime Minister Matteo Salvini does not seem to worry about the constraints and speaks of a 30 billion plan to reduce the tax burden.
Lo spread between Italian and German ten-year bonds, after reaching 290 points in the morning, it closed at 284.10 basis points (+3,31%), while the rate of return of the BTP rises to 2,69% and that of the Bund falls to -0,158% .
They stop in fractional decline Frankfurt -0,43%; Paris -0,44%; Madrid -0,34%. Outside the single currency area they are losing share London, -0,27% and Zurich -0,4%.
The slightly higher opening of Wall Street has no particular repercussions on the stock markets of the Old Continent. Major New York indices are very dovish, with US consumer confidence rising to its highest level since November, but the Dallas, Texas area manufacturing index losing momentum and home price growth across 20 cities principals, in March, which showed a slowdown.
Profit-taking on FCA prevails on the Ftse Mib, -1%. According to Moody's, which sees advantages but also risks, the merger plan it has no immediate effect on the rating of the Italian American company.
Euro slightly down against the dollar, around 1,117.
The raw materials are not in tune: the Petroleum Brent type yields 0,29% and falls to 68,57 dollars a barrel; gold falls to 1279,68 dollars an ounce (-0,43%).
In Piazza Affari the blue chips that record the greatest increases are Telecom +2,04%; Prysmian +1,33%; Ferrari +0,94%; Recordati + 0,74%.
The biggest discounts are by Leonardo, -2,21%; Finecobank, -1,98%. Unipol -1,63%; Atlantia -1,61%. Among the banks the worst is Unicredit, -1,44%. The sector is carefully observing what can happen at the top of the EU Commission, for the succession to Jean-Cluade Junker. The possible appointment of the French Michel Barnier ahead of Manfred Weber could in fact favor the candidacy of the German and great enemy of Qe Jens Weidmann, when the time comes to replace Mario Draghi at the top of the ECB. From Italy, Salvini also invokes a new role for the European Central Bank, which should "guarantee" government debt in order to keep government bond yields low.
