The Stock Exchanges are approaching the appointment with the ECB downwards. At the end of the morning, Piazza Affari fell by 0,75%, in line with London and Madrid. Paris -1,3% and Frankfurt -1,1% are doing worse. To favor the reduction of the new ones negative news coming from the Chinese economy. On the contrary, there was a surprise jump in German industrial production: +3,3% against a forecast of 0,5%. On a trend level, the GDP of the Eurozone was revised by Eurostat to +1,6% (from +1,5%).
Well bought government bonds in proximity of next Thursday's delicate meeting. The yield of XNUMX-year German Bund it drops back below 0,20%, to 0,16%, confirming that the market is convinced there will be a strengthening of the securities repurchase plan, the monetary policy instrument chosen by Mario Draghi to boost the economy. The BTP trades at 1,42%. spread widening to 125 basis points.
Backtrack by Petroleum after yesterday's leap (+5,5%): Brent is trading at 40,3 dollars a barrel, down 1,1%. Eni is down by 1,8%. Same negative change for Tenaris. In retreat Saipem -7%: yesterday evening JP Morgan and Goldman Sachs, members of the consortium guaranteeing the capital increase, announced the placement of 700 million shares at a price of 0,39 euro per share. The banks in the consortium decided to sell the shares after the share price exceeded 0,362 euro, corresponding to the subscription price of the increase. Intesa is not among the sellers.
Goldman Sachs reported last night that the average price of copper, currently at $5.000 a ton, should drop to around $4.000 within a year. In a context of falling metal prices, gold stands out by +0,5% at 1.274 dollars, the maximum in the last 13 months.
In the Milan price list it shines Finmeccanica +3%: Goldman Sachs has raised its recommendation to Buy from Neutral, the target price is unchanged at 14 euros. The company will present the 2015 accounts on 16 March.
Among the industrialists in great evidence Classic Ferrari for sale +2,5%. The group is currently in the Road Show for the presentation of the bond, which should amount to 500 million euros. Today the top management is in Paris, yesterday they were in London, tomorrow they will be in Milan. On the other hand, Fiat Chrysler -1,7% is down. Prismian +0,94%. This morning JP Morgan confirmed the Neutral judgment, the target price is raised to 20 euros from 19 euros.
In recovery the banks, Unicredit +0,3%%, Intesa -1%, MontePaschi -0,7%. Generali drops by 0,5%. Telecom Italy -0,20%. Savings shares are nearly unchanged at -0.06%, after -4% yesterday. Credit Suisse upgraded its rating to Neutral from Underperform this morning.
Still declining Yoox -1,27%, despite news that the company has entered into a strategic alliance with IBM, which will allow it to "make a radical change in omni-channel capabilities". Sharp decline of Anima -3,5%: the net inflows in February is equal to about 140 million euros from 880 million a year ago in the same month.
Outside the main basket, Trevi +2,6%, Rcs Media Group -4%. Saras -5%: the MED area refining margin falls below 2 dollars.
