European stock markets barely moved in mid-morning. At Piazza Affari the index FtseMib is just above parity, the Stock Exchange Paris drops by 0,3%, Frankfurt +0,1%. salt Madrid (+0,14%), pink jersey among the European lists in 2017. London +0,45%, to the highest thanks to Vodafone, which rose by more than 3,5% following annual earnings above expectations which offset the write-downs of Vodafone India caused by strong competition. The losses of the Indian subsidiary also weighed on net debt, which grew to 31,2 billion compared to 28,8 billion last year.
European equities tend to be weak in the middle of the session for some unsatisfactory quarterly results in the banking sector: the Spanish popular Bank yields more than 4%, while ubs leaves 2% on the ground, extending the losses already recorded yesterday.
No surprise the preliminary reading of the Italian GDP in the first quarter. According to the final data of Istat, in the fourth quarter of 2016 the GDP had grown in cyclical terms by 0,2%, on an annual basis by 1,0%. “On the demand side, there is a positive contribution from the national component (gross of inventories) and a negative contribution from the net foreign component”, notes the Statistical Institute. “The Italian economy is still in difficulty and the light of a recovery on solid and broad bases is always distant” is the comment of Andrea Goldstein of Nomisma.
Recovery continues Petroleum thanks to the novelty of the new Russia-Saudi Arabia agreement to limit production. Brent crude is trading at $52,2 a barrel, up 0,7%. Now it will be necessary to see if the other Opec countries will also join the agreement. Oils advance: Eni + 0,3% Saipem + 0,7%.
It slightly appreciates the ten-year BTP, with the yield falling to 2,24% from 2,26%. The spread narrows to 181 basis points (-2).
It strengthens theeuro towards the dollar. The single currency reached 1,1050 dollars, the highest since last November 9, the day after Donald Trump's victory in the elections for the US presidency. By mid-morning the euro was worth 1,1047 dollars, against 1,0979 yesterday evening.
The declines among industrial stocks prevail: Leonardo -1% while the meeting is in progress. The outgoing CEO Mauro Moretti said that "other contracts of the kind concluded with Kuwait are possible". Prysmian -1,1%.
Down too Fiat Chrysler (-0,1%). Car registrations in Europe recorded a drop of 6,8% in April, a month penalized by a few fewer working days linked to Easter. In the first four months, however, there was an increase of 4,7%. The FCA group (-0,5%) did better than the market thanks to the leap of the Alfa Romeo brand. In the first quarter FCA registered 392.400 cars, increasing sales by 10,8%, in a market that grew by 4,5%.
In Piazza Affari the increase of Atlantia (+1,3%) after the launch ofTakeover bid for 16 billion euros on the Spanish Abertis. Standard and Poor's revised Atlantia's outlook to negative, confirming its ratings. According to a note, the decision reflects the expectation that credit standards will deteriorate as a result of the offer.
Astaldi it rises by 1%, to 5,63 euros. In Poland, the group has been awarded the works for the modernization of a section of the N-7 Warsaw Wschodnia Osobowa-Dorohusk railway line. The value of the works to be carried out is equal to 171 million euros.
Italgas drops by 0,87%. The company is preparing a non-binding offer to acquire the Italian assets that Gas Natural Fenosa intends to sell. Non-binding proposals are expected in mid-June with the aim of closing the operation by the end of the summer. In addition to Italgas, too A2A (-0,07%) is evaluating a proposal.
Between the banks salt Understanding (+0,4%). The subsidiary Fideuram-Intesa Sanpaolo Private Banking closed the first quarter with a consolidated net profit of 223 million (+5%) and assets under management of 202,9 billion (+2%). Net inflows for the three months amounted to 2,3 billion, with a 24% increase over the same period of the previous year.
Unicredit unchanged, goes down Bpm bank (-0,4%), they are advancing Bper (+ 0,7%) and Ubi (+0,4%). positive Generali (+ 1%). independent research raised the target price to 15,5 from 15 euro, confirming the "hold" rating.
Off the main list, among the editorials The Sun 24 hours salt of 8%, Rcs +2,6%. Back off Trevi (-2%).
