The European lists close euphoric and Piazza Affari stops one step away from 23.000 points, with the mitigation of the risks of a global trade war. If you believe it Wall Street, which reversed course yesterday, going positive and today it continues on the path of purchases, with technological recovery, also Milan, +2,35% (22.969 basis points), Frankfurt +2,9%, Paris +2,62%, Madrid +2,34, believe it London +2,35%. In Piazza Affari, the star of Telecom shines, +5,22%, at the center of great maneuvers with the entry of CDP and that of Fiat, +4,85%, with the spin-off and listing of Magneti Marelli. The banks are doing well and also for Mps (+8,73%) the time for redemption seems to have arrived, after the reassurances of CEO Marco Morelli to the financial community of the City. And who knows whether a reorganization of the national credit system will start from Siena.
The slowdown in the eurozone economy in March, with the services index lower than expected, does not weigh heavily on the stock markets. The single currency depreciates against the dollar and the exchange rate drops to 1,22 (-0,48%). In this context, gold loses its attractiveness a bit, -0,18%, 34,84 euros per gram. Positive oil, Brent 68,31 dollars a barrel (+0,43%).
The return of risk appetite moderately penalizes European bonds. Today's correction is also favored by the wide supply of primary paper (over 12 billion Spanish and French paper). The yield of the 10-year BTP rises slightly to 1,78% and the spread with the Bund widens (+0,72%) to 125.50 basis points. Shopping is back in Piazza Affari in abundance and all the blue chips closed higher with the exception of Terna (-0,17%).
The best stock is Telecom, on which major maneuvers have been underway for some time, following the arrival of the Elliott Fund and now perhaps of Cdp. Today the board of the Cassa should have decided on the methods of his entry into the company and then has about one week to procure the shares if you want to vote for the revocation of Vivendi's directors in the meeting of 24 April. The French, for their part, reportedly told some agencies that they did not see the entry of the CDP as hostile.
In today's meeting of Cdp Piero Fassino, Massimo Garavaglia and Stefano Micossi have resigned from the office of director due to incompatibility with the new positions taken on.
Fiat is superstar, with the news that the board has authorized the company's management to develop a plan to separate the activities of Magneti Marelli. The transaction will be completed by the end of 2018 and the beginning of 2019 and the shares of Magneti Marelli will be listed on the Milan Stock Exchange.
Among the oil stocks the best is Tenaris, +4,6%. Buzzi regains share +4,5%. Among the banks, Banco Bpm stands out +4,49%. At the bottom of the list, the gains are relatively modest for A2a +0,03%, Ynap +0,21%, Recordati +0,27%; Ferragamo +0,63%.
