Vaccines reach finally the threshold of 500 thousand a day in Italy and the fall in GDP slows down in the first quarter of 2021, suggesting a recovery around the corner, which could be even stronger than expected. However, Piazza Affari is walking on leaden feet in recent days, at the end of a fluctuating month, and closes the second session in a row with a decline. The Ftse Mib loses 0,56% and falls back to 24.141 points, weighed down by the losses of Stm -4,23%, Eni -2,67% (after the quarterly); Cnh -1,47%; Unipol -1,45% and supported by the earnings of Telecom +3,92%, Tenaris +3,37%, Banca Generali +2,55%, Leonardo +2,26%.
The other European markets are also weak, in a session that gradually loses momentum also following the negative opening of Wall Street: Frankfurt -0,4%; Madrid -0,14%; Paris -0,53%; Amsterdam -0,41%. London +0,13% goes against the trend.
La New York Stock Exchange, after the records reached in the previous session, is moving in the red, with the Nasdaq weighted by Twitter, which tumbles due to the forecast of rising costs and concerns about the growth in the number of users. Amazon instead updates its all-time high, after the super quarterly published yesterday. The return to profit is not enough to push positive Exxon and Chevron,
On the currency market, the dollar index strengthened in the light of the macro data of the day, better than expected. The single currency loses about 0,7% against the greenback and trades on the verge of 1,2. US consumer spending, which accounts for more than two-thirds of US GDP, recovered 4,2% in March after a 1% drop in February. Personal incomes jumped 21,1%, after -7,1% in February. On the other hand, the disappointing performance of the German GDP weighs on the euro, which suffered a contraction of 1,7% in the first three months of the year, two tenths more than expected. The quarterly gross domestic product in the single currency area fell by 1,8%, exceeding the consensus which predicted a decline of 2%.
In Italy “the intensity of the tendential decline is reduced – writes Istat – from 6,6% in the previous quarter to 1,4%”. According to Confindustria "the Italian economy sees a recovery from the crisis, in line with Europe". Not very encouraging news arrived in the morning from China, where the PMI index showed a slowdown in manufacturing activity in April, while the market looks with concern at Beijing's new squeeze on the tech giants. Chinese data and the dramatic pandemic situation in India are halting the oil race, which is now retreating at great speed. Brent, delivered in July 2021, loses 2,35%, 66,45 dollars a barrel; Texan crude dropped 2,63%. $63,30 a barrel.
Among the oil stocks in Piazza Affari, Tenaris rebounded and Maire Tecnimont appreciated (+1,29%), with results in line with expectations. On the other hand, Eni was disappointing, which recorded a leap in adjusted net profit to 270 million euros in the quarter, equal to almost five times that achieved in the first quarter of 2020, thanks to the strong recovery in the price of Brent, which grew by 21% in the same period, but below the analyst consensus provided by the company of 440 million. In the daily, the Equita broker writes that these are "significantly lower results than expected but with marginally negative implications on the estimates for 2021".
More letter on Saipem. Stm suffers from Beijing's choices and profit taking, after yesterday's leap following the quarterly accounts. Queen of the list is Telecom, with the green light from Cassa depositi e prestiti for the presentation of an offer to Enel (-0,85%) for the acquisition of another 10% of Open Fiber, a move that can reopen the game of the single fiber network.
Atlantia floats +0,31%, after the consortium formed by Cdp, Blackstone and Macquarie sent it new details for the purchase of the 88,06% stake in Aspi "or for the purchase of up to 100% of the same in the event of exercise of the co-sale right by Aspi's minority shareholders". According to press rumors, the offer would have been slightly improved by around 200 million and there would be a commitment to give Atlantia another 300 million Covid refreshments.
The banks are opposed, Bper doing well +0,82% and Mediobanca +0,43%, while Unicredit loses 0,42%. Outside the main basket Mediaset deflates -3,2%, after the recent gains. Roma retreated by 1,82%, following the 6-2 defeat yesterday in Manchester in the first leg semi-final of the Europa League. Giglio, -4,85%, after the preliminary accounts for 2020, announced late yesterday evening and which led to a reduction of over a third of the capital and prompted the company to announce the exercise of the delegation by 30 June residual for a capital increase.
As regards government bonds, pending the review of the Italian rating by Dbrs, which is currently at BBB (high), the yield on ten-year BTPs closed at +0,86% and the spread with the German ten-year bond at 106 basis points, slightly better than yesterday. The rating update will also be announced in Germany by Fitch. The 0,2-year Bund rate stops at -XNUMX%.
