Day of sales on European markets, with Milan wearing the black jersey and stopping at 20.597 points, -1,15%. Banks and energy stocks were in deep red, Tenaris in particular dropped 5,51%, despite the excellent quarterly performance. Closing in fractional decrease also for London -0,71%, Madrid -0,74%, Paris -0,31% and Frankfurt, -0,23%. Wall Street travels contrasted with the Dow and S&P down, while the Nasdaq is positive, beyond the threshold of 6.000 points. After the markets are closed, the quarterly reports of some technological giants such as Alphabet, Amazon, Intel and Microsoft will be released.
Investors remain lukewarm to the tax reform presented yesterday by Donald Trump, still unclear in the details, while on the Marco front the applications for unemployment benefits grow more than expected and the orders of durable goods, in March, rise less than expected. Among raw materials, there was a slump in oil, in the wake of US data published yesterday, which show a drop in crude stocks and an increase in fuel stocks, a symptom that refineries are producing more than the market consumes. Brent is currently losing 2,38%, 51,16 dollars a barrel. Slight decrease also for gold, -0,22%; $1266,17 an ounce.
The euro-dollar exchange fluctuates during the day, with the Mario Draghi press conference after the ECB meeting. Then the single currency takes the downward path and is currently trading around 1,086 (-0,37%). In reality, no news on monetary policy has arrived from Frankfurt and it was not in fact expected. "It is true that growth is strengthening and we are confident that it will continue to accelerate and spread - argues Draghi - but if the prospects become less favorable or inconsistent with the required adjustment of inflation, we would be ready to increase" Quantitative easing. Before thinking about a normalization of monetary policy, inflation must be close to 2%, "for the entire Eurozone and not for just one country". As for the run-off for the French presidential elections between the pro-European Emauel Macron and the euro-sceptic Marine Le Pen: "we do not conduct monetary policy on the basis of electoral results".
The confirmation of the route from the ECB supports the secondary. The yield on the Italian 2,26-year bond falls to 195.20%, even if the spread with the German Bund reaches 0,77 (+XNUMX%).
In Piazza Affari, the most penalized stock is Tenaris which, after a positive start thanks to the brilliant quarterly report, makes a U-turn, partly due to the drop in oil prices, partly because some analysts believe that corporate growth is already incorporated in the value of the title. Banca Akros confirms the neutral opinion; for Kepler Cheuvreux and Banca Imi the rating remains Reduce; Mediobanca, on the other hand, was positive, expressing an Outperform recommendation with a target of 18,5 euros. With black gold down, sales hit Eni, -1,51% and Saipem -2,83%.
Financial markets at European level are particularly weak. On the Ftse Mib Unicredit which loses 3,86%, while maintaining the weekly gains at 9%. Ubi fell -2,41%; Understanding -2,34%; Bper -2,72%; Banco Bpm -2,85%; Banca Mediolanum -1,35%. Insurance companies with little movement, including Generali -0,14%, on which Fitch confirms the "A-" rating with a stable outlook.
Realizations on Mediaset, -2,22%; Leonardo -1,95%; Cnh -1,35%. Fiat sells 2,55%, but Exor, the safe house of Agnelli, gains 1,28%. Utilities recover: A2a +0,88%; Italgas +0,97%; Terna +0,43%. Atlantia scores an increase of 2,27%, while working on an offer for Abertis and the board of directors should decide on the sale of 15% of Autostrade. Fashion remains toned with Moncler +1,2%.
Outside the main basket, the stocks of football clubs run: Lazio + 20,15% in view of the Italian Cup final against Juventus, which in turn is up 7,75% a few days before the Champions League semi-final against Monaco . Rain of signings on Roma +14,29%, solidly in second place in the league. Datalogic picks up, +3,4% following the accounts and Rcs +3,09%. Fincantieri loses: -4,18%.
