Italian stock market in sharp decline: Ftse Mib -1.52%. Sales of Banking, Telecom and luxury – La Stampa

Italian Stock Exchange in sharp decline: Ftse Mib -1.52%. Sales of Banking, Telecom and luxury

          

Italian Stock Exchange in sharp decline: Ftse Mib -1.52%. Sales of Banking, Telecom and luxury.

European stock markets down. Wall Street weak: at the close of the European markets, the S & amp; P 500 marks down 0.5%, the Nasdaq Composite 0.4%. The Ftse Mib ended at -1.52%, the FTSE Italy All-Share to -1.33%, the FTSE Italy Mid Cap -0.19%, the FTSE Italy Star at -0.13%.

the euro recovered ground against the dollar from the lows on Friday at 1.1218, the lowest level since late March. At the close of the European EUR / USD around 1.1270 marks bags.

Bond markets Eurozone in red, BTP under pressure. The yield of the ten-year Bund compared to the previous close of 3 rooms bp to 0.27%, that of BTPs salt of 8 bp to 1.55%. The salt spread of 5 bp to 128 (source: MTS).

As for the macroeconomic data of the day today we point out that in the US Department of Commerce (in conjunction with the Census Bureau) announced that sales of new homes fell in March of ’1.5% from the previous month, reaching 511,000 units’ (consensus 520,000), a decrease compared to 519,000 units in the previous survey. In Germany and ‘was made public that the climate of German business confidence for the month of April and’ stood at 106.6 points, lower than analysts’ expectations and the previous survey fixed respectively on an index of 107.0 and 106.7 points. In the UK the Confederation of British Industry (CBI) announced that the index relating to industrial orders and ‘equal to -11 points in April, slightly above the detection of March, amounted to -14 points. Expectations were fixed on an index of -15 points.

Banking heavy downward: the FTSE Italy Banks index ends at -3.39%, the EURO STOXX Banks -2, about 7%. Sales of Deutsche bank (-4.4%) after the Frankfurter Allgemeine Sonntagszeitung on weekends wrote that some of the members of the supervisory board of the German bank believe that the legal adviser Georg Thoma exaggerated in ask for greater deployment of resources in internal investigations. Thorma is responsible for coordinating the response of the bank’s managers in investigations on the role of the same in the scandals on the fixing of LIBOR and precious metals. In Milan UniCredit (-5.30%) is under pressure after Moody’s wrote in its Credit Outlook that the participation in the fund Atlas is negative for the credit of member banks. According to Moody’s the fact that the fund is intended to act on risky institutions like Popolare di Vicenza, is a high risk especially for those who, like Unicredit, has capital reserves risicate than the minimum required (CET 1 ratio at 10.73 % compared to the 10% required by the ECB), and could fall below those minimum.

Telecom Italy in sharp decline (-4.42%) on press reports according to which to the newly Cattaneo might give way on the strategy outlined by Patuano predecessor cede 25% of Telecom Sparkle to CDP, in exchange for 46% of Metroweb and purchase the remaining stake held by F2i.

Weak oil with crude below the maximum from November touched between Thursday and Friday. The Brent futures fluctuates about $ 45.00 / bbl (from 46,18), one on the WTI $ 43.50 / barrel (from 44.48). Declining in Milan Eni -0.49% -3.11% and above Tenaris, on which Credit Suisse has worsened the judgment from NEUTRAL to Underperform. Bucking Saipem +1.60%.

Weak luxury Moncler with -2.84%, -2.94% Salvatore Ferragamo, Yoox Net-A-Porter Group – 2.23%, Luxottica -1.49%.

FCA (+ 0.63%) recovers and ends in green after a start of a negative seat in the wake of the announcement the recall, with gearbox problems, more than 1.1 million cars and midsize SUVs in various countries, including 811,586 in the US. Tomorrow the automaker will release financial results for the first quarter of 2016.

Very well Saras (+ 6.02% to EUR 1.57) that exceeds the momentum resistance positioned between 1.49 and EUR 1.50 (maximum mid-March and early April) and rushes towards 1.6340, the peak early March. Any overshoot of this last reference, then reaffirmed by that of 1.67 (neckline of the bearish head and shoulders completed in early February), would open more space to rise with purpose on levels seen in late January at 1.9950.

(Simone Ferradini)