European shares decline in the wake of Wall Street waiting numbers on industrial production in the single currency bloc in March, the month in which, according to economists’ estimates, the quarterly change was nothing, after -0.8 % recorded in February, while on an annual basis has shown a slight acceleration of growth to 1.1% from 0.8% in February.
There is also waiting for the verdict on Bank rates of England, which also it will release its inflation report. The Central Institute should not make any changes to its monetary policy, despite the slowdown in the growth rate, charged temporary uncertainty related to the referendum on the United Kingdom staying in the European Union, scheduled June 23. If the popular vote were to sanction the exit from the EU, the BoE will likely try to limit the resulting shocks on the economy by cutting interest rates and increasing the amount of quantitative easing.
The BTP-Bund spread it is stable at 134.8 points with a stake of Italian ten-year 1.46% rate. This morning, the Italian Treasury, in a week especially rich from the supply side of the sector of government of the euro area, offers up to 7.5 billion BTP 3, 7, 15 years plus an off-the-run BTPs with a residual maturity 14 years.
Traders continue to look carefully at possible future issuance of a BTP to 50 years by the Italian Treasury after the debut of this segment in Spain, which yesterday issued 3 billion paying 3.493% and collecting orders for more than 10.5 billion. The good reception given to the bond of Madrid could also induce Rome to follow the trail from here to a few weeks.
The dollar is stable against the euro, which travels in the $ 1.1420 area. In Milan the FTSE MIB index fell 0.37% to 17,632 points. Recovering Banco Popular 
(+ 1.50% at 4.46 euro) and BPM (+ 0.77% to 0.525 euro). The CEO of Milan’s popular, Giuseppe Castagna, assured that the downward pressure that the market is exerting on the Banco Popolare bonds does not change, even one iota, the conditions and terms of the integration plan.
from this perspective Castagna explained that Monday will be presented the business plan and has ensured that it will not be touched on the swap as “the son of the value creation that will be there for the shareholders.” Today are expected the accounts of Ubi Banca (+ 0.13% to 3.17 euro) and B to (+ 0.50% at 4.40 euro).
instead Negative Mediobanca (-1.87% to EUR 6,285) that closed the first nine months of 2015 to 2016 with a net profit above expectations, albeit declining for extraordinary items, and considers possible at this point an increase in the dividend for the year.
A little below parity Snam (-0.19% to EUR 5,275) in the first quarter saw a net profit of 266 million euro, down del18,2%. EBITDA amounted to 643 million euro, down 10.3%. The gas injected into the network amounted to 16.49 billion cubic meters, up 3.2%.
You can not say the same of Tod’s (-6.39% to EUR 57.1) which closed the first quarter with sales down 3.1% to 249.6 million, below market expectations, and warned that the consensus of analysts of growth of 4% of revenues now seems “a bit ‘ challenging”.
Which is why this morning JP Morgan cut its target price to Title 68 to 64 euro, Raymond James from 63 to 55 euro (rating underperform), Kepler Cheuvreux 81 to 72 euro (buy), while , Credit Suisse lowered its rating to underperform from neutral and its price target from 65 to 55 euro.
Down RCS (-1.67% 0.59 euro) which reported first-quarter net loss of 22 million, from red to 35.2 million a year earlier, and announced that it was to agree on restructuring the debt, which is expected to get approval of all lending banks within a month. Attention, finally, Eni (-0.45% to EUR 13.37) because today is held the shareholders’ .
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