Weak European stock exchanges, which focus attention on the American vote. Piazza Affari (-0,7%, just above 19.100 points) all suffer more under the pressure of the criticisms of the maneuver that will dominate the Ecofin, the disagreements between the government allies and, above all, due to new negative signals from the slowing economy more than expected.
The Italian composite PMI fell to 49,3 from 52,4 in September. Quota 50 represents the watershed between expansion and contraction. There was in October the first contraction since December 2014: this time the index reaches its lowest since November 2013. The rest of the Eurozone is doing better: the PMI Composite index in October rose to 53,1 from 52,7 in September, in line with estimates.
Slowdown in Paris and Frankfurt (-0,2%). Worse London (-0,5%) and Madrid, just below the percentage point decline.
The sharp decline two darlings of e-commerce. Zalando records a drop of 8,9%. Europe's largest online clothing retailer reported the slowest rate of sales growth since it launched and reported a loss in part due to unseasonable heat.
Pandora loses 4,2%. The Danish jewelry company has reduced its sales outlook for the second consecutive quarter, saying it intends to review its strategy and launch a new cost-cutting programme.
The Btp/Bund spread is approaching 300 basis points (297), +8 basis points, and the ten-year BTP yield reaches +3,38% (from 3,32% yesterday). The euro moved little at 1,140 against the dollar.
Oil prices are on the decline after US waivers for major importers of Iranian crude raised supply concerns, shifting market attention to slowing economies. Brent futures lose 51 cents (-0,70%) to 72,66 dollars a barrel. Eni -0,5% this morning signed an agreement with Lukoil for the exchange of concessions in the gulf of Mexico. Saipem -0,34%.
Intesa Sanpaolo gains 2% reaching 2,015 euros, after the publication of a quarterly above expectations. The third quarter closed with a net profit of 883 million euros above analysts' estimates of 785 million. The institute aims to close the year with a net profit exceeding 3,8 billion, thanks to 3,4 billion of net capital gains deriving from the partnership with intrum to be booked within the year.
Capital is well above regulatory requirements even in the adverse scenario of the stress test: fully loaded pro-forma common equity tier 1 ratio at 13,7% taking into account the dividends accrued in the nine months. The result of operating management shows growth of 13,2% in the nine months of 2017, with operating income increasing by 4,3% and operating costs decreasing by 3,2%.
Weak other banks in the morning: B for Bank -2,7% Bpm bank -2,1% Where's Banca -2,4%. Weak too Fineco (-1,2%) that closed the first nine months with a net profit adjusted for non-recurring items of €178,8 million (+13,9% y/y).
In Piazza Affari it is on the rise Mediaset (+2,6%), following a 2,5% increase in advertising revenue over the nine months. The group exercised the put option to sell R2, the platform on which Premium runs, to Sky.
Telecom it lost 1,27% to 0,53 euro. Jefferies cut the target price to 0,75 euro from 1 euro.
Rising sharply Campari (+3%) later The bills. The company closed the first nine months of the year with growing profits. The adjusted group result before taxes amounted to 249,4 million, corresponding to +4,7%. Sales stood at €1,2 billion.
