FRANKFURT SINKS, EUROPE IN THE RED. GOOD BOTS. STRONG DOWN FOR MEDIOLANUM
Frankfurt on its knees -2,15%, losses spread throughout Europe. The wave of Wall Street's decline hit Europe: Paris -1,57%, Madrid -1,31%. London loses 1,37% Piazza Affari is down 1,14% just above 19 points (19.108).
In this high-voltage situation, the Treasury managed to place 12 billion euro 8-month Treasuries at a yield of 0,30%, 3 basis points higher than in the previous auction. Spread stable at 144 points Tonight with the markets closed, Moody's will rule on Italy's sovereign rating. Moody's current valuation is Baa2 with a stable outlook. Also today, S&P will pronounce on France and Finland. Fears of a pandemic linked to Ebola also weigh heavily.
Brent fell to 89,5 dollars a barrel (-0,5%), a level it hadn't touched since 2010, Wti down by 1,3% to 84,6 dollars. Gold is also holding back, slipping to $1.222 from yesterday's $1.230. Euro-dollar cross at 1,267 from 1,269 yesterday. The market expresses the fear of a slowdown in the global economy from Germany to Hong Kong where protests have reignited. In Piazza Affari, the decrease of Mediolanum -5% stands out: Fininvest will have to sell the share that exceeds 9,9%, around 20%, as a result of the provisions of Bankitalia and Ivass. Indeed, after the judgment on TV rights became final, Silvio Berlusconi lost the integrity requirements required of a controlling shareholder in the banking and insurance world. The syndicate agreement between Doris and Fininvest also expired. Mediaset -1,8%: HSBC cut its target price to 3,4 euros from 3,8 euros, Overweight confirmed. Among the banks MontePaschi -2,2%, Intesa -0,5%, Unicredit -1,3%.
Fiat -2,3% in the last "only" Italian session in its history decided not to place a large part of the shares deriving from the withdrawal of the FCA merger on the stock exchange, while the possibility of selling shares on Wall Street remains open. Cnh Industrial -1%: JP Morgan cuts its target price to 7,50 euros from 9 euros, confirmed Underweight. Heavy energy Eni -1,9%, Saipem -2,4%. Enel holds +0,8%: Credit Suisse raises its target price to 3,60 euros from 3,20 euros, underperform rating confirmed. Telecom Italy -2%.
StM -4,6%: tonight the American Microchip, a major microcontroller manufacturer, issued a profit warning on the third quarter due to the sharp slowdown in sales in China in September. Finmeccanica-1%: the Court of Busto Arsizio sentenced the former CEO Giuseppe Orsi and the former CEO of AgustaWestland Bruno Spagnolini to two years for false invoices and instead acquitted them of the main charge of international corruption "because the fact does not exist”. Ansaldo STS -2%.
Heavy Tod's -3,9%: he considers the consensus of analysts for 2014 achievable and expects 2015 to be better than this year, even if the growth in turnover will still be "single-digit". Igd -0,4% and Beni Stabili +0,7% are down: for both, today is the last day of negotiation of option rights.
