Brussels says no to the resolutions of the EU supervisory authority on non-performing loans, the banking sector breathes a sigh of relief in Piazza Affari. The Ftse Mib index +0,2% is once again approaching 22.900 points. On the other hand, both Paris and Frankfurt are slowing down, both down by around 0,2%. Madrid -0,1% is also in the red. London -0,02% and Zurich -0,16% were also weak. Among the European lists, the reverse of the Danish Vestas stands out -17% after lowering its profit forecasts. Burberry is also down sharply, with a drop of more than 10%.
Numerous macro news: the ECB Bulletin notes that employment is today one point above the pre-crisis peak reached in the first quarter of 2008. Long-term unemployment, beyond 12 months, is also continuing to fall but it remains well above the pre-crisis peaks. The European Commission has revised eurozone growth sharply upwards over the next two years and is more optimistic about Italy. This year's GDP for the countries of the economic and monetary union is expected to increase by 2,2% and by 2,1% for next year, according to the autumn economic forecasts. Italy remains the rear light in terms of growth with a rate of 1,5% (doubled compared to the May estimates), equal to that of the United Kingdom.
The deficit/GDP ratio was revised downwards to 2,1% from 2,2% while the debt/GDP ratio fell to 132,1% from 133,1%. In 2018 it is seen at 130,8% from 132,5%. The euro weakened slightly against the dollar to 1,159 from 1,16. On the eve of the mid-month auctions and the next Btp Italia, the yield on the ten-year BTP rose slightly to 1,75% from 1,69%, the lowest since November 2016. The spread with the Bund rose to 142 basis points from 136, minimum for 2 years. The differential against the Spanish Bonos remains below 30 basis points, the lowest in the last 12 months. Brent oil is stable at $63,50 a barrel. Eni did well +0,4% and Tenaris +0,2%, Saipem slipped -1%.
All Italian banks react after taking a position on the new rules for non-performing loans. The number one of the Banking Supervision of the ECB, Daniele Nouy said he was available to a postponement. "The observations of the European Parliament - he said - are welcome in helping the ECB to address the problem of non-performing loans of European banks". Bper Banca takes off +10%, Kepler has promoted a Buy from Hold with a target of 4,65 euros. Banco Bpm +5% also has a comeback. Ubi Banca +4,5% and to a lesser extent Mps +1%. Unicredit also rises +3,2%, after the confirmation of the results and the entry of Saccomanni, in place of Palenzona. Understanding +0,5%.
After a sparkling start (+6%) however, the recovery of Credito Valtellinese fades away and returns to the levels of the previous day (-30%), after the announcement of a capital increase of 700 million euro.
Among asset management companies, the decline of Azimut -2,7% and Anima Holding -3,3% continues. Generali -0,4%, after the results. Enel is also weak after the quarterly -0,4%. Heavy drop in luxury by Ynap -9%, the company provided disappointing indications on third quarter revenues. The news favors the decline of the sector: Tod's -1%, Luxottica -0,3%, Ferragamo -2,5%, Moncler -2,3%.
Outside the main list, Astaldi's heavy crash -22%: the company announces a capital increase of 200 million. Geox -10% down sharply: disappointing revenues emerge from the quarterly report, but margins also improve over the nine months. Instead, De' Longhi +4% and Saras +3% rose. Contacts with China, on the eve of Single's Day (the electronic commerce festival) Centrale del Latte allied with Alibaba and Giglio Group active in the media in the Asian country are up 2%.
