Wall Street's rebound does not convince European traders all that much. The markets of the Old Continent slow down pending more precise indications on inflation and US rates. Milan -1,06% in particular corrects downwards under the pressure of the banks, around 22.100, in line with Madrid -1% Lower decreases, between 0,3%-0,4%, for Frankfurt and Paris. Almost flat London -0,08%.
On Wall Street, futures anticipate a 0,6% start in the red. Inflation just above expectations in Great Britain at 3% in January. No reaction from the pound: cross 0,887. The euro appreciates against the dollar to 1,233. The banks are heavy. Ubi Banking -2,4%, issued a statement in which it categorically denies the existence of contacts with Monte Paschi Bank -4%. Down too Unicredit -2,1% Intesa Sanpaolo -1% Banco bpm -1,6%.
It resists in positive ground Mediobanca +0,18%. According to rumors, the institute is interested in buying Allianz Bank (44 billion in funding, 3 financial advisors) perhaps liquidating a share in Generali -1,4%. In the recent conference call on the first half accounts, the CEO Alberto Nagel said that the capital buffer available to the institute can also be used for targeted M&A operations in the consumer and wealth management sectors.
This morning the Treasury placed 3, 7 and 30-year BTPs for a total of 7,677 billion at slightly rising rates. In particular, Btp 3 were assigned at 0,05% (+1 basis point), at seven years at 1,43% (+8 bps) and 2,250 billion thirty years at 3,16%. The bond market moved little: Bund 0,72%, Btp 10 years 2,01%.
Volatile oil, after a positive start and a drop below parity Brent is now unchanged at $62,60 a barrel. Oil prices are also down. Eni -0,8% to 13,38 euros. This morning Morgan Stanley reiterated the Underweight recommendation, reducing the target price to 14,20 euros from 14,60 euros. Saipem -1,5% Tenaris -0,5%.
The utilities are also under pressure. Enel -0,8% A2A -0,9% Atlantia -0,8%, he defends himself Snam + 0,1%. The sector that suffers the most in Europe is that of telecommunications with Telefonica which loses 1,8%, worst stock in the Eurostoxx 50, penultimate in the standings Deutsche Telekom -1,3%.
Telecom Italy falls by 1,8%. Yesterday the CEO Amos Genish in a meeting with the unions declared that the network company plan is a very important step for the country, to increase investments and no IPO of the new entity is expected, nor a merger with Open Fiber. After March 6, the date of approval of the industrial plan by the board of directors, the project will be officially presented to Agcom.
In Paris, the leader in video games rises by more than 5%. Ubisoft after a positive update on the accounts. Instead, the luxury giant is holding back Kering -2,6%, despite strong sales growth in the fourth quarter (+27,2% to 155 billion thanks to China and Gucci's progress). lvmh, after yesterday's boom (+4) today corrects downwards by 1,2%. Moncler unchanged in Piazza Affari: Mediobanca has raised its recommendation. The tour group Tui is the best in the London market with a +4,6% after announcing a recovery in bookings for this summer.
In the main basket of Piazza Affari we also note:
- Recordati +1,4% is among the best stocks on the wave of a more favorable opinion (Neutral) expressed by Goldman Sachs, which up to now had instead recommended selling the shares.
- Weak Pirelli -1,5%. The French rival Michelin [MICP.PA] communicated last night that market conditions are good, but also revised downwards its 2018 earnings estimates.
- Buzzi -2,2% is the worst blue chip
In the rest of the list: Ima +5,5%, Equita Sim has raised its recommendation to Buy from Hold, the target price rises to 80 euros from 75 euros. txt e-Solutions + 1,6% Piaggio +1%. Sales in India went very well in January.
