After a timid initial rise, Business Square has taken the downward path, albeit slowed down. The Ftse Mib index now loses 0,4% around 20,100 points. Fractionally down, below 0,1%, Paris, Frankfurt e Madrid. Salt only London (+ 0,2%).
The markets await the two appointments of the day. At 15,30 pm Mario Draghi will speak on the occasion of the presentation of the new 50 euro banknote. In the evening, at 20,40, there will be the second debate between the candidates for the French presidency: they will talk about employment.
On the market for government bonds the yield of the 10-year BTP falls to 2,3% from 2,31% yesterday. The yield on the Bund falls to 0,26% from 0,27%. Spread up to 204 basis points (+1,2 basis points).
Il dollar it strengthened slightly against the euro, which fell to 1,065e, from 1,067 at yesterday's close. Oil is unchanged at $53 a barrel and WTI at $50,2.
Among the oil stocks of Piazza Affari it declines Eni (-0,2%), while rising Tenaris (+0,8%). Goes down Saipem (-2,2%), impacted by the collapse of Norway's Seadrill, which fell 37% after announcing that shareholders and bondholders could suffer losses following the debt restructuring deal that the oil drilling company is negotiating with the banks.
The declines of Telecom Italy (-2,3%) and of Generali (-1,8%). The anticipation of Reuters reports that Iliad is preparing to aggressively enter Italy: the French company aims to take a quarter of its market share in the medium-long term. The operator founded and led by Xavier Niel should land in Italy by the end of the year, or at the latest in the first part of 2018.
On the other hand, the new Sell recommendation by Goldman Sachs is felt on the insurance company. The broker started hedging with a sell rating and a target price of €13,80. The below-average solvency position, low liquidity levels and limited leverage mean that medium-term dividend certainty is lower than its competitors.
The weakest sector is the automotive one, after the negative sales data on the US market. The sector index slips by 1,3%. Still down Fiat Chrysler -1%, after yesterday's fall of 5%. in Frankfurt Daimler retreats by 1,9%, Volkswagen -1,3% bmw -1,9%.
Exor drops by 2,4%. The holding plans to invest in minority shares of smaller Italian companies, without excluding start-ups. This was stated by the CEO John Elkann, in an interview with the Financial Times. A long-term bet in Italian creativity.
Other industrial stocks were also weak with the exception of Prysmian +0,4% supported by the opinion of Goldman Sachs which raised the target price to 27 euros from 26 euros (Neutral recommendation). Leonardo drops by 0,6%, stm -0,8% Brembo -0,53% Buzzi -1%.
In the utilities sector, the decline of A2A (-3,2%), which yesterday announced good results for 2016, but disappointing targets for 2017. Mediobanca lowered its recommendation to Neutral from Outperform. They retreat Piaggio (-3,7%) And Astaldi (-1,8%).
