The Ifo index, the thermometer of German confidence, rises even if expectations remain weak. That is enough to restore some optimism to the Stock Exchanges which recover part of the losses of the eve. The institute says that Germany is expected to be in stagnation in the fourth quarter. But the most sensational news, even if partially expected, comes from London. The British High Court unanimously ruled the decision to suspend the British Parliament for 5 weeks is illegitimate. So the expected rejection for the British premier, Boris Johnson, has arrived. In the morning the premier had declared "I'm not nervous" in view of yet another slap, this time also suffered by the Queen who had not opposed the closure of the Municipalities. The Ftse 100 of London is down by 0,2%, while the exchange rate euro pound it drops to 0,882 (-0,3%) after the sentence. Bookmakers give 10/11 Bojo's exit within the year.
Business Square +0,2% goes back to just under 22 points. All markets were positive, driven by stocks perceived as defensive, starting with beverages: Campari +1,40%. The more tonic it is Madrid +0,4% ahead of Paris +0,3% and Frankfurt +0,1%. The tourism sector is kept upset by the bankruptcy of Thomas Cook: the competitors are already preparing to divide the pieces of the British tour operator. Deutsche Lufthansa, Ryanair Holdings and Tui all traded up between 1,3% and 1,6%.
On the bond market, the BTPs are trading in slightly negative territory in line with the bunds with little movement at -0,58%.
Triggered by the promotion of the Spanish rating decided on Friday evening by Standard & Poor's, the purchases are mainly reflected in the Portuguese paper, less so in the Italian one on the eve of the month-end auctions which start tomorrow with indexed Ctz and Btp.
On Friday, in addition to the presentation of the Update Note to the Def, the calendar includes the offer of medium-long term securities: the market and investors are betting on a new 5-year reference security with a much lower coupon.
Il Petroleum WTI is down 1% to $58. Preparations for Saudi Aramco's listing on the Stock Exchange are going ahead, reports Bloomberg, the presentation organized by the consortium banks for tomorrow should be held regularly.
It settles down Eni -0,4%. Tenarys +1%.
In Piazza Affari, the utility sector holds sway, under the impetus of a report by Kepler Chevreux which forecasts negative rates and ever lower cost of debt, ideal conditions that allow companies to invest in the energy transition. Current tariffs will remain in force until 2022 with a government incentivized not to intervene.
That flies by 6% on intense exchanges after the judgment of the broker who promotes the Roman utility at 19 euros, improving the judgment to "buy". They also go up Snam +2,4 (target price 4,8 euros), Terna + 2,68%. Italgas + 2,21%.
The banks are also positive: Unicredit + 0,7% Where's Banca + 0,5%. Intesa Sanpaolo + 0,7%.
Generali -0,8%. The bond buyback plan has been closed, debt is being reduced and the cost of servicing debt is falling.
In the automotive fca yields 1,5%. The The EU Court confirmed the decision of the European Commission on aid granted by the Grand Duchy of Luxembourg to Fiat Chrysler Finance Europe. Down too Cnh -1,22: it cut the share recommendation from accumulated to neutral, while bringing the target price from 10,5 to 11 euros based on the multiples at which competitors trade. But it's too early to bet on the spin-off.
In the Agnelli stable still under the title Juventus -2% crippled by the arrival of the capital increase.
