Also in Europe the resignation of the economic adviser of the White House. Gary Cohn, have slowed down the price list race. TO Square Business, at 13 pm, prices return, albeit slightly, to positive territory. The index Ftse Eb +0,2% records a modest rise to 22.243 points.
Curtain Madrid, -0,3%. Also in red Paris -0,5%, and Frankfurt -0,1%. Outside the euro area unchanged London, awaiting the EU's proposals on the Brexit negotiation, under discussion today in Brussels.
S&P basket futures signal a downside start of Wall Street Cohn's departure makes a trade war between the United States and the rest of the world more likely. Invite Sergio to calm down Marchionne, as an industrial manager halfway between Europe and the United States. “Everyone, calm down – he said during the Acea meeting in Geneva – keep the process going, get them to talk, eventually something will be resolved. Threatening tariffs with tariffs solves absolutely nothing”. If anything, it is necessary to understand the reasons for Trump. “Part of the administration sees this as a problem in the US economy and is trying to straighten out positions that have gone beyond the limits of the past. I don't want to judge the quality of the project, but it's clear in terms of direction”.
On the contrary, the EU commissioner for trade Cecilia Maelstrom he reiterated this morning that "Europe is ready to act in a proportionate manner in the event that the protectionist measures announced by the United States on steel and aluminum import data are actually taken and the EU is not exempt from them".
On the macro front the euro of appreciate on dollar for the fifth consecutive day, crosses at 1,242.
It strengthens the btp: the yield drops to 1,996% from 1,99% yesterday, the spread a 129 basis points. The Italy-Germany differential has been fluctuating between 120 and 140 basis points for over a month, levels that do not signal particular stress.
Petroleum down: -0,8% to 65,3 dollars a barrel. The Energy Information Administration raised its forecast for US crude oil production to 10,7 million barrels a day, a level never seen in history. He misses out Tenaris -3,42% under the pressure of the US threat on duties.
The title advances in Piazza Affari Telecom +0,98%, after reaching peaks above 1% during the presentation to analysts of the accounts and the business plan which provides for the spin-off of the Network and investments for 9 billion between now and 2020. The 2017 financial year closed with revenues of 19,8 billion (+4,2%) and net profit down to 1,2 billion (-38%). About Elliott pressing, who has amassed a significant stake, just under 5%, in CEO Amos Genesis he said: “I am willing to sit down with them to understand what they want to change, even if their announcement was an attempt to reach conclusions before the publication of our ambitious and robust plan”.
It settles down Inwit -0,3%, who presented the industrial plan yesterday evening. 2019 target: revenue growth of around 5% for 2019.
Among the sectors, almost all in the red, it suffers the most the European Automotive -0,9%. Fiat Chrysler -1,2%. Marchionne basically confirmed the anticipations of Reuters on the Marelli spin-off. This morning he said: “I will never sell Magneti Marelli. There may have been some advances, but I want to give it to the shareholders." Excluding the need for an IPO. Down Ferrari -1% and Cnh Industrial -1,24%. On the contrary, the money is swirled up Brembo + 3%.
In the rest of the list it takes off Fincantieri + 6,24% together with Viking they have reached an agreement to build an additional 6 shipsbringing the number of units built in partnership by the two companies to 16.
Of note is the performance of smre +4%: the small cap listed on the AIM, leader in electric mobility, has announced that the 2017 figures exceed the expectations of the 2017-2020 Business Plan: sales volumes have grown by 87%.
