Piazza Affari reduces the initial increases but, unlike the other European lists, confirms itself in positive territory with an increase of 0,44% just below 22.500 points. Prices are supported by the continuation of the rebound of banks and government bonds. On the other hand, the Morgan Stanley effect that had galvanized the markets at the start has gradually faded: a report by the US broker defined the prices of shares in the Eurozone as “attractive after the outflow of about 40 billion dollars suffered in the last 25 weeks. Paris leaves more than one percentage point on the ground, Frankfurt -0,8%. In pale red Madrid -0.07% and London.
The Italian bond market is accelerating upwards, supported by the apparently more reassuring tone of the internal government debate on the path of the deficit/GDP in the budget law, which has triggered cover-ups by investors. The yield of the Btp 10 drops by 10 basis points to 3,08%, from 3,15% yesterday evening. Spread at 273 basis points, down 10 basis points compared to the end of yesterday's session, during which it had gone up to 293 points, a new high since the end of May. Significant progress along the entire yield curve: 2-year Btp -17 basis points, 30-year Btp -7 basis points.
Oil consolidates on its highs since mid-July. Brent +1,1% to 79,1 dollars. The WTI +1,75% to 71,02. The evacuation of two platforms in Mexico this morning due to an approaching hurricane contributes to accentuating the uptrend. With data pointing to a decline in Iranian exports, the resumption of the conflict in Libya, Venezuelan exports hit by an accident at the key Jose terminal, the list of 'bullish' events is getting longer and longer,” Michael Dei-Michei noted on Reuters. , head of research at JBC Energy.
Strong increase by Saipem +2,18%, Eni +0,6%. The rise of energy is felt on the growth of producer prices which rose to ì4% in the Eurozone (from +3,6% in July).
It is staged, not only in Piazza Affari, the perfect storm on Telecom Italia marks a conspicuous drop of 5,7% to 0,52 euro, the worst security on a list that started in a decisive contrast (now at +0,5%). To recall all the weaknesses, Exane analysts thought about it today who in a report cut the recommendation from Neutral to Underperform, also reducing the target price by 37% to 0,38 euro. According to French analysts, the market is underestimating, on the one hand, the impact of the new Open Fiber network operator on TIM's fixed line business accounts, and on the other hand the low mobile prices which could produce further negative effects on the fixed line. Furthermore, fears about Brazil remain in the background, where the group is present with Tim Brasil. To increase the competition on mobile is the arrival of Iliad which announced 1,5 million customers at the end of August. Meanwhile, however, the French operator has reduced its medium-term profitability targets after losing mobile subscribers in the first half of the year, for the first time since the start of the cellular telephony business in 2012. But the market still rewards the Xavier Niel with a generous 8% jump.
Leap forward for all Italian banks thanks to the attenuation of tensions on the spread. Ubi +3,6% is the best of the list: JP Morgan has upgraded the rating to Overweight.
Intesa Sanpaolo +0,9%. UniCredit +0,7%. Mediobanca +2,5%. Mediobanca's main shareholders are united in a shareholders' agreement which binds 28,5% of the capital. The agreement expires at the end of 2019, but a window for early cancellations is foreseen in September. FinecoBank +1,7%, reaching a new historical record at 10,45 euro.
To note the collapse of Danske Bank -6% after the news that its Estonian branch allegedly handled non-resident (Russian?) money worth around $30 billion. Ing also drops -2,6%: the orange account company has announced that it will pay 775 million euros to justice, after being accused of not having properly supervised money laundering by its customers.
Weak Fiat Chrysler -0,7%. Car registrations in Italy grew by 9,46 in August. The Lingotto group grew by 2,6%. The market share stood at 27,1% from 27,83% in July.
Pininfarina +3,5%. During the investor day CEO Silvio Angori announced the goal of raising EBITDA beyond the current 12%. Also noteworthy is the Astaldi rebound +1,9%: Yesterday the price slipped to an all-time low. S&P downgraded its rating to 'CCC-' from 'CCC'.
Instead, Fincantieri slows down -1,3%, yesterday +7,7%, is at work for a maxi-tender called by the Romanian Navy worth 1,5 billion euros.
