The rise in oil supports European lists, on parity despite the tensions on the banking front. The index Ftse Eb in Piazza Affari it marks an increase of 0,2%, over 23.050 points. Frankfurt -0,05%. Also declining Paris (-0,1%). The most significant variation is that of Madrid, down by 0,4%.
Il dollar, at 1,1565, moves to new highs since June against the euro. The yield of the T bond travels on 2,35% pending the next rate hike. Compared to Italian government bonds, at their lowest for ten months, the differential is around 60 basis points (1,75% against 2,35%). The ten-year spread between the German Bund and the US Treasury is close to 200 basis points.
Il Brent marginally retraces after the leap on the eve, the largest in the last six weeks, in a climate of growing tension between Saudi Arabia and Iran over the conflict in Yemen. Around 12 noon Italian time, the Brent contract for January delivery dropped 11 cents to 64,16 dollars a barrel, after closing yesterday up 3,5%. The WTI rose by 3 cents to 57,38.
Eni it rose by 1,5% to 14,72 euros, returning to the May prices. This morning HSBC revised its target price to 16,1 euros from 15,10 euros, promoting the Buy from Neutral recommendation. Saipem + 0,2% Tenaris + 0,6%.
German industrial production disappointed slightly this morning, down 1,6% in September. Among the quarterly outgoing today it disappoints bmw, -2,5% after quarterly profits fell 5,9%, near the low end of forecasts due to higher costs for new technologies and models.
The chipmaker also falls even more heavily Dialog Semiconductor (-8,2%), after a cautious outlook on the fourth quarter. Under pressure also the Danish maritime group Maersk (-5%). On the banking front, pending the accounts of Understanding (+ 0,3%), Unicredit sells 0,5% on the eve of the Board of Directors on the successor of the president Giuseppe Vita. Mediobanca confirmed the outperform rating. Where's Banca -0,3% Bpm bank -0,7%. In sharp decline the Valtellinese credit (-10%), which could announce today a capital increase of half a billion euros: the bank capitalizes 324 million euros.
This morning in Frankfurt Mario Draghi He stressed that many banks still lack the capacity to absorb large losses, as the ratio of their NPLs to equity remains high. “Currently the most important issue is managing suffering,” Draghi stressed during a conference. "Consequentially we need a joint effort by banks, supervisors, regulators and national authorities to address this issue in an orderly manner, first and foremost by creating an environment in which NPLs can be effectively managed and efficiently disposed of”.
Among the titles of luxury Tod’s retreat by 3%. The company announced that it closed the first nine months of 2017 with revenues of 722 million euros, down 4,7% year on year. In the third quarter, revenues fell by 8% to 239 million euros. The wholesale channel was very bad, down by 14,6% to 100,5 million euros. Today the company presents the new business plan.
Also down were Luxottica (-0,7%) and Ferragamo (-1%). Weak Yoox Net à Porter (-0,6%) after Zalando, the leading European e-commerce group, lowered its profit forecast in the last quarter of 2017, and lost 5% in Frankfurt.
After the third quarter results Campari gains 1,6%, to 6,79 euros. Adjusted EBIT was €94 million, up 7% year-over-year. The net debt, as of September 30, is 1,08 billion euros. Campari expects, by the end of the year, “a further reduction in the level of debt due to the sale of non-core businesses and real estate assets”.
Snam it reaches its maximum since July 2016 at 4,48 euros. The company closed the third quarter of 2017 with revenues of 628 million euros, in line with consensus expectations. The BoD approved the distribution to shareholders of an interim dividend of 0,0862 euro per share.
Among the small caps, TV world (+2,4%) marks new tops since 2015. The real estate race continues: Igd + 2%.
