European stocks are trying to recover after a negative start in the wake of the Wall Street crash. Piazza Affari, the best at 13 is in practice on parity around 19.300. More pronounced red for Frankfurt and Paris, both -0,8%, Madrid -0,6%. London -1,04%.
Movements on the US bond market (closed for ceremonies in honor of George Bush) continue to influence the performance of the debt market. The 2,91-year Treasury yield fell to 3% on Tuesday, its lowest since September. The discriminating threshold of 2,80% has been breached downwards. The two-year yield remained unchanged at 11%. The spread between the two-year and ten-year yield fell to 2007 basis points tonight, a new low since XNUMX. The effect on the 0,25-year German Bund, down XNUMX%, level not seen for six months.
The BTPs extend the robust progress of the last few days, taking advantage of a movement that involves the entire global bond market but also the more favorable prospects for an agreement with Brussels. The yield falls to 3,05%, the lowest level since the end of September. The spread slips to 279 basis points. The yield of the 2-year BTP reaches 0,56%, the minimum level since July, more than halved compared to the 1,40% of last November 19 when the EU Commission gave the green light to the infringement procedure. The Italy/Spain spread was also contracting, falling to new lows since mid-September at 162 basis points, from the record peak of 200 basis points reached in October.
LEurozone Composite PMI it stood at 52,7 points, down from 53,1 in October, above the preliminary reading and the consensus of economists but still at its lowest since September 2016. At the Italian level, the PMI services reading returned to photographing a condition of expansion to 50,3 points, recovering from 49,2 points in October.
Oil rose 0,1% to 62,17 dollars a barrel this morning, from +0,6% on Tuesday. Saudi Arabia has reduced the expectations of those who expect fromOPEC assembly Thursday's agreement on a large production cut, Oil Minister Khalid al Falih said it was too early to reach such a conclusion. They miss out Saipem -2% and Eni -1,3%. Gold also slows down, which reached its highest level since June on Tuesday, fell slightly to $1.235 on Wednesday.
Technological stocks suffer on the stock markets, after the "freeze" on the possible agreement on tariffs. Brake Stm -1,6%, together with Infineon -4,5% and Ams-1,2%.
The all in all positive outcome, the good performance of yesterday's meeting between the delegation of German car manufacturers and the Trump administration is invigorating the shares of the sector which move above the Dax. He doesn't benefit from it Fiat-Chrysler -1,3%, also for the prospect of an industrial alliance between Volkswagen +1,55% and Ford: the Detroit company will offer space in its plants for Vw production in the USA. Brembo – 0,8%. Cnh Industrial unchanged, announced the offer of repurchase of 2021 bonds from 700 million, setting the maximum price for the repurchase at 300 million.
But the big news at Agnelli concerns the title Juventus +7% at 1,175 euros. Banca Imi and other houses foresee a passage of the title in the main index.
The banks are recovering, after a mixed start: the sector index rises by 0,8% (against -0,7% at the European level). The best titles are Bench Bpm +1,6% supported yesterday by JP Morgan which raised the target to 2,4 from 2,2 euro e Ubi + 2,7%.
Telecom Italia +1,3%. The defenders advance: Campari stands out with a +2,5%. The utilities are also positive. Snam +0,2% bought back bonds for approximately 538 million euros
Out of the main basket:
Take off Financial Trevi up more than 22% after accepting the 140 million euro offer from Megha Engineering/Infrastracture for the business branch active in the oil sector.
It also bounces Astaldi +7%.
