Piazza Affari is weak while awaiting the indications of the Eurogroup which meets in the afternoon on the Italy case and on the final squeeze on the Brexit negotiations. The euro moved little at 1,1338 against the dollar.
In Piazza Affari, the index recorded a drop of around 0,4%, just above 19.300 points. The other markets did better: Paris slightly above parity, Frankfurt both gaining 0,22%, London (+0,29%). Madrid +0,66%.
The confidence of European investors falls in November. The Sentix index elaborated by the European Commission, which measures this figure, shows a drop to 8,8 points, in line with the consensus, from 11,4 in October.
There is no news on the possible injection of liquidity by the European Central Bank: on Friday afternoon the MNI press agency wrote that it is on the way, Reuters that it is not imminent.
The Italian market is conditioned by political uncertainty. Tension rises within the majority.
The Bund-BTP spread rises to 292,5 basis points from 289 on Friday evening and from 287 this morning. The 3,36-year yield stands at XNUMX%.
The petroleum type Brent started the week with a slight drop, trading at $72,7 a barrel this morning, having lost 6% in the previous five sessions.
Sanctions against Iran come into force today, but at the same time, there is a super exemption for those who buy Iranian oil: Italy should be one of the eight friendly countries to which the White House has granted the right to maintain commercial relations with Tehran . They go up Eni +0,8% and Saipem +1%: the government of the United Arab Emirates has approved a 132 billion dollar investment plan to increase production capacity.
The results of the stress tests on European banks had a marginal impact, with the sector index falling by 0,3%. They are flat Barclays e Société Générale who performed unsatisfactory in tests but their stocks are flat.
On the contrary, the Italian banks promoted by the EBA exam are slowing down but under the critical lens of Goldman Sachs: the US broker points the index on the drop in profits, higher funding costs and the progressive expiry of the ECB's Tltro (four-year) loans , which have ensured the Italian system an important collection at very low costs.
Unicredit -1,5% (single buy but target reduced from 19,5 to 17,2 euros). Where's Banca -1,45%. Intesa Sanpaolo -1,8% (downgraded from buy to sell), B for Bank -4% (sells). Bpm bank, -2,69%. The CEO Giuseppe Castagna says that the bank aims to sell another 8 billion Npl within the year, with the offers of the three consortiums in the tender expected for mid-November.
Sale Italgas +0,7% after the financial data. The first nine months of the year closed with a net profit of 226,4 million euro, up by 6,1% on total revenues of 880,7 million (+5,5%). EBITDA stands at 629,2 million (+8,9%). The data is above estimates.
Ferrari turns down (-1,3%) after the publication of the accounts that disappointed analysts' expectations. Ferrari has closed the third quarter of 2018 with an adjusted net profit of 146 million euros, an increase of 5% compared to the same period of 2018. Revenues for the period amounted to 838 million (+0,3%), when the ebitda (equal to the adjusted one ) was 278 million euro (+5%) and the EBIT (equal to the adjusted one) was 203 million (+0,4%). Net income for the third quarter jumped by 105% to 287 million euros, due to the effect of the Patent Box.
Fiat Chrysler +1,7% is among the best blue chips. In October, auto registrations fell 7,4% on the year to 146.665 vehicles. FCA recorded a drop of 16,8%, but the volumes recorded by the group in Italy now weigh less than 10% on the overall turnover and represent less than half, around 40%. According to Equita and Banca Akros, the data from Brazil and the USA more than offset the decline in the EMEA area.
stm-1,8%, despite launching a $750 million share buyback program.
