European markets slow down ahead of Janet Yellen's latest press conference at the head of the Fed. Alla Bag of Milano the Ftse Mb index falls by 0,9% to around 22.500. Much less deep red a Paris e Frankfurt, around -0,2%. On positive ground Madrid (+0,1%). Flat London.
The cross was little moved euro-dollar, at 1,173. The market wonders about the consequences of Donald Trump's electoral defeat in Alabama, a state that had voted convincingly for the current US president. In the by-election for the Senate, the candidate of the Republicans was defeated by the candidate of the Democrats.
In the meantime, even before the Fed's announcement, the trend in rise in market rates, simultaneously with the publication of the first macroeconomic data for the fourth quarter.
Il Waist ten-year period is up +0,33% from 0,30%. The BTP 10 years rises to 1,8%, the spread is at 146, the highest since the end of November. The rise in yields penalizes utilities: Enel -0,9%, A2A -1,5%, Snam -1,5%.
La industrial production it grew by 0,2% month on month in October, recovering from -0,5% in September. The consensus expected zero. In Italy, the increase was 0,5%, slightly below the estimates: since the beginning of the year, Italian industrial production has recorded a growth of 2,9%.
Il Petroleum Brent accelerates up 0,7% to 63,8 dollars a barrel. Eni -0,2%. The company announced yesterday evening that it had discovered a field in the Gulf of Mexico, following the discovery, the recovery forecasts of the extractive field have been adjusted. The final yield should be good as there are processing facilities in the vicinity. Saipem -1% Tenaris -2%.
Luxury suffers in Piazza Affari. Brunello Cucinelli it lost 6,3% to 26,14 euros, with volumes already almost double the average at the end of the morning after the negative opinion of Exane Paribas. The broker also lowered the target price to 23 euros, Gù too Ferragamo (-0,2%) And Moncler (-1,5%). Bucking Luxottica (+0,9%), considered by Exane as a "tactical opportunity" on which to bet in view of the merger with Essilor.
But the real ballast of the Italian list are the banks (-1,8% for the sector). The worst blue chip is Unicredit with a drop of 3,5%. Analysts focus on the hypotheses, deemed too conservative, relating to the impacts of regulatory changes (an impact of 90 basis points relating to the EBA guidelines. The drops in Bper (-4%), Bpm bank e Ubi at about -3%, already weak yesterday.
On the contrary, it is advancing among financials Generali (+1,5%): Bank of America Merrill Lynch has raised its recommendation as it expects greater attention to the dividend.
He also suffers Telecom Italy (-2,5%) awaiting the meeting with the government of CEO Amos Genish with yesterday reiterated that the group does not see the need to spin-off the network and that similar operations in other countries have had negative results.
Among the smaller titles Falck Renewables (+3,2%) the race started yesterday after the upward update of the industrial plan targets continues.
First Industries jumped by more than 7% after Mediobanca Securities raised its rating to “outperform” in light of an unjustified stock correction following the presentation of 9-month results and the broker's general focus on cyclical Italian stocks.
Ovs lose 2%. This morning Credit Suisse reduced the target price to 6,40 euros from 7,0 euros. Yesterday the stock closed at 5,82 euros. Neutral rating unchanged.
